The Asian Banker Awarded Best Fraud Risk Technology Implementation Award 2022 To RCBC And GBG

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JAKARTA - The Asian Banker announced Rizal Commercial Banking Corporation (RCBC) and its technology partner, GBG (AIM:GBG), an expert in digital location services, identity verification and fraud software, as winners at the 2022 Risk Technology Implementation Award for Fraud Risk Technology Implementation. Best.

This year's Risk Technology Implementation Award is designed to recognize annual achievements and identify emerging best practices in technology implementation across risk management functions and operations. The Asian Banker organizes this award program under the supervision of the Financial Technology Innovation Awards in recognition of outstanding achievements and best practices in the application of risk technology by financial institutions and their IT partners in Asia Pacific, Middle East, and Africa.

Dev Dhiman, Managing Director, APAC GBG, said, "We are honored and grateful to The Asian Banker for awarding us for our collaboration with RCBC in the field of Best Fraud Risk Technology Implementation in Asia Pacific.

"This is the culmination of the work we have done for more than 30 years, where GBG has served more than 20,000 customers in 70 countries, including top banks and fintechs in the region," said Dev Dhiman, in a statement, quoted Monday 8 August.

"In the area of Enterprise Risk Management, our team is unmatched in enabling customers like RCBC to achieve the highest level of security and control while complying with increasingly complex rules/regulations. I would also like to thank RCBC for appointing GBG as an enterprise risk technology partner, and of course our team for their ability and best efforts, from development and planning to implementation. I am very proud of this positive result, which has helped RCBC win the award from The Asian Banker," he added.

Dev added, [This award is a testament to our commitment to providing a seamless, frictionless service for fraud risk solutions and real-time activation to help better manage financial crimes that may arise in the future.

"GBG has upgraded and modernized its end-to-end suite of solutions to ensure customers and partners like RCBC are enabled in an agile and dynamic way that delivers a better and more secure customer experience."

During the pandemic, RCBC took the opportunity to strengthen the Enterprise Risk Technology portfolio to ensure greater efficiency in every process, 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. time.

The risk and compliance team also wanted a single enterprise platform that could combine fraud and anti-money laundering (AML) transaction monitoring. In addition, RCBC needs to better mitigate the typology of COVID-19 financial crimes, such as money mules, pass through accounts, scams, unauthorized account access, and other financial crimes such as terrorist financing, online child exploitation, and money laundering typologies. other.

Powered by GBG, RCBC can implement real-time monitoring with machine learning tools and integrate both systems into one platform to increase efficiency and provide a holistic perspective on existing fraud management systems. RCBC also integrates this capability with ATM and card transactions to monitor fraud in near real-time.

"I would like to thank GBG for helping us deploy fraud technology capabilities that have accelerated the company's digital transformation. Our partnership with GBG has transformed existing fraud risk management systems and provided real-time monitoring capabilities to detect suspicious and fraudulent transactions. from our digital channels and automate responsive actions 24/7," said Nilo Zantua, Senior Vice President and Chief Technology Officer, RCBC.

"In fact, we have seen a significant increase and a 3-fold increase in our fraud detection rate. This has not only reduced our exposure to fraud risk and AML, but as an organization, our current capabilities have provided some sort of assurance to our customers and partners. us, where fraud threat actors always come up with new and sophisticated ways to commit financial fraud crimes today," added Nilo Zantua.