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GBG and SEON strengthen online fraud prevention for financial institutions

By Catherine Knowles, 08 Sep 2021

GBG has entered into a partnership with SEON with the intention of strengthening online fraud prevention for banks, fintechs, and digital banks.

SEON’s technology is fully integrated into the GBG Intelligence Center to effectively use email, IP, phone, and social media as alternative data for fraud detection, while meeting compliance and data privacy needs.

FIs utilising the GBG Intelligence Center, a key module in GBG's flagship end-to-end financial crime management solution - Digital Risk Management and Intelligence platform, gain data intelligence to augment fraud detection and prevention accuracy by reducing manual work for FIs, false positive and false negative rates.

SEON adds to the performance of the Intelligence Center with its track record of zero false positives for email, phone and IP.

According to the company, especially as fraud costs increasingly outweigh fraud management spend, this partnership helps risk management teams to increase efficiency by reducing time spent on manual tasks (such as checking of email, phone and IP data) by up to 50%.

Furthermore, as remote working arrangements continue, the ability to automate fraud detection and prevention with a high degree of accuracy remains crucial.

Complementing GBG's artificial intelligence (AI)-driven approach to detect fraud, SEON uses open data and whitebox machine learning, giving businesses complete visibility and total control of how the AI decisions are made.

SEON's APAC customers include Grab, Danabijak, ATM Online, HomeCredit, 10Bet, and Robocash.

GBG managing director APAC Dev Dhiman says, “To effectively address the rise in digital financial crime simply means that fraud detection and prevention measures need to be constantly modernised.

"This partnership with SEON continues to expand GBGs datasets to better combat against identity crime, in particular synthetic ID, impersonation, identity theft, account takeover, money muling, and SIM swap fraud typologies.

“Close to half of GBGs customers are in financial services, it's a top priority for us to build a watertight environment to avert any data point from being used by bad actors to commit fraud.

"By constantly enhancing how our platform performs, we can better protect our customers and build digital trust between financial institutions and their consumers.

"As the digital economy continues to evolve, the GBG Intelligence Center will continue to grow its strong network of partners to equip all FIs with the best-of-breed data and technology to fight fraud.”

SEON chief commercial officer Jimmy Fong says, “The ability to identify fraudulent behavioural patterns also means businesses can discover hidden revenue opportunities.

"SEON's AI adapts to any business model, learning how it operates to create fully transparent and visible rules. This creates a scalable fraud prevention solution for all online business types, whether as a payment service provider, payment gateway, neobank, Buy Now Pay Later (BNPL), gaming, anti-money laundering and more.

"The combination of GBG and SEON is a modernised solution for a fast-moving digital age, set to create greater agility to mitigate growing risks of fraud brought on by the pandemic, while smoothening and automating financial crime management processes without compromising user experience.”

This partnership forms part of GBG’s commitment to protect and provide FIs with end-to-end digital fraud and compliance solutions. The GBG Intelligence Center, with SEON incorporated, will be available to FIs across APAC.

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