Switzerland-based fintech NetGuardians has announced that PalawanPay selected it to scale its fraud prevention measures. In a bid to further augment its fraud protection capabilities, PalawanPay, which works towards providing individuals across the Philippines with affordable and secure money transfers, bill payments, mobile e-loading, and scan-to-pay services, partnered with NetGuardians, a company delivering an enterprise risk platform focused on mitigating bank fraud.

Mitigating banking fraud NetGuardians offers AI-powered solutions, available both as SaaS and on-premise, to clients across Europe, Africa, the Middle East, and Asia Pacific for real-time fraud prevention and detection. The company developed its pre-trained AI risk models to identify fraudulent transactions while reducing false alerts. By leveraging its solutions, PalawanPay is set to be able to safeguard its customers’ funds and substantially minimise fraud investigation costs.

When commenting on the announcement, representatives from PalawanPay underlined their company’s commitment to prioritising the safety of its customers’ funds while also ensuring a simplified and optimised experience. Teaming up with NetGuardians is set to enable PalawanPay to prevent fraud without negatively affecting transactions, supporting the company in offering solutions that fit the needs, demands, and preferences of users. Furthermore, NetGuardian’s officials added that the increase in fraud, including scams and account takeovers, represents an expanding concern for individuals and companies.

The Swiss fintech supports financial institutions in over 30 countries to mitigate fraud and detect money laundering. Banks leverage NetGuardian’s 3D artificial intelligence services for real-time fraud prevention, with them reporting a significant reduction in operating costs and identifying new fraud cases. NetGuardians’ partnership with Google Cloud Back in November 2023, NetGuardians announced that it incorporated its AI-based financial fraud prevention solution on the Google Cloud platform, as a SaaS offering.

The company planned to focus on providing optimised and secure fraud prevention technology that remained both accessible and efficient to the evolving needs of the financial sector. The cloud-based approach offered by NetGuardians’ partnership with Google Cloud included the ability of clients to take the total cost of ownership, rapid time to value, and overall augmented performance. .