SYDNEY, AUSTRALIA, April 21, 2021: GBG (AIM:GBG), the global technology specialist in fraud and compliance management, identity verification and location data intelligence, has been recognised by Chartis as a Category Leader in their latest RiskTech Quadrant® for enterprise fraud solutions, 2021.
The Chartis report, “Financial Crime Risk Management Systems: Enterprise Fraud”, provides a market update and vendor landscape analysis for 2021. It highlights specific factors and attitudes unique to each region that are impacting financial institutions (FIs) and that need to be taken into consideration when making enterprise fraud investments. Chartis emphasizes there is no ‘one-size fits all’ for FIs and addressing their fraud needs, as well as the need for vendors to have a strong regional presence to ensure FIs are receiving fraud solutions that address specific regional regulations and market nuances.
In Australia, for example, the rapid shift to digital financial services and payments, combined with the uncertainty driven by the COVID-19 pandemic, led to spikes in criminal and fraudulent behaviour, including 24,000 reports of stolen personal information, an increase of 55 per cent from the prior year. This particularly included fraudsters claiming to be the Australian Tax Office, myGov, Telstra or the NBN to gather bank account and personal information.
While fraud remains a key challenge for FIs across Australia, GBG’s solutions were rated as having ‘Advanced Capabilities’ in ‘Advanced/proprietary fraud-detection techniques’ and ‘Case management and workflow’.
As a Category Leader for enterprise fraud, GBG was recognised for combining depth and breadth of functionality, technology and content with the required organisational characteristics to capture significant market share, and for demonstrating a clear strategy for sustainable and profitable growth, matched with best-in-class solutions.
Carol Chris, Regional General Manager Australia at GBG,
/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length.