GBG, the global expert in digital identity, helping businesses prevent fraud and meet complex compliance requirements, announced a partnership with BioCatch. Through this partnership, GBG uplifts its fraud prevention and detection accuracy, providing financial institutions (FIs) in the Asia Pacific (APAC) with easy access to value-added dynamic data intelligence through the GBG Intelligence Centre.
As digitalisation becomes an intrinsic part of everyday life, the preference for mobile and online channels in APAC has also been extended to banking and finance. Against a global average of 38.7 per cent, a larger proportion of consumers in New Zealand (51 per cent), Singapore (55.8 per cent) and Thailand (68.1 per cent) use mobile applications for their banking needs. This growing dependence on smartphones to access online and mobile banking applications to perform financial transactions has led to a spike in fraudulent activities. According to the new Next-Gen Financial Crime Management Solution study by IDC, commissioned by GBG, social engineering crime is anticipated to post a threat after the Covid-19 pandemic. This has prompted FIs to focus on automating and converging their fraud, compliance, and cybersecurity solutions.
Dev Dhiman, Managing Director of APAC at GBG, said, “Mobile devices are rapidly becoming a mainstay in how consumers in APAC conduct banking and financial transactions today. Coupled with digitalisation, the increasingly interconnected financial ecosystem is resulting in a growth in fraud, and giving rise to Financial Crime 4.0.Threats such as social engineering and money mule scams highlight the need for easy-to-deploy and trusted financial crime management systems that extend robust fraud protection to mobile offerings.”
“The partnership with BioCatch is key to GBG’s commitment to continuously augment and enrich the performance of our fraud and compliance solutions to meet the needs of FIs in APAC. The addition of BioCatch, and its sophisticated behavioural biometric fraud detection capability, to GBG’s already strong network of trusted partners will enable us to help FIs in APAC build up a pre-emptive and holistic approach against highly organised and complex financial criminal,” Dhiman continued.
According to the 2021 Fraud Transformation Survey: Detecting and Preventing Emerging Schemes study by BioCatch, two in three FIs expect to increase their investments in fraud management resources that are equipped with behavioural biometrics to enhance their defences against financial crimes. With this partnership, FIs utilising GBG Intelligence Centre will be able to leverage BioCatch’s proven behavioural biometric solution to prevent threats such as social engineering scams, account takeovers, fraudulent account opening, and mule account detection.
Richard Booth, Vice President of Sales for EMEA and APAC at BioCatch, “The growing preference for online and mobile banking in the region provides FIs with an opportunity to tap into digital behaviour data points and insights to prevent fraud and scams. Through our partnership with GBG, FIs will be able to leverage BioCatch’s machine learning-powered solution that processes more than a trillion unique digital interactions a month to detect anomalous and suspicious behavioural activity on their digital platforms. We are very excited to be partnering with GBG and look forward to delivering accurate, real-time fraud prevention through the value of our combined solutions.”
GBG Intelligence Center offers FIs the ability to tap into the rich financial crime ecosystem of data and technology capabilities, providing them with end-to-end digital fraud and compliance solutions. Our other solutions include: Loqate, GBG’s proprietary location intelligence and address verification solution, greenID, IDScan, and ID3Global for end-to-end digital identity verification.
GBG has been recognised as one of top 100 fintech providers in the world by IDC Financial Insights, the Enterprise Fraud Category Leader in the Chartis RiskTech Quadrant® 2021, and the Best Machine Learning/AI Innovation of the Year by Asia Risk Awards last year.
To find out more about GBG’s end-to end financial crime solution, click here