AI for banking fraud prevention

With traditional methods and rule-based solutions in the market, too many false positives are generated, and fraud detection is reactive. NetGuardians’ AI platform NG|Screener detects fraudulent transactions in real-time, reduces the number of false positives by 83%, fraud management time by 93%, discovers new fraud types, and reduces fraud losses.

Using NG|Screener’s pre-defined AI risk models, banks are able to tackle:

• PSD2 and SWIFT CSP transaction monitoring requirements
• Payment fraud challenges by detecting suspicious payments coming from social engineering techniques or scams such as invoice redirection, love scams, CEO-fraud and others
• Digital banking fraud challenges by identifying suspicious transactions coming from eBanking sessions redirected by malwares, eBanking sessions hijacked by remote hackers, eBanking transactions resulting from identity theft and others
• Internal banking fraud challenges by detecting suspicious transactions coming from employee collusion, client advisor by-passing internal controls and others

NG|Screener transaction scoring module enables transaction blocking within the core banking (pre-defined interface with already available major core banking providers) or within the transaction processing system of the bank. When a fraudulent transaction is detected, the transaction is blocked and an alert is generated in real-time and routed to the relevant stakeholders through a customized workflow. An integrated case manager ensures appropriate investigation procedures using NG|Screener risk dashboard and forensics tools.

We work closely with Microsoft to helps banks prevent fraud while taking advantage of the AZURE cloud environment.

Find out more at www.netguardians.ch or contact us at info@netguardians.ch.