Organized Syndicates and Fraud Rings the Largest Obstacles to Credit Applications

CTOS IDGuard has found that syndicates and fraud rings are the largest obstacles to bank credit, preventing 44% of all applications from being approved.

?? Key Findings:

·???????? Data from 9.44 million applications over the past 45 months

·???????? Flagged RM519 million in potentially fraudulent applications since September 2020

·???????? 62% increase compared to RM319 million from 36 months ago

CTOS has enhanced the CTOS IDGuard Fraud Bureau with machine learning to increase its efficiency. This improved detection rates by over 6%, making it a likely important tool in the fight against known fraudsters and syndicates.

Furthermore, CTOS has also partnered with GBG, the provider of CTOS IDGuard’s fraud and financial crime prevention engine, to detect fraud by criminal networks that becoming more organized and sophisticated.

The CTOS-GBG partnership is dedicated to safeguarding member banks by providing data intelligence to make the best decisions about their customers, when it matters most.

CTOS IDGuard is part of CTOS’ suite of fraud and identification services which leverage on CTOS’ unique and extensive database, such as CTOS eKYC, CTOS Multi-face ID and CTOS Digital Footprint. To date, CTOS IDGuard covers over 65% percent of Malaysia’s banking assets.

As digital finance grows, these advancements are essential for the sector and our economy.

Fraud Types and Reasons identified by CTOS IDGuard