GBG Partners SEON to Enhance Online Fraud Prevention for Fintechs and Digital Banks in APAC

SINGAPORE
– Media
OutReach – 8 September 2021 – GBG (AIM:GBG), the global expert in
digital identity, helping businesses prevent fraud and meet complex compliance
requirements, has announced a partnership with SEON. With this partnership, GBG strengthens
online fraud prevention for banks, fintechs, and digital banks by using email,
IP, phone and social media as alternative data for fraud detection, while
meeting compliance and data privacy needs. SEON’s technology is fully
integrated into the GBG Intelligence Center.

 

Digitilisation is accelerated by the
COVID-19 pandemic, where digital banks in Asia Pacific reported a threefold increase in their customer bases in 2020 as
compared to traditional banks. Mature economies like Singapore and Hong Kong
have established high fintech adoption rates, and developing countries like Vietnam, Cambodia and the Philippines are gearing to
achieve financial inclusion with 70% of Filipino
adults by 2023 to provide financial access to low-income households, gig economy,
small businesses, and new-to-bank GenZ.

 

As Financial Crime 4.0 continues to exacerbate, the partnership with SEON
enables GBG to increase effectiveness in combatting modern day fraud by
validating the most active and present-day e-lifestyle based consumer
touchpoints such as email addresses, IP location, social media, phone and SIM
data to detect fraudulent anomalies in account application and loan
origination, as well as to onboard new-to-bank population. Financial
institutions (FIs) can look to reducing fake and malicious email address usage
to as low as 0% and increase detection of suspicious IP-related applications
and transactions by up to 80%.

 

Remote Fraud
Management with Accuracy and Automation

 

FIs utilising the
GBG Intelligence Center, a key module in GBG’s flagship
end-to-end financial crime management solution – Digital Risk Management and Intelligence
platform,
benefit from enriched data intelligence to augment fraud detection and
prevention accuracy by reducing manual work for FIs, false positive and false
negative rates.

 

SEON adds to the performance of the Intelligence
Center with its track record of zero false positives for email, phone and
IP.
Especially as fraud costs increasingly outweigh fraud
management spend, this partnership helps risk management teams to increase efficiency
by reducing time spent on manual tasks (eg checking of email, phone and IP
data) by up to 50%. Furthermore, as remote working arrangements continue, the
ability to automate fraud detection and prevention with a high degree of
accuracy remains crucial. This partnership will further strengthen GBG’s
capabilities to support enterprises with agility and flexibility.

 

Dev Dhiman,
Managing Director of GBG, APAC, says, “To effectively address the rise in
digital financial crime simply means that fraud detection and prevention
measures need to be constantly modernised. This partnership with SEON continues
to expand GBG’s datasets to better combat against identity crime, in particular
synthetic ID, impersonation, identity theft, account takeover, money muling,
and SIM swap fraud typologies.”

 

“Close to half of GBG’s customers are in
financial services, it’s a top priority for us to build a watertight
environment to avert any data point from being used by bad actors to commit
fraud. By constantly enhancing how our platform performs, we can better protect
our customers and build digital trust between financial institutions and their
consumers. As the digital economy continues to evolve, the GBG Intelligence
Center will continue to grow its strong network of partners to equip all FIs
with the best-of-breed data and technology to fight fraud,” continues Dhiman.

Double Down on
Fraud with AI & Machine Learning

 

Complementing GBG’s artificial
intelligence (AI)-driven approach to detect fraud, SEON uses open data and whitebox machine learning, giving businesses
complete visibility and total control of how the AI decisions
are made.

 

With SEON’s expertise and access to data,
the integration with GBG Intelligence Center will provide enterprises with an
even more thorough and unified fraud detection process:

• Achieve up to 60% reduction in fraud volume in enterprises
• Wide data coverage in
  APAC
• 100% GDPR and ISO
  27001 compliant to meet data and privacy standards
• Leverages only on proprietary email, IP and phone data
  going back a decade
• Connected to over 30 social media platforms to uniquely
  see a comprehensive view of a person’s social network footprint with their
  digital footprint

SEON’s APAC
customers include Grab, Danabijak, ATM Online, HomeCredit,
10Bet, and Robocash.

Jimmy Fong, Chief Commercial Officer at SEON, added, “The ability to identify
fraudulent behavioral patterns also means businesses can discover hidden
revenue opportunities. SEON’s AI adapts to any business model, learning how it
operates to create fully transparent and visible rules. This creates a scalable
fraud prevention solution for all online business types, whether as a payment
service provider, payment gateway, neobank, Buy Now Pay Later (BNPL), gaming,
anti-money laundering and more. The combination of GBG and SEON is a modernised
solution for a fast-moving digital age, set to create greater agility to
mitigate growing risks of fraud brought on by the pandemic, while smoothening
and automating financial crime management processes without compromising user
experience.”

This partnership forms part of GBG’s
commitment to protect and provide FIs with end-to-end digital fraud and
compliance solutions. The GBG Intelligence Center, with SEON incorporated, will
be available to FIs across APAC, including Vietnam, Cambodia, the Philippines,
Malaysia, and Thailand.