Lombard Odier selects NetGuardians to further enhance cyber fraud prevention

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.