Radio Interview: Combatting Financial Crime 4.0 and digital fraud with GBG Intelligence Center
Reading time: 10 Minutes

Radio Interview: Combatting Financial Crime 4.0 and digital fraud with GBG Intelligence Center

Dev Dihman

In today’s digital world, among the rise of new technology and data-centric customer experiences has been the rise of digital fraud and financial crime. Financial Crime 4.0, a term coined by GBG, is a mega risk trend covering the heightened complexity and growing volume of emerging financial crime arising from the state of hyperconnectivity and data deluge in today's Industry 4.0.

Dev Dhiman, Managing Director of Asia Pacific at GBG, recently spoke with Howie Lim on MONEY FM 89.3 about how GBG is helping financial institutions (FIs) address the challenges of Financial Crime 4.0, including through the recent launch of the GBG Intelligence Center.

In this interview, Dev highlights that common misconceptions about bad actors being a single hacker working from the bedroom are completely outdated. In the Financial Crime 4.0 era, highly sophisticated crime rings aiming to access billions of dollars across multiple markets are using the latest technologies combined with the latest techniques, including using ‘human farms’ of fraudsters to emulate more realistic ways of communicating and operating that are more difficult to detect than bot behaviours.

With the volume and level of risk higher than ever, FIs can lose consumer trust and loyalty through a single incident. FIs today have to "do what's right for their consumers by putting the consumers at the heart of what they today". That includes balancing frictionless customer experience while keeping them safe by preventing personal data from being misappropriated, tight collaboration with regulators to hone fraud prevention measures, and upscaling fraud prevention technology to mitigate complex fraud typologies.  FIs can no longer rely on a single product or technique to keep their entire organisation and ecosystem of customers protected. Instead, Dev highlights the need to leverage the benefits of collaboration.  

The GBG Intelligence Center has been designed and developed purposely to address these needs. The dynamic platform is connected to an extensive network of proprietary and external technology and data partners specialised in identity verification, mobile and IP assessment, cyber threats, credit risk and location intelligence.

Currently, the GBG Intelligence Center has 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 the FIs. The platform not only helps FIs combat Financial Crime 4.0 and digital fraud, but also helps to mitigate lengthy procurement processes and enables swifter digital onboarding.

To listen to the full interview, click the link below.

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