With the current pandemic based on GBG’s “Understanding COVID-19 Fraud Risks” poll results in April, 37% of respondents see transaction fraud as the fraud typology that they are most vulnerable to. Asia Blockchain Review recently caught up with June Lee, APAC Managing Director of GBG.
Firstly, thank you for taking the time to talk to Asia Blockchain Review. We greatly appreciate your time and consideration in this matter. First and foremost, how are things with you and the company as we navigate this new normal?
At GBG, our immediate focus is mainly around taking proactive steps to protect the health and boost the morale of our employees (setup remote working environment) and establishing an interim operation model to support our customers and partners.
We continued to serve our customers with very little impact in the region and throughout the world. Each region has their own local Customer Success teams who would work with the local customers on Business Continuity Planning (BCP) needs.
To ensure that customers are up to speed with the changing fraud typologies brought upon by COVID-19 and new technology needs, we set up a series of webinars that includes virtual solution showcase, discussions with expert panellists, global analyst sharing as well as customer sharing.
From these webinars, we see that customers are also more willing to participate in webinars or virtual workshop to share ideas with us. We also see an increase in activities with our partners – the ecosystems have never been more vibrant and collaborative.
GBG Webinar series
The current Covid-19 pandemic is giving rise to changes in consumer behavior in spending, fund transfers and loans. So the ability to re-learn new data and adapt to new environments can help financial organizations detect emerging and escalating transaction and payment fraud trends and mitigate fraud loss.
It is in this vein that GBG, the global technology specialist in fraud and compliance management, identity verification and location data intelligence, announced its expansion of AI and machine learning capabilities for its transaction and payment monitoring solution, Predator.
It makes deep learning and predictive analytics available to their entire digital risk management customer journey. GBG first announced its machine learning capabilities for Instinct Hub, their digital onboarding fraud management system in January this year.
The new AI capability additionally processes third party data – device fingerprinting, geolocation, mobile and IP, endpoint threat intelligence, behavioral analytics – assimilated into the GBG Digital Risk Management and Intelligence platform to enhance their model performance in fraud detection.
“Fraud is irregular, complex and evolves dynamically. Standard fraud model deteriorates over time, exposing businesses to new fraud typologies and fraud losses. Through continual and autonomous model training in GBG Machine Learning, we address the issue of model deterioration,” said June Lee, Managing Director, APAC, GBG.
“Today machine learning provides an average of 20% uplift in fraud detection, GBG Machine Learning has performed well to provide incremental alerts on missed frauds for our customers,” adds Lee.
Be sure to check out the next part in this interview series with June Lee soon!
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Anil started his career in journalism all the way back in 2003. After traversing the sphere of editorial, corporate communications and advertising, he has now come full circle and is back in the world of journalism. He believes in the power of the written word, and its ability to enthrall, delight and inform the reader.
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