Swiss wealth and asset manager Pictet has chosen NetGuardians’ fraud-mitigation software for protection against banking fraud, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Pictet will use the solution, customized for its specific needs, to further protect its customers from growing threats.

Joël Winteregg, NetGuardians CEO, 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.”

NetGuardians cites stats from the Association of Certified Fraud Examiners Report in 2018, which says global fraud losses are estimated to reach up to $4 trillion.

NetGuardians’ solution works by using analytics, profiling and machine learning.

The machine-learning algorithms can discover new fraud schemes, “helping wealth managers stay on top of emerging threats such as scams against bank’s customers”.

Headquartered in Yverdon-les-Bains, Switzerland and founded in 2007, NetGuardians demonstrated its FraudGuardian solution at FinovateAsia 2016. FraudGuardian detects fraud in real time, leveraging dynamic profiling, pattern-based intelligence, and predictive analytics to provide comprehensive analysis of user behavior across all banking channels.