Regtech

PwC Singapore Teams Up with NetGuardians to Help Banks Fight Fraud

Swiss fintech NetGuardians, known for its AI-based, enterprise risk platform for combating banking fraud, announced a partnership with PwC Singapore to help banks fight fraud.

With this partnership, banks in Singapore will have access to NetGuardians’ solution along with PwC Singapore’s fraud advisory and technology implementation services.

NetGuardians said that its AI-based fraud solution is already being used by established Tier 1 to Tier 3 banks as well as new and emerging digital banks in Asia Pacific and across the world.

The move comes as banks are increasingly offering innovative digital services to meet the needs of their clients and remain competitive.

These digital services including mobile and online banking are evolving at pace, which brings opportunities as well as challenges such as an increased risk of fraud. Banks need to be vigilant about protecting their customers and their brands.

Working together, NetGuardians and PwC Singapore aims to help banks protect their customers and employees from the growing number of digital fraud types including social-engineering attacks, love and CEO scams, business email compromise (BEC) fraud, account takeovers, fake invoices, investment fraud, internal fraud, and many more.

Peter Marini, NetGuardians MD APAC said,

Peter Marini

“Frictionless banking is of paramount importance to customers today. While trying to meet the needs of its customers, banks also need to ensure the services offered are well protected to keep all stakeholders happy.

Our partnership with PwC Singapore offers banks comprehensive protection against the fraudsters and will help them maintain customer trust by stopping ever-more creative fraud attacks.”

Richard Major, Financial Crime Leader, PwC South East Asia Consulting said,

Richard Major

“At PwC, our purpose is to build trust in society and solve important problems. The accelerated shift to remote working and the introduction of digital banking has increased exposure to frauds.

We are excited to work with NetGuardians to help banks – new and old – protect their staff and their customers with cost-effective and efficient fraud mitigation advice and solutions.”