January 31, 2022

Lombard Odier & NetGuardians: Tackling cyber fraud using both human and artificial intelligence

In 2021, in order to counter the creativity of fraudsters, Lombard Odier decided to raise their game and become even more innovative by leveraging the best of technology such as artificial intelligence (AI). They partnered with NetGuardians to detect both established and emerging on-line payment fraud patterns.
 
Lombard Odier’s Managing Partner Alexandre Zeller interviewed our Co-Founder & CEO Joël Winteregg regarding the latest on fraud prevention. Below, you can read Lombard Odier's article and watch the video where Mr Zeller and Mr Winteregg share their views on the ever-changing fraud ecosystem, the resourcefulness of fraudsters and how combining human knowledge and artificial intelligence allows us to better detect fraud.

This article first appeared on the website of Lombard Odier here.



Covid-19 has seen fraudulent activity worsen coupled with a global acceleration towards digital services. Our Managing Partner, Alexandre Zeller, who leads our Technology & Operations Unit, explains that the pandemic has strengthened our conviction that technology is key and in order to cope with clients’ ever-evolving needs, banks have become more interconnected, developed more diverse tools and created various means of communications.

At Lombard Odier, driven by our Rethink Everything philosophy, we use the power of technology to offer pioneering solutions.

Preserving and growing our clients’ assets is the core of our business. As such, we aim to use the best cybersecurity and fraud prevention technologies possible.

For years, we have implemented strong security measures to combat cyber fraud. However, in order to counter the creativity of fraudsters, we had to raise our game and become even more innovative by leveraging the best of technology such as artificial intelligence (AI).

To ensure that our proprietary banking platform includes the latest fraud prevention systems to protect our clients and their assets, we harness the power of AI to more effectively identify abnormal payments and protect the Bank from the growing sophistication of fraudsters’. In 2021, we partnered with NetGuardians, whose leading AI-based fraud prevention system is able to detect both established and emerging on-line payment fraud patterns. With this system, artificial intelligence helps combat payment fraud, for example, by making it easy for suspicious patterns of behaviour or unusual payments to be flagged to protect clients funds.

Watch our video where Alexandre Zeller and Joël Winteregg, NetGuardians’ CEO, share their views on the ever-changing fraud ecosystem, the resourcefulness of fraudsters and how combining human knowledge and artificial intelligence allows us to better detect fraud.

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Our relationship with NetGuardians is a true partnership where we learn from each other and work hand in hand to achieve our goals and succeed together.

We believe a hybrid approach is key. By combining human knowledge and digital intelligence, our goal is to deliver the best results. It is by empowering human capacity with the latest technology that we will tackle cyber fraud.

“With artificial intelligence, we are creating what we like to call “augmented people” who are able to make smarter decisions faster. It is always a collaboration between technology and human knowledge. Not one or the other”.

At Lombard Odier, we believe in open-innovation and we are convinced that partnerships and collaboration are key to driving digital innovation. That is why we are continuously scouting the fintech ecosystem to identify and adopt new approaches or solutions to provide innovative solutions to our clients, increase internal efficiency and manage risks.


You may also be interested in our white paper on AI in banking fraud prevention:

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Picture of Mine Fornerod
Mine Fornerod

Director of Marketing Communications

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