Product Overview of NetGuardians
NetGuardians is a pioneering fintech company that specializes in providing AI-driven solutions for financial crime prevention, particularly in the banking sector. Here’s a detailed overview of what the product does and its key features and functionality.
Purpose and Scope
NetGuardians’ primary objective is to protect financial institutions and their customers from various types of financial crimes, including fraud and money laundering. The company achieves this through advanced behavioral analytics and machine learning technologies integrated into its solutions.
Key Solutions
NetGuardians offers several ready-to-deploy solutions tailored to different aspects of financial crime prevention:
Payment Fraud Prevention
This solution monitors every transaction in real-time, identifying and halting fraudulent payments. It is effective against sophisticated scams such as authorized push payment scams, account takeover, and digital banking fraud. The solution integrates within the payment processing flow, utilizing 3D AI risk models to detect suspicious behaviors accurately.
Internal Banking Fraud Prevention
This solution focuses on monitoring employee activities across all fronts, promptly flagging and blocking suspicious transactions. It ensures internal controls are robust and compliant with regulatory requirements.
AML Transaction Monitoring
Designed to ensure regulatory compliance, this solution minimizes unnecessary alerts and costs associated with anti-money laundering (AML) transaction monitoring. It helps financial institutions stay compliant while optimizing their risk management processes.
Community Scoring & Intelligence
This innovative solution enhances threat intelligence and risk model effectiveness by leveraging a community-based approach. It provides banks with details of confirmed frauds, mules, and high-risk accounts from a shared intelligence network, thereby extending their threat coverage and improving fraud detection accuracy.
Key Features and Functionality
- 3D AI Technology: NetGuardians’ solutions are powered by a robust AI framework that combines unsupervised, supervised, and adaptive learning. This ensures the system continually adapts to evolving fraud tactics, providing a dynamic and ever-improving fraud detection system.
- Real-Time Monitoring: The solutions monitor large volumes of transactions in real-time, offering deeper insights into transactional behavior and reducing false positives. This real-time capability is crucial for detecting and stopping fraudulent payments swiftly.
- Pre-built AI Models: The payment fraud prevention solution comes with pre-defined AI risk models that accurately detect fraud with lower false positives. These models are continually optimized through feedback and learning, ensuring they remain relevant even as threats evolve.
- Compliance: NetGuardians’ solutions help banks meet regulatory requirements such as SWIFT Customer Security Program (CSP) and PSD2, ensuring compliance while preventing fraud.
- Community-Driven Intelligence: The Community Scoring & Intelligence solution allows banks to benefit from shared intelligence, enhancing their risk models and fraud detection capabilities through consolidated external data.
- Powerful Case Management and Investigative Tools: The solutions include robust case management and intuitive investigative dashboards. Features such as explainable AI supported by natural language visual ‘Evidence Cards’ help in understanding every alert, and standardized widget-based dashboards facilitate the visualization and contextualization of transactional behavior.
- Cloud-Based Offering: NetGuardians has introduced a SaaS offering on Google Cloud, which streamlines application management, reduces the total cost of ownership, and ensures rapid time to value. This cloud-based approach also enhances security and performance, freeing institutions from operational worries.
Benefits
- Reduced False Positives: NetGuardians’ solutions have been proven to slash false positives by up to 85%, significantly improving operational efficiencies.
- Operational Cost Savings: The solutions reduce operational costs by over 75%, making them a cost-effective option for financial institutions.
- Enhanced Fraud Detection: The advanced AI models and community-driven intelligence help uncover new instances of fraud, setting new industry benchmarks.
- Improved Compliance: The solutions ensure regulatory compliance while minimizing unnecessary alerts and costs.
In summary, NetGuardians offers a comprehensive suite of AI-driven solutions that are designed to protect financial institutions from various types of financial crimes. With its advanced technology, community-based approach, and cloud-based deployment, NetGuardians stands out as a leading provider in the fintech sector for fraud prevention and financial crime mitigation.