Swissquote Taps NetGuardians to Fight Financial Crime

Swissquote, Switzerland's market leader in online banking, announced that it has selected Swiss regtech NetGuardians to enhance its fraud prevention and mitigation capabilities in compliance with anti-money laundering (AML) requirements.

Specifically, NetGuardians' AI-based financial crime solutions will monitor all transactions across the bank and its digital banking app Yuh, catching scams such as Authorized Push Payment (APP) and other types of payment fraud. Meanwhile, the solution will also help Swissquote comply with AML regulatory requirements through suspicious activity reporting, early-stage prevention of money laundering attempts, and detecting the creation of money mule accounts.

Lino Finini, COO of Swissquote, commented: "At Swissquote, we want our customers to know we are doing everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market, helping us to quickly identify and stop scammers and money launderers. This means our customers can bank with confidence at Swissquote."

Joël Winteregg, CEO & Co-Founder of NetGuardians, said: "We are thrilled Swissquote will be deploying NetGuardians' AI-based AML transaction monitoring & fraud prevention solutions. Financial crime is an ongoing battle; we want to ensure consumers have a safe and seamless experience. This can be achieved by reducing false positives and alleviating the threat of payment fraud. We look forward to working closely with Swissquote in its fight against financial crime."

Earlier this year, a swiss payment app Twint had also deployed NetGuardians's solution to enhance its fraud prevention​, leveraging behavioural analytics, machine learning and AI to detect anomalous payments on the app, monitoring transactions in real time and providing a risk score via profiling.