APP scams are set to double globally by 2026 and become a $5.25b industry
NetGuardians will use its AI-based solutions to monitor all transactions at the bank and on the Yuh app, a joint venture between Swissquote and PostFinance, another of Switzerland’s banks.
The software will help Swissquote catch scams, such as authorised push payment (APP), and other types of payments fraud.
Swissquote is increasing its security as APP scams are set to double globally by 2026 and become a $5.25b industry.
Joël Winteregg, chief executive officer and co-founder of NetGuardians, said: “We are thrilled Swissquote will be deploying NetGuardians’ AI-based AML transaction monitoring and fraud prevention solutions.
“Financial crime is an ongoing battle. We want to ensure consumers have a safe and seamless experience.
“This can be achieved by reducing false positives and alleviating the threat of payment fraud.”
Lino Finini, chief operating officer of Swissquote, added: “NetGuardians offers one of the best financial crime solutions on the market, helping us to quickly identify and stop scammers and money launderers.”