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.”

[1] Association of Certified Fraud Examiners, Report to the Nations, 2018