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CTOS IDGuard Prevented RM319 Million in Fraudulent Loans Since 2020

CTOS IDGuard, Malaysia’s national fraud bureau, has flagged RM319 million in potentially fraudulent loan applications since 2020, using GBG’s fraud and financial crime prevention engine.

The system has screened nearly 7 million applications from member banks, which cover over 65% percent of Malaysia’s banking assets.

In terms of total applications, credit cards make up the significant majority, contributing two million of the total applications screened. Around half of the flagged applications are confirmed to be suspicious or fraudulent.

CTOS IDGuard is part of CTOS’s suite of fraud and identification services which leverage on CTOS’ extensive database, such as CTOS eKYC, CTOS Multi-face ID and CTOS Digital Footprint.

Over the past three years, IDGuard has been instrumental in screening applications for car loans, credit cards, home loans, personal loans and SME loans.

Erick Hamburger

“Recently, CTOS IDGuard has rolled out several improvements, including improved fraud detection, increased efficiency in the fraud investigation process and additional intelligence from new sources.

 

We have also deployed machine learning models which will bring increased precision and detection rates. These latest improvements are vital for the sector and our economy as digital finance continues to grow,”

said Erick Hamburger, Group CEO, of CTOS Digital.

Dev Dhiman

“In addition to the three machine learning models for credit card and mortgages within CTOS IDGuard, GBG has added two new models for auto and personal loan applications that have resulted in a 27% and 31% reduction in false positives, respectively.

 

With GBG’s ongoing machine learning model updates, we enable adaptive model training with data from new fraud patterns and investigation outcomes to improve performance and mitigate deterioration risk. This supplements existing rule-based systems to enhance fraud detection accuracy, which in turn reduces false positives and improves operational efficiency,”

added Dev Dhiman, APAC Managing Director of GBG.

 

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