Swiss FinTech NetGuardians, has entered into a partnership with CYBERA, the global fraud complaints and real-time cybercrime data sharing platform, to combat financial fraud.
CYBERA provides a global platform to report financial cybercrimes online and supports victims in the recovery process, helping to return stolen funds to victims. The platform shares non-public cybercrime data in real-time with financial institutions, thereby strengthening their fraud prevention efforts.
NetGuardians is a leading fraud-prevention software provider, using artificial intelligence to build accurate customer profiles against which every transaction is compared to assess risk. Anomalous transactions are flagged to the bank for further investigation. The accuracy of the software cuts false alerts by 85 percent and finds new fraud types.
Joël Winteregg, NetGuardians’ co-founder and CEO, said: “The criminals behind fraud are very well organized, often sharing information so they can defraud more people. At the current rate, the fraudsters are forecast to net $10.5 trillion a year by 2025. By partnering with organizations such as CYBERA, we believe we can significantly reduce this. The more we join forces and share expertise the better placed we will be to stop the criminals.”
Nicola Staub, CYBERA’s co-founder and CEO, said: “This strategic partnership will supplement our ongoing efforts, helping the financial services industry better protect their customers and their business’, whilst further strengthening their fraud prevention efforts by accessing our high-quality real-time cybercrime data.”
