Smart, real-time fraud prevention for private banks and wealth managers
Clients of private banks and wealth managers make fewer transactions but at a higher average value than those of retail banks. They also expect impeccable personal service. Together, these factors present significant challenges for the banks when it comes to fraud prevention:
The world is a small place and bad news travels fast. While fraud at a private bank is infrequent, when it occurs it can be catastrophic, destroying a reputation built up over decades.
Customers are the key asset for any private bank. They expect their wealth to be safe and protected from fraud. At the same time, the bank must demonstrate customer insight, only blocking a transaction when it is truly fraudulent. Precise fraud prevention is key; false callbacks are intrusive and unacceptable.
New cost pressures
Bank costs are rising as a result of volatile markets, shifting customer preferences, and increasing regulatory obligations. With this in mind, a human-centered approach to fraud prevention is neither practically viable nor operationally sustainable.
As more customers use digital channels to access and manage their wealth, the opportunities for fraudsters grows. Banks must protect their customers from risks such as business email compromise, authorized push payment fraud, and more.
NetGuardians overcomes these challenges AND spots and stops more fraud
Detecting anomalous activity linked to private banking customer accounts is notoriously complex, but private banks using NetGuardians software can accurately prevent fraud attacks before any cash has left a customer’s account. The software detects known fraud types as well as new and emerging frauds, reinforcing customer trust and protecting the bank’s reputation.
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. Read more
Peter Wintsch, Group Chief Technology & Operation Officer at Pictet
By learning and analyzing the behavior of each and every customer in real time, NetGuardians correctly identifies anomalous events, dramatically increasing the fraud-detection rate without adding friction. This allows banks to maintain a first-class customer experience. Collective intelligence and self-learning systems extend protection further.
Fraud detection rate
Reported hits (blocked transactions)
The software is already part of the global financial ecosystem as it is embedded into the banking platforms of major vendors including Finastra, Avaloq, Finacle and Mambu and is available on premise and in the cloud. As a result, it can be installed easily and quickly with minimal impact on the existing processes of any private bank and the experience of its customers.