Listen to this articleNetGuardians is the developer of an intelligent software platform for fraud prevention, risk reduction and compliance solutions for financial institutions worldwide. The company leverages Big Data, machine-learning algorithms and human behavior analytics to offer banks Swiss quality fraud detection and ongoing protection. Their software is compatible with a wide range of systems and provides different management and centralization tools to secure and speed up banking processes. To learn more about their software solutions we sat down with Mine Fornerod, Global Marketing Manager at NetGuardians:
Q: You’ve recently announced $8.72m in Series C Round; could you tell us something more?
A: In this Series C Funding, we have had the opportunity to have Swisscom as one of our investors. Swisscom is the leading telecommunications and IT provider in Switzerland. As a Swiss FinTech company, this will further strengthen our footprint in Switzerland.
The financing will be used to fund NetGuardians’ continued global expansion and for further investment in its proprietary behavioral software platform as the demand for effective financial crime prevention grows worldwide.
Q: What is the story behind NetGuardians, how did you start?
A: NetGuardians was founded in 2007 by two Swiss engineering school class mates; Joël Winteregg and Raffael Maio. It was Joel’s own research that led to the development of NetGuardians’ intelligent software platform. The two co-founders won the HEIG-VD (Swiss engineering school) Start-up Award and the journey has started there. They had their first clients in Switzerland 2008. They quickly expanded to the new markets such as the Middle East and Africa. Today we still have our Headquarters in Switzerland and have offices in Kenya, Poland, and Singapore.
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Q: Could you tell us something about FraudGuardian?
A: FraudGuardian is a unique anti-fraud solution that enables banks to prevent fraud before it happens. It leverages on Big Data to correlate and analyze human behavior across the entire banking system. Differently from the competitors in the market, FraudGuardian’s this holistic approach (capability to analyze human behavior across the entire banking system; IT layers, channels, and transactions) to be able detect even the most complex fraud types is hitherto unseen. The research institute Gartner named NetGuardians as “Cool Vendor” and reported that NetGuardians’ this specific feature helps detect employee collusion that is not seen in other products on a single platform in the related markets.
FraudGuardian includes modules for different types of fraud (eBanking fraud, internal fraud, mBanking fraud, payment fraud, etc.) packaged with controls developed by our dedicated Risk Experts particularly for banks. These controls, based on dynamic profiling and pattern based intelligence, run continuously like a Swiss clock-work and send real-time alerts to responsible investigators when there is a fraudulent behavior. Therefore, banks prevent fraud in a timely manner. And because FraudGuardian machine-learning algorithms constantly assimilates new data into to improve its profiles, the number of false positives is kept to an absolute minimum, maintaining trust and giving a good customer experience.
Q: Who are the primary clients of NetGuardians?
A: Financial institutions. Today we have our clients in 14 countries including Switzerland, Luxembourg, the UK, Kenya, Ethiopia, Saudi Arabia, Egypt, Singapore, and Cambodia. Some references are Santander Switzerland, Raiffeisen Luxembourg, Commercial Bank of Africa, Commercial Bank of Ethiopia, National Bank of Kuwait in Egypt, and Acleda Bank in Cambodia.
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Q: What are your plans for the future?
A: One of our objectives is to continue our rapid growth rate, which is annually more than 50%. Today we are more than 40 employees and we will reach 80 in a year. We not only plan to increase our presence in our home market of Switzerland and Europe but help more banks in other markets including Africa, the Middle East, and Asia.
We’ve recently launched a joint research project with the Swiss School of Engineering and Management Vaud (HEIG-VD) to further develop NetGuardians’ machine learning and artificial intelligence capabilities to help banks achieve their ultimate goals – an exceptional customer experience, more efficient operations, prevention of emerging risks and lower costs.
Above all, we aim to continue our leadership in financial crime prevention.
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