GBG and Experian partner to combat ANZ identity fraud and financial crime

Experian and GBG are expanding their partnership as they deepen their commitment to combating identity fraud and financial crime for consumers across Australia and New Zealand.

For consumers it will mean faster access to services like home loans, mobile plans and Buy Now Pay Later accounts. This comes from GBG Australia’s selfie biometrics and ID document-based identity verification solution greenID’s multi-stage verification model, which utilizes Experian’s expanded data sources that matches name, address and date of birth within seconds, reducing the risk of identity fraud.

“This is a practical example of our commitment to improving the customer experience,” said Mathew Demetriou, managing director, Software Solutions A/NZ of Experian. “By partnering with GBG, we’re making proven, high-performing technology available to more of our clients – helping them onboard faster and stay one step ahead of fraud.”

The identity verification solution for Experian and GBG clients applies to banks, fintechs, telcos, utility providers, legal and other AML-regulated industries that must meet strict compliance obligations, along with non-regulated businesses seeking to reduce fraud risk.

“Fraud is evolving rapidly, businesses need powerful tools to manage their fraud risk and customer experience, and collaboration is essential to keep consumers and businesses protected” said Carol Chris, General Manager APAC at GBG.

Experian’s Global Identity and Fraud Report 2024 found that 71 percent of businesses in EMEA and APAC are fighting to keep pace with the fast-evolving threat of fraud. GBG data indicates that 68 percent of businesses in Australia and New Zealand experienced an increase in fraud last year, with identity-related fraud emerging as a top threat. More than half (58 percent) said identity verification was their biggest challenge.

“This expanded partnership reflects the trust and alignment between GBG and Experian and demonstrates our shared commitment to deliver innovative, robust, compliant and user-friendly solutions to market,” Chris said.

GBG has also partnered with Moody’s for business onboarding with the delivery of a fully configurable, end-to-end solution for compliance.

Article Topics

Australia  |  biometrics  |  digital identity  |  Experian  |  fraud prevention  |  GBG  |  greenID  |  identity verification  |  New Zealand