PwC Singapore partners with NetGuardians to fight bank fraud

By Leandra Monteiro

Swiss FinTech NetGuardians, known for its AI-based, enterprise risk platform for combating banking fraud, announces a partnership with PwC Singapore to fight fraud.

With banks offering more and more digital services and contactless payment options through mobile and online banking, the risk of bank fraud increased. With the new banking opportunities there are also a number of safety challenges. Banks need to be vigilant about protecting their customers and their brands.

NetGuardians’ AI-based fraud solution is a way for banks to maintain the safety and security of the clients. The company’s software is already used by established Tier 1 to Tier 3 banks as well as new and emerging digital banks in Asia Pacific and across the world.

With the new partnership between NetGuardians and PwC Singapore, Banks in Singapore will be able to benefit from the protection offered by NetGuardians’ technology in combination with PwC Singapore’s fraud advisory and technology implementation services.

Through this partnership, NetGuardians and PwC Singapore will be able to facilitate banks safety services and protect their clients and themselves from the growing number of digital fraud such as social-engineering attacks, love and CEO scams, business email compromise (BEC) fraud, account takeovers, fake invoices, investment fraud, internal fraud among others.

Peter Marini, NetGuardians MD APAC said, “Frictionless banking is of paramount importance to customers today. While trying to meet the needs of its customers, banks also need to ensure the services offered are well protected to keep all stakeholders happy. Our partnership with PwC Singapore offers banks comprehensive protection against the fraudsters and will help them maintain customer trust by stopping ever-more creative fraud attacks.”

Richard Major, Financial Crime Leader, PwC South East Asia Consulting said, “At PwC, our purpose is to build trust in society and solve important problems. The accelerated shift to remote working and the introduction of digital banking has increased exposure to frauds. We are excited to work with NetGuardians to help banks – new and old – protect their staff and their customers with costeffective and efficient fraud mitigation advice and solutions.”