For Immediate Release
NetGuardians selected by Pictet to further enhance customer protection against fraud
Yverdon-les-Bains, 19 February 2019: NetGuardians, the award-winning Swiss FinTech, today announced that its fraud-mitigation software has been adopted by Pictet, one of the leading independent wealth and asset managers in Europe, to further improve its protection against banking fraud.
Pictet will use the innovative NetGuardians’ solution, customised for its specific needs, to further protect its customers from growing fraud threats. Fraud is an increasing challenge for the wealth management industry as criminals constantly invent new ways to perpetrate fraud. According to the Association of Certified Fraud Examiners Report in 2018, global fraud losses are estimated to reach up to US$ 4 trillion. [1]
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.”
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 to discover new fraud schemes, helping wealth managers stay on top 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 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.”
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[1] Association of Certified Fraud Examiners, Report to the Nations, 2018
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About NetGuardians
NetGuardians is an award winning Swiss FinTech. Established in 2007, we help over 50 Tier 1 to Tier 3 banks worldwide to fight financial crime. NetGuardians developed the smarter artificial intelligence solution made for banks to proactively prevent fraud. We empower our clients by providing AI technology together with contextual information and great user experience. Banks using NetGuardians’ solution achieved 83% reduction in false positives, saved 93% of the time lost in fraud investigation, and prevented new fraud cases. We were recognized as Gartner Cool Vendor in 2015 and Chartis RiskTech 100 Vendor in 2018 and in 2019. More information: www.netguardians.ch
Contact
Mine Fornerod
Global Marketing Manager
communications@netguardians.ch
T. +41 24 425 97 60
About Pictet
The Pictet Group is a partnership of seven owner managers, with principles of succession and transmission of ownership that have remained unchanged since foundation in 1805. It offers only wealth management, asset management and related asset services. The Group does not engage in investment banking, nor does it extend commercial loans. With CHF 496 billion in assets under management or custody at 31 December 2018 (USD 503 billion, EUR 440 billion, GBP 395 billion), Pictet is today one of the leading Europe-based independent wealth and asset managers.
Founded and headquartered in Geneva, Switzerland, Pictet today employs more than 4,300 people. It has 27 offices in: Amsterdam, Barcelona, Basel, Brussels, Dubai, Frankfurt, Geneva, Hong Kong, Lausanne, London, Luxembourg, Madrid, Milan, Montreal, Munich, Nassau, Osaka, Paris, Rome, Singapore, Stuttgart, Taipei, Tel Aviv, Tokyo, Turin, Verona and Zurich.
