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GBG intelligence center combines biometrics with data analysis to help financials fight ID fraud

GBG intelligence center combines biometrics with data analysis to help financials fight ID fraud

GBG has launched an intelligence center to help financial institutions enhance their fraud detection capabilities with its biometrics and data analysis technologies. The center is also intended help in the fight against identity fraud and theft and other forms of cybercrime by converting raw data points into intelligence, Fintechnews reports.

The GBG Intelligence Center provides customers with additional fraud detection enhancement capabilities which include address validation, biometric verification, digital credit scoring, document authentication, email and IP assessment, endpoint security, identity association, identity verification and phone assessment. Financial institutions can implement these services to verify, assess and evaluate the profiles of their customers in a much better and accurate manner using either web, mobile or an app, the report adds.

The report states that seven institutions using GBG’s digital onboarding solution, Instinct, are already making use of the intelligence center which is designed with proprietary solutions for verification of international addresses, along with the company’s greenID solution for identity verification with facial recognition and other biometrics.

“The GBG Intelligence Center not only provides layers of on-demand fraud prevention capabilities, but it also creates huge efficiency gains for financial organizations funneling an immense amount of data into a single platform,” Dev Dhiman, GBG managing director for the APAC region, told Fintechnews of the development.

“By connecting to our Digital Risk Management and Intelligence platform and its extensive partner ecosystem, financial institutions are able to scale and future-proof themselves against emerging financial crimes. With a rise in online financial fraud during the pandemic, we have seen how data intelligence in endpoint security, identity association, email validation, and phone assessment capabilities have helped mitigate these potential threats,” Dhiman added.

This post was updated at 9:34am Eastern on February 1, 2021 to better reflect that the center is not a physical location, and to correct Mr. Dhimans’ title.

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