Swissquote Adopts NetGuardians' AI to Stay Ahead of Financial Fraudsters

In a trailblazing move to bolster its defenses against the mounting menace of financial crime, the leading Swiss online bank and brokerage firm, Swissquote (SWX: SQN), has enlisted the powerhouse technology of NetGuardians. The Swiss FinTech firm, globally renowned for its AI-driven financial crime solutions, will cast a watchful eye on every transaction made via the bank and its digital finance app, 'Yuh'.

This strategic alliance has been forged in the backdrop of an alarming rise in Authorized Push Payment (APP) scams, which are set to mushroom into a $5.25 billion industry by 2026. The move also highlights the urgent need for banks worldwide to adopt AI-based anti-fraud infrastructure to effectively outpace and outwit increasingly sophisticated fraudsters.

Swissquote's partnership with NetGuardians will serve as a robust shield, protecting the bank from APP scams and other payment fraud types. Furthermore, it will also bolster Swissquote's commitment to adhering to stringent anti-money laundering (AML) regulations through proactive detection of suspicious activity, thwarting money laundering attempts at the embryonic stage, and identifying the creation of money mule accounts.

NetGuardians' trailblazing financial crime solutions will ensure accurate detection, drastically reducing false positives. This will not only enhance the customer and user experience but also significantly lower operational costs for banks. Moreover, its machine-learning algorithms will empower financial institutions to anticipate and counter emerging threats from fraud schemes and scammers.

The Gland-based Swissquote is a titan in the online banking sphere, boasting an international presence and a dedicated team of over 1,000 individuals servicing its half a million clients worldwide. 'Yuh' is an innovative Swiss finance app that sprung to life in the spring of 2021 as a brainchild of a strategic collaboration between PostFinance and Swissquote.

The partnership's announcement was met with enthusiasm by Jol Winteregg, CEO and co-founder of NetGuardians: “We are happy Swissquote will be using NetGuardians' AI-based AML transaction monitoring & fraud prevention solutions. We aim to make sure customers enjoy a secure and frictionless experience since the fight against financial crime is never-ending. By lowering false positives and the possibility of payment fraud, this may be accomplished. We anticipate collaborating closely with Swissquote in the company's effort to combat financial crime”.

Lino Finini, COO of Swissquote, echoed these sentiments: “At Swissquote, we want our customers to know we are doing everything we can to prevent fraud. Our clients can bank with confidence at Swissquote since NetGuardians provides one of the greatest financial crime solutions available, assisting us in promptly identifying and stopping fraudsters and money launderers”.

About NetGuardians

NetGuardians is a Swiss fintech company that supports financial institutions in over 30 countries in their battle against fraud. Three of the top 10 private banks according to Euromoney's ranking and more than 100 banks and wealth managers depend on NetGuardians' 3D artificial intelligence (3D AI) technology to stop fraudulent payments in real-time, including 40% of all Swiss state-owned commercial banks. With the help of NetGuardians' software, banks have reduced customer annoyance by 85%, seen a more than 75% decrease in operational expenses, and discovered new fraud instances. NetGuardians is a company with headquarters in Switzerland with offices in Poland, Kenya, and Singapore.

However, despite the robust countermeasures implemented by this partnership, vigilance is key. The emergence of cloned brokers — fraudulent entities using the identity of legitimate ones to scam unsuspecting individuals — necessitates continuous awareness and scrutiny. Fraudsters often lure potential victims with enticing offers such as additional bonuses after deposits. Stay alert and arm yourself with reliable tools like WikiFX to verify the legitimacy of your chosen broker, keeping your hard-earned money safe.

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