RegTech 100Â companyÂ NetGuardians, a provider of anti-fraud and risk mitigationÂ solutions, has signed its first client in North America.
The Swiss companyâ€™s financial crime solution has been chosen by Canadaâ€™s FirstOntario Credit Union to strengthen its position in the fight against fraud and cyber-crime.
NetGuardiansâ€™ anti-fraud solution will plug straight into FirstOntarioâ€™s core banking platform â€“ T24 from Temenos. As a Temenos Complementary Solution Provider, NetGuardiansâ€™ solution integrates into T24 with preset connectors, which reduces implementation time and cost according to the company.Â From start to finish, FirstOntario said the implementation project took just three months.
Michael Walsh, vice president, information technology at FirstOntario, said: â€œOur IT security and risk department highlighted the global trend of increased cyber-fraud and recommended a review of our defense in depth strategies. After an extensive search for a single platform that would satisfy our needs, we selected NetGuardians. We were impressed by their focus on financial crime mitigation and the well-developed library of relevant fraud controls. Together, they give FirstOntario enhanced protection against a wide spectrum of fraud schemes.â€
Cyber-fraud is a growing problem for banks and is expected to cost $6trn a year by 2021, according to Cyber Security Ventures, Cyber Crime Report 2016.
Founded in 2007, NetGuardians was the first company to emerge from the innovation incubator Y-Parc, in Yverdon-les-Bains, Switzerland. Its technology leverages machine learning and user behavior analytics to detect fraud before it happens. This patented, Big Data model is used across financial services to address challenges such as eBanking fraud, payment fraud, mBanking fraud, internal fraud and fraud detection for SWIFT Hacking.
The company boasts more-than fifty clients in fifteen countries across Europe, the Middle East and Africa, with a growing clientele in Asia, including Acleda Bank in Cambodia and, most recently, a major bank in Singapore.
Earlier this month, the company bolstered its presence in Asia by establishing a new headquarters in Singapore.
The moves in the US and Singapore come just months afterÂ NetGuardians was hand-picked by a panel of industry experts for the RegTech 100,Â a list of companies that every financial institution should know about in 2018.Â The RegTech 100 is part of the Global RegTech review â€“ an essential, in-depth analysis of the global RegTech market.
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