GBG announces new operation of Intelligence Center to enhance fraud prevention for financial institution

GBG has announced its new GBG Intelligence Center in Malaysia market, a dynamic platform that connects to an extensive network of proprietary and external technology to identify fraud through its data intelligence solutions. 

The GBG Intelligence Center is one of the core modules of GBG’s fraud engine aims to improve onboarding efficiency by 85 percent by automating identity verification data intelligence assimilation into their fraud engine. 

Through the platform, companies can better validate, verify and assess profiles, behaviours and intent of individuals and entities across branch, web, mobile and app, and transform raw data points to data intelligence, to enhance fraud detection and accuracy.

Recently, GBG conducted a survey that opined some threats for banks which include the verification of new customers, monitoring customers’ transactions, and fraud checking. In response to that, 41 percent of Malaysian companies are looking to invest in machine learning and data intelligence, in an attempt to prioritise fraud prevention. 

With the capabilities GBG center, the company will enhance its fraud detection systems, as well as prevent any complex fraud crime using socially engineered first party and cyber fraud tactics.

Dev Dhiman, APAC Managing Director of GBG, shared, “The GBG Intelligence Center not only provides layers of on-demand fraud prevention capabilities, but it also creates huge efficiency gains for financial organizations funneling an immense amount of data into a single platform.”

“With a rise in online financial fraud during the pandemic, as financial institutions accelerate their digital transformation, the Intelligence Center will become a mission-critical in helping organisations increase speed-to-market all while minimising the risks of digital fraud,” he added.

With the deployment of GBG new center, organisations will be able to transform data into actionable insights and intelligence for better decision making, empowering them to scale and future proof themselves against emerging financial crimes.

 “The capabilities in the Intelligence Center are designed to cater to the evolving climate of digital fraud prevention requirements. Each capability brings a different measure of defense for organizations seeking to grow their online and mobile space, with the goal to provide data intelligence and associations as comprehensively and completely as possible,” Dhiman commented.

To date, seven customers using Instinct, GBG’s digital onboarding solution, have deployed the GBG Intelligence Center. They include a BUKU 4 state-owned bank in Indonesia, as well as top tier banks, a buy now pay later (BNPL) company, consumer financial services firms, a building society, and a leading insurance firm in Australia.

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