\n<\/p>\n
SINGAPORE
\u00a0<\/p>\n
Digitilisation is accelerated by the
\u00a0<\/p>\n
As Financial Crime 4.0<\/a>\u00a0continues to exacerbate, the partnership with SEON
\u00a0<\/p>\n
Remote Fraud
\u00a0<\/p>\n
FIs utilising the
\u00a0<\/p>\n
SEON adds to the performance of the Intelligence
\u00a0<\/b><\/p>\n
Dev Dhiman,
\u00a0<\/p>\n
“Close to half of GBG’s customers are in
Double Down on
\u00a0<\/p>\n
Complementing GBG’s artificial
\u00a0<\/p>\n
With SEON’s expertise and access to data,
SEON’s APAC
Jimmy Fong, Chief Commercial Officer<\/b> at SEON, added, “The ability to identify
This partnership forms part of GBG’s
\n–\u00a0Media
\nOutReach<\/a>\u00a0– 8 September 2021 –\u00a0<\/b>GBG<\/a>\u00a0(AIM:GBG), the global expert in
\ndigital identity, helping businesses prevent fraud and meet complex compliance
\nrequirements, has announced a partnership with SEON<\/a>. With this partnership, GBG strengthens
\nonline fraud prevention for banks, fintechs, and digital banks by using email,
\nIP, phone and social media as alternative data for fraud detection, while
\nmeeting compliance and data privacy needs. SEON’s technology is fully
\nintegrated into the GBG Intelligence Center<\/a>.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nCOVID-19 pandemic, where digital banks in Asia Pacific reported a threefold increase<\/a> in their customer bases in 2020 as
\ncompared to traditional banks. Mature economies like Singapore and Hong Kong
\nhave established high fintech adoption rates<\/a>, and developing countries like Vietnam<\/a>, Cambodia<\/a> and the Philippines are gearing to
\nachieve financial inclusion with 70% of Filipino
\nadults by 2023<\/a> to provide financial access to low-income households, gig economy,
\nsmall businesses, and new-to-bank GenZ. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nenables GBG to increase effectiveness in combatting modern day fraud by
\nvalidating the most active and present-day e-lifestyle based consumer
\ntouchpoints such as email addresses, IP location, social media, phone and SIM
\ndata to detect fraudulent anomalies in account application and loan
\norigination, as well as to onboard new-to-bank population. Financial
\ninstitutions (FIs) can look to reducing fake and malicious email address usage
\nto as low as 0% and increase detection of suspicious IP-related applications
\nand transactions by up to 80%. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nManagement with Accuracy and Automation <\/b><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nGBG Intelligence Center<\/a>,<\/u> a key module in GBG’s flagship
\nend-to-end financial crime management solution – Digital Risk Management and Intelligence
\nplatform<\/a>,
\nbenefit from enriched data intelligence to augment fraud detection and
\nprevention accuracy by reducing manual work for FIs, false positive and false
\nnegative rates. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nCenter with its track record of zero false positives for email, phone and
\nIP<\/a>.<\/u>
\nEspecially as fraud costs increasingly outweigh fraud
\nmanagement spend<\/a>, this partnership helps risk management teams to increase efficiency
\nby reducing time spent on manual tasks (eg checking of email, phone and IP
\ndata) by up to 50%. Furthermore, as remote working arrangements continue, the
\nability to automate fraud detection and prevention with a high degree of
\naccuracy remains crucial. This partnership will further strengthen GBG’s
\ncapabilities to support enterprises with agility and flexibility.<\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nManaging Director of GBG, APAC<\/b>, says, “To effectively address the rise in
\ndigital financial crime simply means that fraud detection and prevention
\nmeasures need to be constantly modernised. This partnership with SEON continues
\nto expand GBG’s datasets to better combat against identity crime, in particular
\nsynthetic ID, impersonation, identity theft, account takeover, money muling,
\nand SIM swap fraud typologies.” <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nfinancial services, it’s a top priority for us to build a watertight
\nenvironment to avert any data point from being used by bad actors to commit
\nfraud. By constantly enhancing how our platform performs, we can better protect
\nour customers and build digital trust between financial institutions and their
\nconsumers. As the digital economy continues to evolve, the GBG Intelligence
\nCenter will continue to grow its strong network of partners to equip all FIs
\nwith the best-of-breed data and technology to fight fraud,” continues Dhiman.<\/p>\n
\n
\n
\n
<\/p>\n
\nFraud with AI & Machine Learning<\/b><\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nintelligence (AI)-driven approach to detect fraud, SEON uses open data and whitebox machine learning, giving businesses
\ncomplete visibility and total control of how the AI decisions
\nare made. <\/p>\n
\n
<\/p>\n
\n
<\/p>\n
\nthe integration with GBG Intelligence Center will provide enterprises with an
\neven more thorough and unified fraud detection process:<\/p>\n\n
\nAPAC<\/li>\n
\n27001 compliant to meet data and privacy standards <\/li>\n
\ngoing back a decade<\/li>\n
\nsee a comprehensive view of a person’s social network footprint with their
\ndigital footprint <\/li>\n<\/ul>\n
\n
<\/p>\n
\ncustomers include Grab, Danabijak, ATM Online, HomeCredit,
\n10Bet, and Robocash.<\/p>\n
\n
\n
\n
<\/p>\n
\nfraudulent behavioral patterns also means businesses can discover hidden
\nrevenue opportunities. SEON’s AI adapts to any business model, learning how it
\noperates to create fully transparent and visible rules. This creates a scalable
\nfraud prevention solution for all online business types, whether as a payment
\nservice provider, payment gateway, neobank, Buy Now Pay Later (BNPL), gaming,
\nanti-money laundering and more. The combination of GBG and SEON is a modernised
\nsolution for a fast-moving digital age, set to create greater agility to
\nmitigate growing risks of fraud brought on by the pandemic, while smoothening
\nand automating financial crime management processes without compromising user
\nexperience.”<\/p>\n
\n
\n
\n
<\/p>\n
\ncommitment to protect and provide FIs with end-to-end digital fraud and
\ncompliance solutions. The GBG Intelligence Center, with SEON incorporated, will
\nbe available to FIs across APAC, including Vietnam, Cambodia, the Philippines,
\nMalaysia, and Thailand.<\/p>\n
\n
<\/p>\n