NetGuardians selected by Pictet to improve fraud protection

Switzerland-based NetGuardians has been chosen by asset and wealth manager Pictet to strengthen its fraud protection.

Pictet will use a personally customised NetGuardians solutions which will be designed to meet its specific needs and protect its clients from fraud threats.

NetGuardians, which was founded in 2007, uses advanced analytics, dynamic profiling and machine learning technology to improve fraud protection in banking and payments. The technology is even capable of uncovering new fraud schemes, helping increase prevention of scams against customers.

Its real-time API scoring solution prevents fraud in real-time by monitoring all customer and employee transactions across payment networks and halting anything which is fraudulent.

NetGuardians CEO Joël Winteregg said, “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.”

Last year, NetGuardians became a certified software partner of Avaloq for real-time fraud prevention. As part of this, NetGuardians built a certified adaptor to connect its machine learning risk platform NG|Screener to the Avaloq Banking Suite – turning its solution into a plug-and-play add-on for banks.

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