Yverdon-les-Bains, 11 February 2021: Award-winning Swiss FinTech NetGuardians, renowned for its smarter AI-based enterprise risk platform for combating banking fraud, today announced its software has been adopted by Lombard Odier, a leading global wealth and asset manager.
Lombard Odier will incorporate NetGuardians’ software into its existing fraud-mitigation efforts as it seeks to further protect its customers from the growing threat of cyber fraud. Last year, researchers found that for every 99 emails sent, one contains a phishing attack, with either malicious attachments that can steal personal data or links to a malicious site. Since then, the global coronavirus pandemic has opened up more opportunities for fraudsters as people switched to remote working from home and digital banking.
Geoffroy De Ridder, Head of Technology and Operation at Lombard Odier, said: “With our proprietary banking platform, we want to make sure that we have cutting edge fraud-prevention systems in place to protect our clients and their assets. We constantly invest to stay at the forefront of technological developments and therefore forge partnerships, especially with Swiss FinTechs. NetGuardians’ software solution complements our infrastructure solutions to reinforce advanced fraud mitigation.”
NetGuardians uses smarter AI technology to prevent fraudulent activities. All transactions linked to an account are continuously monitored in real time across all channels and compared against the usual customer behavior. Any anomalies trigger an alert that can be investigated.
Joël Winteregg, Chief Executive of NetGuardians, said: “I’m pleased to welcome Lombard Odier to the NetGuardians community. It is joining a fast-growing list of wealth managers using NetGuardians to protect their customers against fraud and scams. Our innovative AI analytics algorithms monitor behavior and detect anomalous activity linked to private banking customer accounts, something that is notoriously more complex to do than for other banking segments such as retail. Having such a venerable private bank as Lombard Odier adopt our software is a strong endorsement of the efficiency of NetGuardians’ algorithms.”
The news comes just weeks after NetGuardians was included in Gartner’s 2020 Market Guide for Online Fraud Detection, Forrester’s Enterprise Fraud Management in Asia Pacific Report and the 2021 Chartis RiskTech 100 list.
– End –
NetGuardians is an award-winning Swiss FinTech helping financial institutions in over 30 countries to fight fraud. More than 60 banks, including UOB and Pictet & Cie, rely on NetGuardians’ smarter artificial-intelligence (AI) solution to prevent fraudulent payments in real time. Banks using NetGuardians’ software have achieved reductions of up to 83 percent in false positives, spent up to 93 percent less time investigating fraud, and have detected new fraud cases. NetGuardians is the fraud-prevention partner of major banking software companies, including Finastra, Avaloq, Mambu, and Finacle. Our software is pre-integrated into their banking platforms and is available on-premise and in the cloud. This enables fast deployment so banks can protect themselves and their customers from scams, social-engineering fraud, account takeover fraud, cyber fraud, internal fraud, and much more. NetGuardians was listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and in the Chartis RiskTech100 List in 2021. Headquartered in Switzerland, NetGuardians has offices in Singapore, Kenya, and Poland. More information: www.netguardians.ch
Director of Marketing Communications
T. +41 24 425 97 60
Lombard Odier is a leading global wealth and asset manager. For over 220 years and through 40 financial crises the Group has combined innovation and prudence to align itself with the long-term interests of private and institutional clients. The Group is solely owned by its Managing Partners, has a highly liquid balance sheet and is well capitalised with a CET1 ratio of 29.7% and a Fitch rating of AA-.
Lombard Odier provides a complete offering of wealth services, including succession planning, discretionary and advisory portfolio management, and custody. Asset management services are offered through Lombard Odier Investment Managers (LOIM). The Group has also created cutting-edge banking technology, which is offered to other financial institutions.
The Group had total client assets of CHF 290 billion at 30 June 2020. Headquartered in Geneva since 1796, at end-June the Group had 29 offices in 23 jurisdictions and employed 2,535 people.
For more information: www.lombardodier.com