Finastra today announced the availability of NetGuardians’ Payment Fraud Prevention app on its FusionFabric.cloud open development platform. The app uses artificial intelligence to proactively detect fraudulent payments in real-time and reduce fraud losses. NetGuardians’ operational experience shows that compared with traditional anti-fraud offerings the software reduces the number of false positives by up to 83 percent, resulting in bank staff spending an estimated 93 percent less time investigating suspicious payments.
The NetGuardians app, available via FusionFabric.cloud, is pre-integrated with Finastra’s corporate payments, cash management and retail banking solutions: Fusion Global PAYplus, Fusion Payments To Go, Fusion Cash Management, Financial Messaging Services and Fusion Essence. A handful of customers have already selected the pre-integrated app to fight payment fraud more effectively. The app uses AI and machine learning to analyze customer behavior and accurately score payments for fraud. This approach allows banks to reduce their fraud losses while blocking fewer legitimate customer payments than traditional rules-based fraud detection engines.
“All banks must have a robust solution in place to monitor for payment fraud or face fines for missing fraudulent transactions,” said Sagive Greenspan, General Manager of Payments at Finastra. “The integration of NetGuardians’ Payment Fraud Prevention app with Finastra’s payments and cash management solutions through FusionFabric.cloud means that our clients can access a highly effective fraud prevention solution and be live in a matter of weeks, compared with alternatives. The NetGuardians approach means that banks benefit from operational savings and reduced losses from fraud, and so too do their customers – from individual retail customers through to multi-national corporations.”
Using the NetGuardians pre-defined AI/ML risk models, banks are able to tackle payment fraud challenges by detecting suspicious payments coming from social engineering techniques or scams, such as invoice redirection, CEO-fraud and others. When a fraudulent transaction is detected, it is temporarily held and an alert is generated in real-time and routed to the relevant stakeholders through risk dashboards and forensics tools for further investigation.
“If transactions are erroneously stopped for fraud, customers can lose time and have a negative banking experience. It is therefore vitally important for banks to implement a fraud solution that reduces the risk of false positives and removes the burden of manual work required to handle suspicious transactions,” explained Joël Winteregg, CEO at NetGuardians. “Finastra is a valued partner and we’re thrilled that our Payment Fraud Prevention app is seeing growth on the FusionFabric.cloud platform. We are impressed to see that in a very short period of time, four Finastra customers have already selected our app. The integration makes it incredibly easy for banks that are already using Finastra’s payments, cash management and retail banking solutions to deploy our app and start benefitting from fraud protection – with a reduced implementation cost and fast time to market.”