With NetGuardians’ technology Steward Bank will be able to monitor all user behavior in real-time for its e-banking and mobile banking channels. The platform blocks atypical and suspicious behaviour and sends alerts to the appropriate monitoring personnel. NetGuardians says its technology reduces the number of false positives by 80% and reduces fraud management time by 93%.
Steward Bank’s CEO, Lance Mambondini, points to the integration of Netguardians’ technology as an example of the promise and challenge for banks undergoing digital transformation. “Digitisation opened up new channels for the bank and helped us grow. We needed a more effective and proactive system to monitor the subsequent increase in transactions and complexity of the bank to prevent fraud.”
Mambondiani adds: “We picked NetGuardians because it is a solution made specifically for banks and is proven to cut fraud across all channels.”
Steward Bank will integrate NetGuardians’ platform with its core banking system, Temenos’ T24. NetGuardians is an established partner of Temenos.
NetGuardians was founded in 2007 and is headquartered in Yverdon-les-bains, Vaud, Switzerland. Its software helps banks and financial institutions spot and identify fraudsters, and is especially effective in helping organisations limit the 70% of fraud that is internal, the vendor says. The solution monitors user activity across all channels, IT layers, and transactions and uses dynamic profiling, pattern-based intelligence, and predictive analytics to detect anomalous behavior and provide banks with the opportunity to take proactive steps.
Last month, NetGuardians announced an agreement with Canada-based FirstOntario Credit Union, integrating its anti-fraud solution with the credit union’s Temenos T24 core banking system. Back in December, NetGuardians kicked off a partnership with Masaref Business & Systems Consulting, to offer its solutions to financial institutions in the Middle East.
The company has raised more than $14 million (CHF 13.5 million) in funding to date. It includes Freemont Management, Swissom Ventures, Polytech Ecosystem Ventures, and MoneyTime Ventures among its investors. – Banking Technology