Joël Winteregg, NetGuardians CEO

Swiss Fintech, NetGuardians, has announced today that its fraud mitigation software has been chosen by Pictet, a European wealth and asset management company. The step was taken in a bid to improve its protection against bank fraud.

Fraud is one the key challenge faced by the financial services industry, resulting in a large number of fintech companies trying to adopt ways to mitigate it.

Peter Wintsch, Group Chief Technology & Operation Officer at Pictet, says: “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.”

NetGuardian states that its fraud mitigation solution uses analytics, dynamic profiling and machine learning resulting in a reduction in the number of controls to be done, thereby maintaining the quality of user experience. Additionally, machine-learning algorithms allow to discover new fraud schemes, helping wealth managers stay aware of emerging threats such as scams against bank’s customers.

Joël Winteregg, NetGuardians CEO, says: “With cyber-fraudsters getting more daring all the time, it’s necessary for banks and wealth managers to make sure they do everything they can to protect their clients. By using NetGuardians, Pictet not only gets an effective real-time fraud-mitigation solution but also becomes a member of the NetGuardians’ global community, which shares fraud-mitigation best practice. Taken together, these services help Pictet to further enhance its fraud prevention system, while protecting its clients’ assets.”

Recently, NetGuardians became an Avaloq certified software partner for real-time fraud prevention. It has also partnered with Canada’s FirstOntario Credit Union as well as a Swiss University to actively prevent fraud.

Established in 2007, NetGuardians is a Swiss Fintech that developed the smarter artificial intelligence solution made for banks to proactively prevent fraud.

Founded in 1805 in Switzerland, Pictet offers only wealth management, asset management and related asset services. It has 27 offices, employs around 4,300 people and has CHF 496 billion in assets.

by Megha Bhattacharya
Market Analyst at IBS Intelligence