GBG launches GBG Intelligence Center

GBG, the global technology specialist in fraud and compliance management, identity verification and location data intelligence, has today announced the launch of the GBG Intelligence Center. The dynamic platform is connected to an extensive network of proprietary and external technology and data partners specialised in identity proofing, mobile and IP assessment, cyber threats, credit risk and location intelligence.

The GBG Intelligence Center is a core module of GBG’s fraud engine, the Digital Risk Management and Intelligence Platform, designed to enhance fraud detection across multi-channel customer journeys by augmenting the capabilities to validate, verify and assess, transforming raw data points to enrich data intelligence.

Benefits to financial institutions (FIs)

The GBG Intelligence Center helps FIs on GBG’s fraud platform to mitigate lengthy procurement processes for new and critical solutions and become more agile in the fight against new and emerging fraud. FIs typically spend 30-35% of their time integrating new technology, which slows down the ability to launch new digital products. With greater speed to market, FIs can quickly and efficiently rollout products and channels that build digital trust with consumers, and strengthen their defences against the rise of fraud typologies.

Carol Chris, Regional General Manager Australia at GBG, said, “The GBG Intelligence Center is an agile platform that enables organisations to be pre-emptive and improve fraud detection and accuracy, particularly for identity and cyber financial crimes, which are rife in Australia. Year on year, there has been a 55 per cent^[i] increase in identity theft, leading to an escalating amount of fraud losses. As Australians shift to online shopping, cashless payments, and remote working, FIs need to pre-empt potential fraud activities and mitigate losses by investing in end-to-end fraud solutions with layered data intelligence.

Capabilities in Australia and across APAC

Currently, the GBG Intelligence Center has nine categories of fraud detection enhancement capabilities connecting to carefully curated best-in-class technology and data partners. The GBG Intelligence Center creates on-demand access to a constantly growing and evolving range of best of breed solutions to handle emerging fraud typologies. Users can procure a license key for a desired capability and activate the capability as they need. Using the dynamic Workflow Manager, users can design and orchestrate their desired process to improve fraud detection.

Capabilities in the GBG Intelligence Center include GBG proprietary solutions like Loqate for international address validation 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 Associations
• Identity Verification
• Phone Assessment

Chris continued, “The GBG Intelligence Centre is designed to constantly evolve, grow and improve, and provide enhanced defence measures to counter the relentless and sophisticated attacks against FIs. Through Intelligence Center, GBG provides the proposition of on-demand, real-time, and agile fraud prevention which aligns with FIs’ mobile-first and digital-first focus.”

Use cases of the GBG Intelligence Center in Australia

The GBG Intelligence Center is currently being used by six leading financial institutions in Australia, including a buy now, pay later (BNPL) company, consumer financial services firms, a building society, top tier banks, and a leading insurance firm. These organisations had all been using Instinct, GBG’s Digital Risk Management and Intelligence platform, for several years.

The Intelligence Center was selected for its abilities to augment onboarding performance and experiences, and perform dynamic third party call outs. Furthermore, these Australian enterprises recognised the Intelligence Center’s capabilities in enabling faster and quicker integrations with additional data sources, and dynamically adding and updating workflows at speed. While each FI’s needs is unique, the vast range of services and capabilities of the GBG Intelligence Center ensured each requirement is met, customised and scaled as required.

Some examples:

• The consumer financial services firm uses the Intelligence Center for the integration of device intelligence into their onboarding process for credit card and personal loan applications.
• The BNPL organisation leverages a broad range of services within the Intelligence Center’s ecosystem, including integration of biometric and facial scanning data, email validation, endpoint security intelligence and data from internal systems and other payment gateways, and management and customisation of multiple workflows.
• For the banks, retail banking and loans conducted by the banks particularly leverage the Intelligence Center to communicate with its external enterprise case management solution. Rather than using an API-based solution, the GBG Intelligence Center was preferred for its flexibility to add on and enhance services on the go. Investing in a single purpose API solution would have been similar in cost, but would have also limited the bank’s ability to scale and future-proof their digital transformation.
• The insurance firm upgraded and added on the Intelligence Center to Instinct to combat the complex and heavy data processing required to manage internal fraud in insurance claims. The Intelligence Center supports multiple connections across the claims management system, including connectivity to both internal and external systems across different departments and functions, and all involved parties and claimants who need to submit a statement.

[i] https://bluenotes.anz.com/posts/2020/09/fraud-scam-digital-payments-covid19?adobe_mc=MCMID%3D91157366216774564320807860647922863099%7CMCORGID%3D67A216D751E567B20A490D4C%2540AdobeOrg%7CTS%3D1600354800