NetGuardians, Avaloq connect their services for real-time fraud prevention

NetGuardians has developed a certified adapter with Avaloq to connect its machine learning risk platform NG|Screener to the Avaloq Banking Suite. The new adapter turns NG|Screener into a plug-and-play add-on for banks and other financial services companies running the Avaloq Banking Suite looking to mitigate the risk of fraud. It facilitates data collection, risk scoring queries, transaction blocking and/or release between NG|Screener and Avaloq core banking to prevent internal and external fraud in real time.

NetGuardians’ solution uses advanced analytics, dynamic profiling and machine learning to build accurate customer and employee profiles. It then uses these profiles to spot in real time fraud attempts on any channel, including online banking and mobile banking that may involve collusion between employees, manipulation of customer accounts, social engineering, invoice redirection and CEO fraud. Suspicious transactions are identified, and alerts automatically sent to the appropriate staff for swift resolution.

The Avaloq group is an international fintech company that digitizes the automation of financial services industry. With its core and digital banking software, the Avaloq Banking Suite, and its international network of BPO centres, Avaloq is an independent provider for the financial industry to both develop and operate its own software.