Swissquote selects AI Fintech Netguardians to combat financial crime

Swissquote, Switzerland’s leading online bank, has chosen NetGuardians to improve fraud prevention and comply with AML requirements. NetGuardian’s AI-based financial crime solutions will monitor all transactions in the bank and on the digital financial app “Yuh”, a joint venture between Swissquote and PostFinance, another of Switzerland’s leading banks.

Software developed by NetGuardians will help Swissquote strengthen the bank’s protection to detect fraud such as Authorized Push Payment (APP) and other types of payment fraud. It will also help Swissquote maintain anti-money laundering (AML) regulatory requirements through reporting suspicious activity, early prevention of money laundering attempts and detecting the creation of mule accounts.

With APP fraud set to double globally by 2026 and become a $5.25 billion industry, banks increasingly need AI-based anti-fraud infrastructure to keep up with fraudsters.1

NetGuardians’ financial crime solutions ensure accurate detection and minimal false positives, improving the customer and user experience while reducing operational costs for banks. In addition, the machine learning algorithms help financial institutions detect and stay abreast of new threats from fraud schemes and fraudsters.

Gland-based Swissquote is the market leader in online banking with an international presence. Swissquote currently employs over 1,000 people serving its 500,000 clients worldwide. ‘Yuh’ is a Swiss financial app launched in spring 2021 that emerged from a joint venture between PostFinance and Swissquote.

Joël Winteregg, CEO and co-founder of NetGuardians, said: “We are excited that Swissquote will implement NetGuardians’ AI-based AML transaction monitoring and fraud prevention solutions. Financial crime is an ongoing battle; we want to ensure that consumers have a safe and seamless experience. This can be achieved by reducing false positives and mitigating the threat of payment fraud We look forward to working closely with Swissquote in the fight against financial crime.

Lino Finini, COO of Swissquote, said: “At Swissquote, we want our customers to know that we do everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market, helping us quickly identify and stop fraudsters and money launderers. This means that our customers can bank with confidence at Swissquote.”