As payments fraud surges, Switzerland’s largest cantonal bank is amping up its protection by working with NetGuardians to build more-accurate customer profiles.
Tools that combine behavioral analytics and anomaly detection improve fraud protection and operational efficiency, while reducing the number of “false positives” that block legitimate transactions.
Juniper Research estimates that online payment fraud losses will exceed $343 billion globally between 2023 and 2027, and $202 billion-asset Zurich Cantonal Bank has tapped NetGuardians to help it protect itself and its customers from that growing risk.
NetGuardians builds customer profiles using behavioral analytics and machine learning and then monitors all transactions linked to a given account, in order to root out suspicious spending. It will only flag a transaction as potential fraud if it meets a pre-determined risk level.
“The result is a massive reduction in the number of false positives, thereby maintaining an excellent customer and user experience while cutting the bank’s operational costs,” NetGuardians said in a press release.