GBG wins Best AI/Machine Learning Innovation of the Year award

SINGAPORE – Media
OutReach – 29 September 2021 – GBG (AIM:GBG),
the global expert in digital identity, helping businesses prevent fraud and
meet complex compliance requirements, has today announced it has won the award
for Best AI or Machine Learning Innovation of the Year from Asia
Risk Awards 2021.

The biggest challenge faced by financial
institutions today is not the increasing volume of financial crime, but in the
creativity and sophistication in which fraud attacks are executed. In managing
uncharted financial crimes, financial institutions (FIs) are seeing higher
false positive rates, higher fraud alerts, and more missed frauds, which are
detrimental to achieving target business growth when customers are unable to
onboard and transact with success.

Southeast
Asia’s first fraud bureau, CTOS IDguard, which is powered by GBG’s fraud
and financial crime platform, is currently deploying GBG
Machine Learning and is seeing an uplift in fraud detection of up to 30%
for credit card applications. Another Tier 1 global bank has also tested its machine
learning technology to see a 22% reduction in false positives for credit card
applications. The machine learning technology at GBG has specifically helped
its customer base in addressing a range of financial crimes including account
takeover, identity theft, loan never-payment, and money laundering.

GBG developed its machine learning
capabilities in response to the increasing innovativeness and complexity in
which fraud attacks are executed. With Financial Crime 4.0 escalating, a rule-based
system is insufficient to detect and keep up with digital and emerging fraud
typologies. GBG’s machine learning utilises both supervised and unsupervised
algorithms; these algorithms are built into their core financial crime platform
and can be easily and quickly configured, trained and deployed via a low
code/no code user interface. In addition, it also seamlessly accepts the import
of custom models created in different algorithms via a Python notebook-like
interface.

“Winning Asia Risk 2021 award for the Best AI
or Machine Learning Innovation of the Year is testament to GBG’s success to
automate, scale and unlock the value of deriving intelligence from a range of
historical, new and additional data in real-time. The goal of machine learning
is to uncover implicit inconsistencies in behavior that are not an act of human
error, analyse and flag out anomalies to detect and prevent new possible fraud
scenarios as quickly as possible. It’s a watershed moment for our whole team
across the globe,” says Dev Dhiman, APAC
Managing Director of GBG.

“Machine learning helps financial institutions
enhance two fundamental processes – customer experience management and
financial crime prevention. Reducing false positive rates is not just about
streamlining internal processes and costs, but in enabling legitimate customers
to onboard and continuously transact with success. GBG’s machine learning which
underpins its core financial crime technology can help financial institutions
maintain stronger customer lifetime value while prioritising financial crime
management,” concludes Dhiman

A recent survey conducted by GBG with 118
financial institutions across Southeast Asia found machine learning is quickly
becoming a mainstream solution for fraud detection and prevention. In the
survey, machine learning is the number one fraud prevention solution
respondents are exploring this year, with more than one-third selecting this
option above others.

According to Adam Emslie, Head of Analytics at GBG, the most important factor
about machine learning models is not that they’re workable, but that they meet
the efficiency and accuracy standards as demanded by customers and industry.

“Stemming from a single end to end solution,
GBG’s Digital Risk Management and Intelligence platform
passes data from origination and transactions directly into the machine
learning models bypassing the need for data extraction, resulting in faster
model training and deployment than what the industry typically offers. In
addition, fraud and compliance objectives can be achieved through multiple
workflows with the GBG Intelligence Center. Fraud analysts are
enabled to prioritise and enhance accuracy in detection and prevention of
larger fraud challenges,” says Emslie.

The Asia Risk Technology Awards are the longest-running
and most prestigious awards for firms and individuals involved in the Asia’s
derivatives markets and in risk management. The awards recognise vendors that
are serving financial services firms in meaningful and innovative ways. The
team at Asia Risk spoke about why it chose GBG for this to win the prestigious
best in class for AI or Machine Learning Innovation of the Year.

“With instances of financial crime increasing around the
world, firms are struggling to cope with the rising volume of investigations
that they have to conduct and ensuring that their fraud detection tools are
accurate and efficient. The judges were most impressed with the performance of
GBG’s artificial intelligence and machine learning to help reduce false
positives and improve fraud detection of emerging typologies,” says Blake Evans-Pritchard, bureau chief for
Asia Risk.

The
Asia Risk Awards 2021 were announced online throughout September 27-30, 2021.

The win for GBG is the latest in a string of
industry-recognised achievements for the company:

For more information on GBG’s expansion of
machine learning across GBG’s end to end financial crime platform to improve
fraud detection accuracy, click here.