Friday, September 30, 2022

The Asian Banker picks RCBC and GBG for best Fraud Risk Technology Implementation Award 2022

SINGAPORE – Media OutReach – 8 August 2022 – The Asian Banker has announced Rizal Commercial Banking Corporation (RCBC) and its technology partner, GBG (AIM:GBG), the experts in digital location, identity verification and fraud software, as winners at the Risk Technology Implementation Awards 2022 for Best Fraud Risk Technology Implementation.

The Risk Technology Implementation Awards this year is designed to recognise annual achievements and identify emerging best practices in the implementation of technology across risk management functions and operations. The Asian Banker conducts this awards programme under the Financial Technology Innovation Awards to recognise outstanding achievements and best practices in risk technology implementation by financial institutions and their IT partners in Asia Pacific, the Middle East, and Africa.

Dev Dhiman, Managing Director, APAC, said, “We are honoured and grateful to The Asian Banker for recognising our collaboration with RCBC in the area of Best Fraud Risk Technology Implementation in Asia Pacific. It is a culmination of the work we have done for over 30 years, where GBG has served more than 20,000 customers across 70 countries, including top tier banks and fintechs in the region.

“In the area of Enterprise Risk Management, our team is unparalleled in enabling customers like RCBC to achieve the highest levels of security and controls and be in compliance in an increasingly complex regulatory landscape. I want to thank RCBC for appointing GBG as the enterprise risk technology partner, as well as my team for their top-notch capabilities and efforts, from development and planning through successful deployment. I am incredibly proud of the positive outcomes we have helped RCBC achieve culminating in this award from The Asian Banker.”

Dev added: “This award is a testament to our commitment to delivering seamless, real-time activation of fraud and risk solutions to help manage emerging financial crimes better. GBG has upscaled and modernised our end-to-end suite of solutions to ensure customers and partners like RCBC are enabled with agile and dynamic ways to provide a better and more secure customer experience. ”

During the pandemic, RCBC took the opportunity to bolster its Enterprise Risk Technology portfolio to ensure greater efficiency in processes, while ensuring its continued leadership in mitigating any and all threats in a timely manner, including the ability to identify suspicious patterns and monitor transactions in real time. The risk and compliance team also wanted a single enterprise platform that incorporates fraud and anti-money laundering (AML) transaction monitoring. In addition, RCBC needed to better mitigate COVID-19 financial crime typologies, such as mules, pass through accounts, scams, unauthorised account access, as well as other financial crimes like terrorist financing, online exploitation of children and other money laundering typologies.

With GBG on board, RCBC was able to implement real-time monitoring with machine learning tools along with unifying their systems into a single platform to improve efficiency and provide a holistic view of their fraud management. RCBC also integrated this capability with ATM and card transactions to monitor for fraud in near-real time.

“I would like to thank our partner GBG for helping us implement the fraud technology capabilities that has accelerated the company’s digital transformation. Our partnership with GBG has transformed our fraud risk management system and provided a real-time monitoring capability to detect suspicious and fraudulent transactions from our digital channels and automate counter measures 24/7,” said Nilo Zantua, Senior Vice President and Chief Technology Officer, RCBC. “In fact, we have seen a significant improvement and increase in our fraud detection rate 3-folds. This has not only reduced our exposure to fraud and AML risks, but as an organisation, our capabilities provide the kind of assurance to our customers and partners, where threat actors are presenting increasingly novel and sophisticated ways to perpetrate financial fraud crimes on businesses today.”

For more information about GBG’s range of solutions in APAC, click here.
To view GBG recent awards and achievements, visit us here.
To read our recent press releases, click here.

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About GBG

We are the experts in digital location, identity and managing fraud risk and compliance. Helping organisations across the globe eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses globally.

Through the combination of the latest technology, the most accurate data and our unrivalled expertise, GBG helps organisations ranging from start-ups to the largest consumer and technology brands in the world deliver seamless experiences, so their customers can transact online with greater confidence.

To find out more about how we help our clients establish trust with their customers, visit , follow us on Twitter @gbgplc or .

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

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