Fintech Security

Twint Taps NetGuardians for Anti-Fraud Software

Swiss mobile wallet Twint is tapping NetGuardians for fraud prevention software.

Twint chose the Swiss anti-fraud FinTech as a provider due to its ability to “monitor, process and store large volumes of transactions in real-time while providing the best possible protection for Twint’s customers,” according to a NetGuardians press release on Tuesday (Jan 10),

The NetGuardians platform will be deployed to detect suspicious payments using behavioral analytics, machine learning, and artificial intelligence, the statement said.

“This is more than a new contract for NetGuardians,” Joël Winteregg, NetGuardians’ co-founder and CEO, said. “It is the perfect example of two Swiss FinTechs who both became leaders in their respective domains and are partnering to make Swiss payments faster and safer.”

Crucially for Twint, the software will help it to detect fraudulent activity while minimizing false positives, helping to reduce friction for its users.

As Markus Kilb, the CEO at Twint, explained to PYMNTS recently, for mobile wallets, enabling frictionless payments is part of the firm’s wider objective to make life easier for its users.

“We try to make payments easier for our clients,” Kilb said. “We make it more convenient. We try to bundle services around us and then we have really awesome innovative new products that make our customers’ [lives] easier.”

For Twint, besides building security and antifraud features into its services in a way that doesn’t sacrifice user experience, the company is also focusing on creating value-added services that are relevant to its users.

“Twint is not just about payments, but it’s also about things around payments, or what we call, ‘beyond payments,’” Kilb explained.

Kilb described how users on the Twint app can easily purchase a range of products and services from the Twint+ marketplace, where they can shop around for insurance policies, mobile phone contracts and even buy parking tickets.

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