Swissquote taps NetGuardians for fraud prevention tech
Swiss online bank Swissquote has selected NetGuardians to help strengthen its fraud detection and prevention capabilities and ensure its compliance with anti-money laundering (AML) requirements.
Swissquote will utilise NetGuardians’ AI-based financial crime solutions to monitor all transactions processed by both the bank and digital finance app Yuh – a joint venture between Swissquote and PostFinance launched in 2021 – to detect and weed out any potential fraudulent activity.
NetGuardians says its tech ensures “accurate detection and minimal false positives” and will help the bank tackle growing issues such as Authorised Push Payment (APP) fraud.
The company also makes use of machine learning algorithms to enable banks to detect new and emerging threats from fraudsters and help them keep pace with the ever-evolving financial crime landscape.
The firm adds its solutions will also enable Swissquote to meet regulatory AML requirements “through suspicious activity reporting, early-stage prevention of money laundering attempts, and detecting the creation of money mule accounts”.
Based in Gland, Switzerland, and with offices around the globe, Swissquote claims to have more than 538,000 private and institutional clients and holds around $58 billion in assets. The firm specialises in online trading services and also offers payment cards and mortgages.
NetGuardians says more than 100 banks and wealth managers now use its technology to fight fraud, including almost half of all Swiss state-owned commercial banks. Some of its recent clients include Radicant, Twint, Bank of Africa, and Zurich Cantonal Bank.