Many offices and bank branches were closed or had reduced their working hours in the year 2020. Businesses had to be taken online to keep functioning smoothly in the middle of the pandemic. The acceleration of the people using digital services and the advancement in the industry also gave rise to more sophisticated digital frauds. Fraud prevention is about avoiding fraud before it happens.
GCG is an initiative to spread knowledge and awareness in the Asian continent for a safe, sustainable and technological advancement in the future. GCG Asia videos show how there are three major elements to effectively prevent fraud. These include:
- Adaptive Authentification
Adaptive Authentication involves authentication of the user’s identity at the login according to the level of identity trust. Banks or other financial institutions can challenge the user’s activity if it exhibits a low level of trust through step-up of MFA (multi-factor authentication). A user’s trust levels can be determined according to their geographical location, time for which they have been using that account, transaction velocity, the device used, IP risk, billing address and other factors using the appropriate tools.
- Deep Data Insights
GCG Asia Scan Finder Malaysia Videos share how the fintech companies and financial institutions need more than just payment-related data to make accurate identity trust decisions. Identity Trust refers to the level of trust behind every new account creation, login attempt, application and payment event on any website or application. Making a good decision about an event requires enough data in addition o the payments data including location ID data, digital identifier data and unique consumer data. All these elements can be linked across a network of fraud and trust-related signals to get a more accurate picture of what’s normal.
- Digital and Physical Identity Elements
A complete identity trust profile of each user is required for proactive fraud prevention in fintech and financial institutions. An accurate identity trust profile consists of physical and digital identities for all-around risk assessment. Physical identity elements include the address, mobile numbers, social security numbers, taxation IDs, payroll data and credit histories. Digital identity elements require information of the device, email ID, locations, account creations, login attempts and account modification data.
Organisations lose millions of dollars every year to digital frauds. With years of digital fraud detection expertise from GCG, is easier for companies to identify potentially fraudulent activity so they can catch more online fraud faster. Check out GCG Asia scam finder Singapore videos to know more about how GCG works towards your safety.