PalawanPay, a payroll, debt collection, payments, cash transactions, and remittance service provider in the Philippines, has selected Swiss fintech, NetGuardians, known for its enterprise risk platform focused on combating bank fraud, to bolster its fraud prevention measures.
Trusted by over 19 million customers across the Philippines, PalawanPay offers affordable and secure money transfers bills payments, mobile e-loading, and scan-to-pay services. Recognising a significant rise in fraud levels, the fintech is joining forces with NetGuardians in a move to enhance its fraud protection.
Tat Wee Koh,’ APAC sales director at NetGuardians, said: “The rise in fraud, such as scams and account takeovers, is a growing concern for everyone. PalawanPay and other financial institutions are taking these threats seriously. Our solutions can accurately detect suspicious transactions without disrupting customer service.”
NetGuardians provides AI-driven 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. Its pre-trained AI risk models are designed to quickly identify fraudulent transactions while minimising false alerts.
PalawanPay explained it hopes this will enable it to safeguard its customers’ funds and reduce fraud investigation costs by up to 75 per cent.
“In less than two years, 15 million people have registered with us and downloaded our app. We greatly appreciate the trust our loyal customers have placed in our service, and we are committed to prioritizing the safety of their funds while ensuring a seamless experience,” explained Third Librea, business executive officer at PalawanPay. “NetGuardians enables us to prevent fraud without slowing down transactions, supporting our brand promise of providing ‘mura, mabilis at walang kuskos-balungos na serbisyo’ (affordable, fast, and hassle-free service).”
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