GBG wins the award for best AI / machine learning innovation of the year | Taiwan News
Judges praise GBG’s technology for reducing false positives and improving fraud detection
SINGAPORE – Media OutReach – September 29, 2021 – GBG (AIM: GBG), the global digital identity expert, helping businesses prevent fraud and meet complex compliance requirements, today announced it has won the award for the best innovation in AI or machine learning of the Year of the Asia Risk Awards 2021.
The biggest challenge facing financial institutions today is not the growing volume of financial crime, but the creativity and sophistication in which fraudulent attacks are executed. In dealing with unexplored financial crimes, financial institutions (FIs) see higher false positive rates, higher fraud alerts, and more missed frauds, which hamper the growth of the target business when customers fail. cannot integrate and transact successfully.
Southeast Asia’s leading fraud office, CTOS IDguard, which is powered by GBG’s fraud and financial crime platform, is currently deploying GBG Machine Learning and is seeing an increase in fraud detection up to ‘at 30% for credit card applications. Another Tier 1 global bank also tested its machine learning technology to see a 22% reduction in false positives for credit card applications. GBG’s machine learning technology has specifically helped its customers tackle a range of financial crimes, including account takeover, identity theft, non-payment of loans and money laundering.
GBG has developed its machine learning capabilities in response to the increasing innovation and complexity in which fraud attacks are executed. With the escalation of Financial Crime 4.0, a rules-based system is insufficient to detect and track digital and emerging fraud typologies. GBG’s machine learning uses both supervised and unsupervised algorithms; these algorithms are integrated with their main financial crime fighting platform and can be easily and quickly configured, trained and deployed through a low code / no code user interface. Moreover, it also transparently accepts import of custom models created in different algorithms through a Python notebook-like interface.
“Winning the Asia Risk 2021 award for best AI or machine learning innovation of the year is a testament to GBG’s success in automating, evolving and unleashing the value of obtaining insights from a range of historical, new and additional data in real time. The goal of machine learning is to uncover implicit inconsistencies in behaviors that are not an act of human error, analyze and report anomalies to detect and prevent possible new fraud scenarios as quickly as possible. . This is a decisive moment for our entire team around the world ”, says Dev Dhiman, APAC Managing Director of GBG.
“Machine learning helps financial institutions improve two fundamental processes: customer experience management and financial crime prevention. Reducing false positive rates is not only about streamlining internal processes and costs, but also enabling legitimate customers to successfully onboard and conduct continuous transactions. GBG’s machine learning that underpins its core financial crime technology can help financial institutions maintain higher customer lifetime value while prioritizing financial crime management, ”Dhiman concludes.
A recent survey conducted by GBG of 118 financial institutions in Southeast Asia found that machine learning is rapidly becoming a common solution for fraud detection and prevention. In the survey, machine learning is the number one fraud prevention solution respondents are exploring this year, with more than a third choosing this option before others.
According to Adam Emslie, Head of Analysis at GBG, the most important factor about machine learning models is not that they are feasible, but that they meet the standards of efficiency and accuracy demanded by customers and industry.
“Coming from a single end-to-end solution, GBG’s risk management and digital intelligence platform feeds origin and transaction data directly to machine learning models, avoiding the need for ‘data mining, which allows for faster training and model deployment than the industry typically offers. Additionally, fraud and compliance goals can be achieved through multiple workflows with the GBG Intelligence Center Fraud analysts are able to prioritize and improve the accuracy of detecting and preventing larger fraud challenges, ”says Emslie.
The Asia Risk Technology Awards are the oldest and most prestigious awards for companies and individuals involved in Asian derivatives markets and risk management. The awards recognize providers who serve financial services companies in meaningful and innovative ways. The Asia Risk team explained why they chose GBG to win the prestigious AI or Machine Learning Innovation of the Year award.
“With the increase in financial crime cases around the world, businesses are struggling to cope with the increasing volume of investigations they must conduct and ensure that their fraud detection tools are accurate and effective. The judges were most impressed with the performance of GBG’s artificial system. intelligence and machine learning to help reduce false positives and improve fraud detection of emerging typologies, ”says Blake Evans-Pritchard, Office Manager for Asia Risk.
The Asia Risk Awards 2021 were announced online September 27-30, 2021.
GBG’s victory is the latest in a series of industry-recognized achievements for the company:
For more information on GBG’s expansion of machine learning on GBG’s end-to-end financial crime platform to improve fraud detection accuracy, click here.
GBG (AIM: GBG) offers a range of solutions that help organizations quickly validate and verify the identity and location of their customers. Our cutting-edge technology, data and expertise help our customers improve digital access, deliver a seamless experience, and build trust so they can transact online quickly, securely and securely. Based in the UK and with over 1,000 team members in 16 countries, we work with 20,000 clients in over 70 countries. Some of the world’s best-known companies rely on GBG to deliver digital services and keep the economy moving, from US e-commerce giants to Asia’s biggest banks and European home brands. To learn more about how we help our clients build trust with their clients, visit www.gbgplc.com/apac, follow us on Twitter @gbgplc Where LinkedIn.