GBG Partners SEON To Enhance Online Fraud Prevention For Fintechs And Digital Banks In APAC

SINGAPORE - Media OutReach - 8 September 2021 - GBG (AIM:GBG), the worldwide knowledgeable in digital identification, serving to companies stop fraud and meet advanced compliance necessities, has introduced a partnership with SEON. With this partnership, GBG strengthens on-line fraud prevention for banks, fintechs, and digital banks by utilizing electronic mail, IP, cellphone and social media as different knowledge for fraud detection, whereas assembly compliance and knowledge privateness wants. SEON's know-how is totally built-in into the GBG Intelligence Center.

Digitilisation is accelerated by the COVID-19 pandemic, the place digital banks in Asia Pacific reported a threefold increase of their buyer bases in 2020 as in comparison with conventional banks. Mature economies like Singapore and Hong Kong have established high fintech adoption rates, and creating nations like Vietnam, Cambodia and the Philippines are gearing to obtain financial inclusion with 70% of Filipino adults by 2023 to supply monetary entry to low-income households, gig financial system, small companies, and new-to-bank GenZ.

As Financial Crime 4.0 continues to exacerbate, the partnership with SEON permits GBG to extend effectiveness in combatting modern-day fraud by validating essentially the most lively and present-day e-lifestyle based mostly shopper touchpoints similar to electronic mail addresses, IP location, social media, cellphone and SIM knowledge to detect fraudulent anomalies in account software and mortgage origination, in addition to to onboard new-to-bank inhabitants. Monetary establishments (FIs) can look to lowering pretend and malicious electronic mail deal with utilization to as little as 0% and enhance detection of suspicious IP-related functions and transactions by as much as 80%.

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