Swiss-based NetGuardians and Sweden’s BehavioSec are joining forces to leverage their complementary technologies to provide complete fraud protection to financial institutions – and their clients – around the world.

NetGuardians is a FinTech company with specialized expertise in user behavior analytics and profiling to implement controls for fraud and compliance challenges. BehavioSec brings behavioral biometric technology to precisely analyze behaviors at the user transaction level and alert to behavior changes that signal misuse.

Their joint effort will offer financial institutions the ability to protect clients by statistically scoring the behaviors they use during transactions. Users’ actions – for example, the way they swipe their smartphones – are very distinct, so continuous machine learning can authenticate users based not on what they do, but on how they do it.

“This is superior transactional security to older methods such as passwords,” explains Ingo Deutschmann, VP Engineering BehavioSec. “A password can be hacked, but a swipe style cannot. At the same time, because it does not require users to take additional security steps, it offers the ease-of-use that consumers ask for. Users are protected in such a way that they don’t have to think about their security. Security is built into their own actions.”

Financial institutions can add this transaction-level protection to NetGuardians operational risk solutions, which leverage Big Data to correlate and analyze behaviors across the entire bank system from business to IT operations. This provides end-to-end risk mitigation and continuous control for fraud protection and regulatory compliance.  

“Financial institutions today need fraud protection integrated into everything they do,” says NetGuardians COO Raffael Maio. “Bank clients think about fraud risk most at the time they conduct transactions. With BehavioSec, we help financial institutions provide strong security for transactions, contributing to overall security and client confidence.”