GBG Intelligence Center launched by GBG to benefit financial institutions

By Edil Corneille

GBG, a global technology specialist in fraud and compliance management, identity verification and location data intelligence, has launched the GBG Intelligence Center. The platform connects to a network of proprietary and external technology and data partners specialised in identity verification, mobile and IP assessment, relationship association, cyber endpoint threat, credit risk and location intelligence.

The GBG Intelligence Center is one of the core modules of GBG’s fraud engine, the Digital Risk Management and Intelligence platform. The capabilities in the Intelligence Center help organisations better validate, verify and assess profiles, behaviours and intent of individuals and entities across branch, web, mobile and app, and transform raw data points to data intelligence, to enhance fraud detection and accuracy.

The GBG Intelligence Center consists of nine categories of fraud detection enhancement capabilities connected to curated technology and data partners. It has the flexibility to connect to any bespoke systems or solutions required by financial institutions. On-demand access is created to a range of solutions to handle emerging fraud typologies like social engineered first-party fraud, identity fraud, identity theft and cybercrimes. Users can procure a license key for their desired capability and activate the capability. Using the dynamic Workflow Manager, users can design and orchestrate their desired process to improve fraud detection.

For organisations who are already using GBG’s fraud engine, integrating the Intelligence Center provides these organisations with nine additional fraud prevention measures which they could trigger easily. The Intelligence Center is a gateway to adding new solutions quickly to help organisations be more agile in gaining digital trust with their consumers and strengthening their defences against bad actors.

Currently, seven customers using Instinct, GBG’s digital onboarding solution, have deployed the GBG Intelligence Center, as mentioned by the company. They include a BUKU 4 state-owned bank in Indonesia, as well as top tier banks, a buy now pay later (BNPL) company, consumer financial services firms, a building society, and an insurance firm in Australia.

Dev Dhiman, APAC Managing Director of GBG, shared, “The GBG Intelligence Center not only provides layers of on-demand fraud prevention capabilities, but it also creates huge efficiency gains for financial organizations funnelling an immense amount of data into a single platform. With these efficiency gains, organizations will be able to transform data into actionable insights and intelligence for better decision-making. By connecting to our Digital Risk Management and Intelligence platform and its extensive partner ecosystem, financial institutions are able to scale and future-proof themselves against emerging financial crimes. With a rise in online financial fraud during the pandemic, we have seen how data intelligence in endpoint security, identity association, email validation, and phone assessment capabilities have helped mitigate these potential threats. Developing a pre-emptive fraud solution is fundamental in addressing unforeseeable threats that continue to shift and grow.”

Capabilities in GBG Intelligence Center include GBG proprietary solutions like Loqate for international address validation and, IDScan, ID3Global, and greenID for international biometric, facial and identity verification, and technology partners like CredoLab, which GBG has invested in, for alternate digital credit scoring. The nine capabilities on the solution platform today are address validation, biometric verification, digital credit scoring, document authentication, email & IP assessment, endpoint security, identity association, identity verification and phone assessment.

Dhiman added, “The capabilities in the Intelligence Center are designed to cater to the evolving climate of digital fraud prevention requirements. Each capability brings a different measure of defence for organizations seeking to grow their online and mobile space, with the goal to provide data intelligence and associations as comprehensively and completely as possible. As financial institutions accelerate their digital transformation, the Intelligence Center will become mission-critical in helping organizations increase speed-to-market all while minimizing the risks of digital fraud.”