MALAYSIA, 4 February 2021 – GBG (AIM:GBG), the global technology specialist in fraud and compliance management, identity verification and location data intelligence, has recently announced the launch of the GBG Intelligence Center. The dynamic platform connects to an extensive network of proprietary and external technology and data partners specialised in identity verification, mobile and IP assessment, relationship association, cyber endpoint threat, credit risk and location intelligence.
The GBG Intelligence Center is one of the core modules of GBG’s fraud engine, the Digital Risk Management and Intelligence platform. The Intelligence Center capabilities help organisations 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.
On-demand access to best-of-breed solutions to protect against emerging fraud typologies
The GBG Intelligence Center consists of nine categories of fraud detection enhancement capabilities connected to carefully curated best-in-class technology and data partners. It also has the flexibility to connect to any bespoke systems or solutions required by financial institutions. The Intelligence Center creates on-demand access to a growing and evolving range of best of breed solutions to handle emerging fraud typologies like social engineered first-party fraud, identity fraud, identity theft and cybercrimes.
FIs typically spend 30-35% of their time procuring and integrating new technology, which reduces their speed to launch new financial services. For organisations who are already using GBG’s fraud engine, integrating the Intelligence Center provides these organisations with nine additional fraud prevention measures which they could trigger easily.
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 funnelling an immense amount of data into a single platform. Organizations 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. With a rise in online financial fraud during the pandemic, we have seen how data intelligence in endpoint security, identity association, email validation, and phone assessment capabilities have helped mitigate these potential threats. Developing a pre-emptive fraud solution is fundamental in addressing unforeseeable threats that continue to shift and grow.”
Capabilities in GBG Intelligence Center include GBG proprietary solutions like Loqate for international address validation and IDScan, ID3Global, and greenID for international biometric, facial and identity verification, and technology partners like CredoLab, which GBG has invested in, for alternate digital credit scoring. The nine capabilities on the solution platform today are:
- Address Validation
- Biometric Verification
- Digital Credit Scoring
- Document Authentication
- Email & IP Assessment
- Endpoint Security
- Identity Association
- Identity Verification
- Phone Assessment
Dhiman added, “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 defence 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. As financial institutions accelerate their digital transformation, the Intelligence Center will become mission-critical in helping organizations increase speed-to-market all while minimizing the risks of digital fraud.”
Deployment across Indonesia and Australia
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.
In Indonesia, the successful integration of the GBG Intelligence Center has seen the bank achieve a straight-through to approval decisioning, improving customer onboarding efficiency by 85% as it progresses from a labour-intensive to semi-automated loan application and approval process. As a next step, the Intelligence Center will be connected to local telco data sources from Telkomsel, Indosat, XL-Axiata, and ASLI to further improve fraud prevention and onboarding efficiency. With the Intelligence Center rolled out to support both branch and app banking, the end-to-end fraud management solution would seamlessly manage an estimate of 1.8 million applications for the bank this year.
In Australia, many of the deployments leveraged on the inherent capabilities within the Intelligence Center, including biometric and facial scanning solution, identity verification solution, address validation solution, email validation and endpoint security to enhance fraud prevention and detection. The Intelligence Center also supported the management and customisation of workflows, as well as enabled fast configuration when adding new systems and access to all relevant information quickly.
For more information about GBG Intelligence Center, click here.