Global tech firm and Malaysia’s 6th largest banking group win with end-to-end enterprise Fraud and Cyber Risk Management Solutions
GBG has been awarded the Cyber Risk Solution of the Year category at the Asia Risk Awards 2020, the longest-running awards for firms and individuals involved in Asia’s derivatives markets and risk management.
As consumer behaviour continues to shift away from in-person banking and toward digital banking, the volume of cyber threats and risks to individuals and businesses is heightened. GBG’s risk management solution is recognised for helping financial institutions prevent and centrally manage their online fraud and cyber threat landscapes, while also adhering to the latest regulatory compliance requirements. Particularly in Malaysia, where the Risk Management in Technology (RMiT) policy was passed by Malaysia’s central bank, Bank Negara, on 1 January, 2020, mandating new governing standards and guidelines for technology risk management and cyber risk management for financial institutions; GBG has helped banks effectively meet these new requirements with end-to-end fraud and cyber risk management solutions.
June Lee, APAC Managing Director of GBG said: “We are humbled to receive this industry recognition from the Asia Risk Awards 2020, reinforcing the value of our proactive and preventative fraud and cyber risk solutions. Our research shows that more than half of financial institutions in APAC see the prevention of new types of cyber attacks as the second largest challenge in fraud prevention. As the threats of cybercrime continue to be exacerbated by the pandemic, GBG strives to continuously innovate and expand our fraud prevention capabilities to help our customers transact securely while building digital trust.”
With GBG’s Fraud and Cyber Risk Management solution, organisations can detect fraud at the point of origin in real time, alert and stop fraudulent payments across all channels. The system detects threats before fraudsters can compromise legitimate customers and merchants by identifying suspicious behavioural patterns and blocking anomalous actions. In addition, users have the ability to add new digital products and channels to the system to safeguard new launches against financial crimes easily and quickly.
Aaron Loo, Managing Director of Retail Banking at AmBank said: “The pandemic has introduced a whole new level of complexity to the fraud and cybercrime landscape as people are spending more time online than ever. Malware, bots, and scams have spiked and it has been critical for us to be on the front foot for our customers to protect them against growing social engineering and first party fraud attacks.”
The Asia Risk Awards 2020 were announced online throughout September 7-11, 2020.