Swiss payment app Twint taps NetGuardians for fraud prevention boost
Swiss regtech NetGuardians has been tapped by Swiss payment app Twint to enhance the app’s fraud prevention capabilities.
NetGuardians tapped by payment app Twint for fraud detection tech
The solution will leverage behavioural analytics, machine learning (ML) and artificial intelligence (AI) to detect anomalous payments on the app, monitoring transactions in real time and providing a risk score via profiling.
Twint says it chose the financial fraud prevention solutions provider thanks to this capability to monitor, process and store large volumes of transactions in real time.
NetGuardians adds that Twint will also benefit from the software’s ML algorithms’ ability to keep false positives to a minimum, maintain customer trust and keep operational costs low.
The mobile, peer-to-peer (P2P) payments app allows users to send and receive money, pay online and in-store and claims to be the leading payment app in Switzerland with four million active users.
Twint is jointly owned by Switzerland’s BCV (Banque Cantonale Vaudoise), Credit Suisse, PostFinance, Raiffeisen, UBS, Zürcher Kantonalbank as well as SIX and Worldline.
In August, Zurich Cantonal Bank (ZKB) selected the Swiss regtech as part of a programme designed to enhance fraud prevention in response to an increase in payment fraud.
