CTOS IDGUARD HELPS PREVENT OVER RM300 MLN FRAUD LOSSES IN BANKING SECTOR

KUALA LUMPUR, Sep 18 (Bernama) -- CTOS IDGuard, which is part of CTOS Digital Bhd suite of fraud and identification services, has helped to prevent RM319 million potentially fraudulent applications in the banking sector since 2020.

In its 36-month results released today, CTOS said CTOS IDGuard has screened nearly seven million applications from member banks, covering over 65 per cent of Malaysia’s banking assets.

"With online fraud on the rise globally and the recent pandemic having accelerated online transactions, concerns are being felt by the expansion of digital solutions such as instant loans, real-time payments, the pandemic-fueled digital onboarding and contactless services. 

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"Accelerated digitisation has been accompanied by increased fraud and cyber risks, evidenced by Malaysia witnessing over 55,000 cybercrime cases with losses amounting to RM1.8 billion from 2021 until July 2023," said the company in a statement today.

CTOS chief executive officer Erick Hamburger said CTOS IDGuard recently 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 improvements are vital for the sector and our economy as digital finance continues to grow,” he added. 

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-- BERNAMA