Swiss fintech Netguardians said that its fraud-mitigation software has been adopted by Pictet, one of the leading independent wealth and asset managers.
Swiss private bank Pictet will use Netguardians’ solution, customized for its specific needs, to further protect its customers from growing fraud threats, according to a media release on Tuesday. Fraud is an increasing challenge for the wealth management industry as criminals constantly invent new ways to perpetrate fraud.
Netguardians unveiled a new headquarters in Singapore in early 2018 in a bid to bolster its presence in Asia, as finews.asia reported. According to the Association of Certified Fraud Examiners Report in 2018, global fraud losses are estimated to reach up to $4 trillion.
Machine-Learning Algorithms
Netguardians’ solution works by using advanced analytics, dynamic profiling and machine learning. The result is a massive reduction in the number of controls to be done, thereby maintaining an excellent user experience.
Additionally, machine-learning algorithms allow it to discover new fraud schemes, helping wealth managers stay on top of emerging threats such as scams against bank’s customers.
Groundbreaking Solution
«We constantly strive to enhance our protection against fraud. NetGuardians is an innovative groundbreaking solution, and we look forward to think how it can help us with this mission,» Peter Wintsch, Group Chief Technology & Operation Officer at Pictet, said.
«With cyber-fraudsters getting more daring, it’s necessary for banks and wealth managers to make sure they do everything they can to protect their clients,» Joël Winteregg, Netguardians CEO, said.
