GBG broadens the fight against modern day financial crime with layered anti-fraud defence platform

Machine learning, orchestration and improved fraud detection accuracy capabilities designed to de-risk Asia�s fast-evolving digital onboarding needs for growing financial institutions

 

SINGAPORE
- Media OutReach - 30
January 2020 - GBG (AIM:GBG),
the global technology specialist in fraud & compliance management, identity
verification and location data intelligence, today announced the launch of four
fraud solutions, including its flagship Instinct Hub now as a platform solution.
Businesses across the globe are enabled to onboard quality customers more
swiftly, while simultaneously protecting their organizations and their
customers against losses from fraud and financial crimes in an increasingly
complex digital landscape.

“Nearly one
in two enterprises in Asia Pacific are falling victim to fraud, money
laundering, or other forms of financial crime^[1].
Financial institutions find themselves facing unprecedented diversity of
application and transactional channels — from branch to online and e-wallets. These
channels and criminal activities are evolving at a speed and complexity that these
enterprises, and the financial institutions that support them, are hard-pressed
to keep up with,” said June Lee, Managing Director of APAC, GBG.

“To aid in
that fight, GBG offers a layered digital fraud and compliance solution which unifies
data across vertical silos to improve financial crime detection accuracy across
the customer journey. Straight through process across identity verification
(KYC/AML) onboarding and transaction phases onboard good actors faster; coupled
with machine learning it all in all increases online fraud detection by 30
percent and reduces false positives by up to 20 percent — giving business
leaders a truly holistic approach to defending their customers and de-risking
their organizations.”

GBG’s fraud and compliance management product suite is accredited by Chartis as best of breed anti money laundering
(AML) and watchlist solutions, for their strong case management and
analytics capabilities, focused functionality and ability to integrate with
other best-in-class point solutions. They already power the anti-fraud risk
efforts of many of the region’s largest institutions, from regional banking
giant HSBC, BNP
Paribas Personal Finance in Spain, major wagering players in Australia like
Tabcorp to 9 out of 10 of Malaysia’s top tier banks. At the
foundation of its offering sits Instinct
Hub, a key
solution to its digital risk management and intelligence platform, which manages swift and frictionless new customer digital onboarding Instinct Hub is upscaled to combat complex financial
crimes 4.0 attacks against a customer identity and perpetrated across
online, mobile and branch networks, GBG Instinct Hub is designed for
organizations who are embracing digital transformation, e-banking channels and
launching digital banking products. This newest version of GBG Instinct Hub has
enhanced operational efficiency and effectiveness gains — fraud analysts and investigators are
able to quickly identify, visualize and are alerted to suspicious behaviours with
an improved user interface and dashboard, as well as an
improved workflow.

Other
solutions include:

 

• Predator 5.0, GBG’s autonomous solution for identifying
  and ceasing suspicious transactions and payments that can cost financial
  institutions billions in losses.[2]
  The solution offers an unprecedented agility and
  flexibility to add and defend digital and payment transactions through dynamic
  channel modification and behaviour abnormality security. Financial institutions
  are enabled to scale to new channels and new behaviour flows as needed to
  detect schemers. This newest version also provides process automation benefits
  through an augmented reviewing experience with quick action buttons,
  user-defined interfaces, dynamic holistic views, and the ability to trigger straight
  through actions into banking systems.

• Orchestration, a module for Instinct Hub that can raise fraud detection up to 30
  percent by dynamically activating the desired best of breed cyber, identity, geolocation
  and bespoke third party calls such as to proprietary banking systems and fraud
  bureaus. It drills down on suspicious behaviour by triangulating additional
  parameters including social media behaviour, device reputation, geolocation,
  blacklists, and email usage; and

• Machine Learning, a module for Instinct Hub that uses advanced modelling techniques to detect
  complex criminal attacks, augment detection accuracy and reduce false positives.
  The end user intuitive interface extends the realm of machine learning
  modelling beyond data scientists and utilizes predictive machine learning logic
  to analyse vast quantities of data.  The
  end results providing greater piece of mind protection, better quality alerts
  less workload for investigators and ultimately onboard good customers quicker.

All of GBG’s
solutions can be supported across a range of infrastructure models, from full
on-premise to private, public, and hybrid cloud. “Financial institutions and
other enterprises must increasingly balance the imperatives of digital
transformation with the need to maintain watertight defences against financial and
cybercrimes,” said June Lee. “With that in mind, GBG’s solutions are designed especially
to provide frictionless and fully-automated layers of protection which evolve to
the changing customer experience, payments models, and infrastructure choices
that digitally transforming organizations may employ.”

“Having the
right tools in place and being able to utilize them quickly is crucial for
businesses to be on the front foot when it comes to mitigating financial crime,
which is why GBG ensures its customers have access to local professional
services so they can get laser focused support, whenever they require it,” said
Michelle Weatherhead, Operations Director of APAC, GBG. “By having both onsite
and remote expert advisory and support capabilities in the region, our
customers can ensure they combat complex fraud and compliance challenges, and
keep their own customers safe, without compromising on delivering a seamless
experience.”

About GBG:

GBG offers a series of solutions that help organizations
quickly validate and verify the identity and location of their customers.

Our innovative technology leads the world in location
intelligence and fraud detection. Our products are built on an unparalleled
breadth of data obtained from over 200 global partners which helps us to verify
the identity of 4.4 billion people globally.

Our headquarters are in the UK and we have over 1,000 team
members across 16 countries. We work with clients in 72 countries including
some of the best-known businesses around the world, ranging from US e-commerce
giants to Asia’s biggest banks and European household brands.

To
find out more about how we help our clients establish trust with their
customers, visit www.gbgplc.com/apac,
follow us on Twitter @gbgplc or LinkedIn.