GBG and AmBank Win Cyber Risk Solution of the Year at Asia Risk Awards 2020
Global tech firm and Malaysia's 6th largest banking group win with end-to-end enterprise Fraud and Cyber Risk Management Solutions
SINGAPORE - Media OutReach - 16 September 2020 - GBG (AIM:GBG), the
global technology specialist in fraud and compliance management, identity
verification and location data intelligence, and AmBank, the 6th
largest banking group in Malaysia, have today been announced as the winners of
the Cyber Risk Solution of the Year category at the Asia Risk Awards
2020, the longest-running and most prestigious 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
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.
GBG offers a range
of solutions that help organisations quickly validate and verify the identity
and location of their customers.
technology, data and expertise help our customers improve digital access,
deliver a seamless experience and establish trust so that they can transact
quickly, safely and securely with their customers online.
Headquartered in the
UK and with over 1,000 team members across 16 countries, we work with 20,000
customers in over 70 countries. Some of the world's best-known businesses rely
on GBG to provide digital services and keep the economy moving, from US
e-commerce giants to Asia's biggest banks and European household brands.
To find out more about how we help our clients
establish trust with their customers, visit www.gbgplc.com/apac, follow us on Twitter
@gbgplc or LinkedIn.