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Okta Study Finds Fraudulent Registrations and Credential Stuffing to be Top Threats to Digital Identities

Robust and resilient Customer Identity and Access Management (CIAM) exists at the vanguard of identity security

SINGAPORE – Media OutReach – 1 February 2023 – Okta, Inc. (NASDAQ: OKTA), the leading independent identity provider, today unveiled the APAC findings of its second annual State of Secure Identity Report highlighting key areas of concern for security professionals tasked with managing digital identities, including the exponential rise of fraudulent registration, credential stuffing attacks, and the widespread use of breached credentials.

Based on the data across the world from Okta Customer Identity Cloud, powered by Auth0, this report presents trends, examples, and real-world observations from the billions of identity attacks at various authentications touchpoints.

Research into these Okta global customers found the following key facts and figures:

  1. Fraudulent registrations are an ever-present and growing threat: In the first 90 days of 2022, Okta observed almost 300 million fraudulent account creation attempts, accounting for about 23% of signup attempts, up from 15% in the same period last year. Energy/Utilities and Financial Services experienced the highest proportion of signup attacks, with such threats accounting for most of the registration attempts in those two industries.
  2. Credential stuffing is on a record pace: Credential stuffing attacks are the most common threats to Retail/eCommerce (more than 80% login activity), Financial Services and Entertainment verticals. In the first 90 days of 2022, the platform detected almost 10 billion credential stuffing events, representing some 34% of overall traffic or authentication events. In Southeast Asia, which was buoyed by several large-scale attacks, credential stuffing accounts for the majority of identity events. The situation in Australia and New Zealand was more sanguine — normal traffic represents the majority of login events (63%), and only during a large attack does credential stuffing overtake legitimate traffic.
  3. Threat actors are targeting multi-factor authentication (MFA): In Asia Pacific, MFA bypass attacks are responsible for more events than signup attacks. Because of its proven merits, more application and service providers are recommending or requiring MFA. As attackers become more sophisticated at targeting this important defensive measure, it’s critical that MFA be implemented correctly and that strong secondary factors are chosen.
  4. Every company faces unique challenges. The threats facing any particular application or service vary enormously by geography, industry, and brand prominence, among other factors. At the same time, different organizations have different risk appetites and exposures. The appropriate level of friction introduced by security measures will therefore vary on a company-to-company basis.

“Digital transformation will continue to be high on the priority list for many organizations, and a reliable CIAM could help businesses combat account takeover to protect consumers and businesses while boosting seamless consumer experience,” said Ben Goodman, Senior Vice President and General Manager for Asia Pacific & Japan, Okta. “The first step towards implementing CIAM securely is to understand why and how adversaries are attacking these customer-oriented businesses,” he added.

Applications gain users, identity takes on even greater Importance

As adversaries focus greater attention on attacking identity systems and evolving their tactics, techniques, and procedures (TTPs), the report highlighted that it is essential for application and service providers to:

  • Implement defence-in-depth tools that work in combination across the user, application, and network layers
  • Continually monitor their applications for signs of attacks and changes in TTPs; and
  • Make adjustments (e.g., tune parameters, tighten restrictions, introduce new tools, etc.) as needed.

Leaders across these functions should work together to implement CIAM in a manner that balances quality of customer experience and system security, in the context of desired use cases, customer types, data types, industry-specific risks, and risk appetite.

“Trust between customers and organizations is sacred and hard-earned, therefore it is crucial to make identity security a board-level issue. Placing identity security at the core of your business will allow your workers to focus on innovation, collaboration, and productivity while reducing overall identity-related risk,” Goodman added.

Managing CIAM Threats

The report also highlighted that an agile, secure-by-design CIAM solution permits a considerable amount of flexibility that allow organizations to tailor customer identity and access management — and continually tune as needed — without drawing in resources better applied toward advancing core competencies.

The report recommends several solutions that involve combining multiple security tools that can operate at different layers and form a unified defensive position. These include implementing MFA, using generic failure messages that do not reveal system details, limiting failed login attempts, and implementing secure session management practices.

About The State of Secure Identity Report

This report is based on data from Okta customers around the world using Okta Customer Identity Cloud, powered by Auth0. As a result, it represents real-world observations of identity attacks. The data was retrieved by Okta security researchers by running simple and anonymous queries against our aggregate database of operational telemetry. Industry segmentations are based upon each customer’s self-reported segment. Observations are from the first 90 days of 2022 unless otherwise noted. Okta’s 2022 State of Secure Identity Report can be downloaded here.

Hashtag: #Okta

The issuer is solely responsible for the content of this announcement.

About Okta

Okta is the World’s Identity Company. As the leading independent Identity partner, we free everyone to safely use any technology—anywhere, on any device or app. The most trusted brands trust Okta to enable secure access, authentication, and automation. With flexibility and neutrality at the core of our Okta Workforce Identity and Customer Identity Clouds, business leaders and developers can focus on innovation and accelerate digital transformation, thanks to customizable solutions and more than 7,000 pre-built integrations. We’re building a world where Identity belongs to you. Learn more at okta.com.

Arlo Go 2 4G + Wi-Fi Mobile Security Camera Delivers Smarter Security for Remote or Hard-to-Access Locations, Now Available in Singapore

Advanced Wireless Camera Enables 4G and Wi-Fi Connectivity, Perfect for Monitoring Vacation Homes, Construction Sites, Commercial Properties, Trails and More

  • Dear Editors and Journalists,

  • Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand, today announced the new Arlo Go 2 4G + Wi-Fi Mobile Security Camera is now available in Singapore through participating retailers at a RRP of $399 SGD.

  • Please find the full press release attached for your reference. Feel free to reach out should you have any question or need further information on the product.

  • Warm regards,

  • Aimee Phan

SINGAPORE – Media OutReach – 1 February 2023 – Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand, today announced the new Arlo Go 2 4G + Wi-Fi Mobile Security Camera is now available in Singapore through participating retailers at a RRP of $399 SGD.

Ideal for monitoring construction sites, vacation homes, boats or campervans and other locations that aren’t regularly occupied or where Wi-Fi may be unavailable or unreliable, Arlo Go 2 works with a 4G cellular data plan to provide continuous connectivity and uninterrupted security. The camera’s versatility not only provides users with peace of mind that their property and assets are secure, but is underscored by a 100% wire-free, weather-resistant design, a swappable, rechargeable battery, and the ability to directly connect to Wi-Fi when in range.

Users can view and record 1080p FHD video day and night, as well as capture important details with colour night vision thanks to an integrated spotlight. Two-way, full-duplex audio ensures clear communication with visitors, while a built-in siren can be triggered remotely or automatically to ward off intruders. Additionally, Arlo Go 2 is equipped with GPS positioning to track the camera’s whereabouts, allowing users to locate multiple devices across an expansive area, or in the event of theft.

“Arlo Go 2 builds on the success of its Arlo Go predecessor, serving as the most versatile solution for anyone seeking wire-free security for hard-to-access locations,” said Brad Little, Vice President & Managing Director – Arlo APAC. “Arlo Go 2’s ability to operate on either a mobile network or Wi-Fi puts the power in the hands of the user, allowing them to select the best connection for their use case. Round-the-clock security is enhanced further when Arlo Go 2 is paired with Arlo Secure for one touch interactive notifications.”

The Arlo Go 2 includes access to Arlo Secure, Arlo’s AI-subscription service, via a complimentary trial. The service grants users access to rolling 30-day cloud recordings, and personalised notifications such as person, animal, vehicle and package detection.

Complete features of the Arlo Go 2 4G + Wi-Fi Security Camera include:

  • Intelligent, Take-Anywhere Security – Connect to 4G network or use 4G as a backup while directly connected to Wi-Fi1
  • 100% Wire-Free Design – A swappable rechargeable battery powers the Arlo Go 2, eliminating cords and wiring hassles for a sleek install anywhere
  • All-Weather Protection – A weather-resistant design ensures the camera can withstand heat, cold, rain, and sun
  • Secure Local Storage – Users without an Arlo Secure subscription can opt to insert a secure microSD card into the camera to store videos directly on the device for later access and viewing2
  • Two-Way Audio – Hear and speak to visitors clearly with superior audio quality
  • See More at Night – View critical details in colour night vision with an integrated spotlight for better identification
  • See Clearer Images in FHD – View, zoom, and capture clear 1080p video
  • Built-In Siren – Users can trigger the siren remotely or automatically during an emergency or when they notice an intruder
  • Easily Locate the Camera – Recover or locate camera placement with GPS positioning

For more information about the Arlo Go 2 4G + Wi-Fi Security Camera, Arlo Secure or the full range of Arlo smart home security products and services, visit www.Arlo.com.

1 LTE performance based on carrier coverage and requires data plan
2 Requires microSD Card (sold separately)

Hashtag: #Arlo

The issuer is solely responsible for the content of this announcement.

About Arlo Technologies, Inc.

Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo’s deep expertise in product design, wireless connectivity, cloud infrastructure, and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company’s cloud-based platform provides users with visibility, insight, and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, software and services, including wire-free smart Wi-Fi and 4G-enabled security cameras, audio and video doorbells, a floodlight, the Arlo App and, Arlo Secure, an AI-based subscription service designed to maximize security through personalized notifications and emergency services for quicker help during a crisis.

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to supporting industry standards for data protection designed to keep users’ personal information private and in their control. Arlo does not monetize personal data. Arlo provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

Lao Youth Athlete Wins Qatar’s World Table Tennis Championship

Young Lao Player Wins Award in Qatar World Table Tennis
Xaysana Xaysavath during the second day of the competition (photo: flickr)

Xaysana Xaysavath, a Lao national team junior athlete, won the U-11 Youth singles division of the 28th Qatar World Table Tennis Championships that took place place in Doha, Qatar, 27-30 January 2023.

Omar Ghaznawi to Head Chubb’s International Personal Lines Business for Asia Pacific

SINGAPORE – Media OutReach – 1 February 2023 – Chubb has announced the appointment of Omar Ghaznawi as Regional Head of International Personal Lines (IPL) for the Asia Pacific region, effective 1 February 2023. He will be responsible for managing and developing the region’s automobile, residential, specialty personal lines, and high-net-worth insurance businesses.

Omar is currently based in New York as Vice President, Global Head of Residential, International Personal Lines. In his new post based in Singapore, he will report to Ben Howell, Regional Head of Consumer for the Asia Pacific region.

“Omar has been part of the International Personal Lines team in New York City for the last five years. There, he was instrumental in defining Chubb’s strategic priorities for the Residential insurance portfolio. He led expansion into new markets and helped achieve profitable growth across 18 markets. Backed by his underwriting experience and track record in business development, we look forward to his contribution in leading the IPL team in Asia Pacific,” said Mr. Howell.

Prior to joining Chubb, Omar was a management consultant for insurers and financial institutions at PricewaterhouseCoopers. He also worked for some years at Travelers Insurance managing an automobile insurance portfolio.

Hashtag: #Chubb

The issuer is solely responsible for the content of this announcement.

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: .

WeTV Kickstarts 2023 with Strong Momentum for Partnership and Content

WeTV reaffirms its commitments to Southeast Asia with quarterly roadshows on local projects and collaborations

SINGAPORE – Media OutReach – 1 February 2023 – WeTV, Southeast Asia’s leading video-on-demand (VOD) and over-the-top platform (OTT), has achieved resounding success in its premium subscription services. Additionally, WeTV’s transactional subscription services (including fast track, rent, and EXPRESS) made up around 10% of its 2022’s annual income. Reflecting its ongoing appeal for consumers and emerging opportunities for advertisers, WeTV will be ramping up engagement with partners and advertisers with quarterly roadshows in the region in 2023.

Ranked one of the top three OTT platforms in Southeast Asian markets such as Indonesia and Thailand, WeTV has seen continued growth in its user base with approximately 40% growth in subscription income, supported by a 20% growth in monthly active users. The consumption time of Chinese dramas has increased by 15% year-on-year (YoY), and the aired duration of WeTV Chinese mini-series[1] also surged by an impressive 420%, reflecting a stronger consumer demand and appetite for shorter video content.

“WeTV’s strong growth in 2022 reflects that consumers were able and willing to pay for high-quality content that WeTV offers, given the projected annual growth rate in the OTT market over the next few years,” said Jeff Han, WeTV Director and Vice President of Tencent Video. “Our strong performance last year is testament to our compelling content line-up which appeals to regional audiences. This year, we will continue to work with partners to invest in producing top-quality original shows that consumers desire, particularly our WeTV mini-series, given its massive increase in popularity over the past year.”

Additionally, WeTV has undergone user interface upgrades for its platform last year to provide an enhanced browsing and viewing experience for its users. Under the “Shows You Might Like” feature in the application, users are provided with more relevant choices based on what they like to watch.

Partnerships

To ensure sustained collaboration with renowned international brands and agencies, WeTV will hold partner roadshows in Southeast Asia every quarter to share upcoming projects and explore new partnership opportunities. Currently, advertising agencies such as GroupM, Omnicom Media Group (OMG), and Dentsu are tapping on WeTV’s growing influence to reach out to their target audiences. WeTV will continue to target advertisers in their priority industries namely Computers, Communications, and Consumer Electronics (3C), Fast-Moving Consumer Goods (FMCG), and Cosmetics and Personal Care.

Against the backdrop of the rapidly expanding market for mobile-first OTT services, WeTV has also become a solid partner of local leading operators and telecommunication service providers, such as Telkomsel and Indihome in Indonesia as well as AIS in Thailand.

“As we aim to be a world-class digital lifestyle solutions provider, Telkomsel is excited to partner with top content providers such as WeTV,” said Derrick Heng, Chief Marketing Officer of Telkomsel. “The partnership we have with WeTV have shown great results in terms of package transactions, increase in subscribers and payload consumption. We are looking forward to launching more strategic initiatives together with WeTV.”

“IndiHome TV is a pay TV market leader in Indonesia, and as one of our major OTT partners, WeTV has exceeded our expectations by providing a diverse selection of Asian series and movies, particularly reflected by the success of local original series which are more relevant to the Indonesian audience,” said Dedi Suherman, Head of TV Video Division of Telkom Indonesia. “We look forward to continuing the partnership of IndiHome TV with WeTV, and we are excited to see more of our subscribers enjoying WeTV.”

2023 Content Line-Up

WeTV is committed to continue investing in prime, local original content and bringing the best of Asian entertainment to its viewers in the region, given the region’s growing investment in Internet infrastructure, growing demand for quality content, and rapid digitalisation of film and television content.

Historical drama “Love Like the Galaxy” which was released last year, has achieved a new record high in terms of viewership and income among Chinese dramas since 2019. For local original content, Indonesian drama “Layangan Putus” which started broadcasting at the beginning of 2022 skyrocketed viewership on the platform to an all-time high. Meanwhile, “Kupu Malam” has become another in-demand drama comparable to “Layangan Putus” based on its current broadcasting performance.

For 2023, WeTV has in store an exciting slew of highly anticipated titles featuring star-studded casts, ranging from soft romance, fantasy, and even Wuxia dramas. These binge-worthy series include headliner period dramas “Lost You Forever” “The Legend of Shenli”, as well as “Nothing but Love”, featuring lead actor, Wu Lei of “Love Like the Galaxy” which topped WeTV’s viewership in 2022. Also slated for release are “Wonderland of Love”, “Snow Eagle Land” and “Sword and Fairy”, a fantasy series adapted from a popular role-playing game, will feature Xu Kai.

In an effort to reach out to more viewers regionally, Tencent Video partnered with streaming platform Rakuten Viki last October to carry a large slate of Chinese drama series regionally. This year, regional viewers can also look forward to Indonesian WeTV Originals “Jodoh Atau Bukan” as well as “5 Detik dan Rasa Rindu”, which also featured actress Prilly Latuconsina who also played in “My Lecturer My Husband” Seasons 1 and 2 which garnered huge success on WeTV.


[1] WeTV mini-series are dramas with 10-minute-long episodes.

Hashtag: #WeTV #VideoOnDemand #SoutheastAsia #Technology #OTTServices

The issuer is solely responsible for the content of this announcement.

About WeTV

WeTV is an Asian streaming service that sees the creation of premier video-on-demand (VOD) and provides over-the-top (OTT) local content. The streaming service provides content from around the region, including selected Chinese, Indonesian, Korean, Malaysian, Philippines and Thai series and movies. Operating as a freemium service, viewers can access some content without the need for a paid subscription and premium content at a small fee. The basic features also include free subtitles. WeTV is available on the browser at , or on the WeTV application that can be downloaded from the Apple Store for iOS users and the Google Play Store for Android users.

Backbase Engagement Banking Platform named Luminary in Celent Retail and SME Banking Awards

Backbase recognized for excellence in Celent international digital banking awards

SINGAPORE – Media OutReach – 1 February 2023 – Backbase, the Engagement Banking platform leader, was recently named a winner of several xCelent Awards in Celent’s digital banking-themed reports, covering retail and small business banking internationally. These awards continue the strong recognition Backbase has received from the analyst community and the ability to help customers win in the platform era. Built as one unified platform to engage and orchestrate frictionless experiences across all touchpoints at every stage of the customer lifecycle across retail banking, business banking, digital lending, and wealth management, Backbase has helped 150+ banks and credit unions around the globe re-architect banking around their customers.

Celent’s analysts noted Backbase’s steady investment in R&D and an increasing number of cloud deployments, which allows financial institutions to achieve their preferred balance between adopting out of the box and building customized journeys. Celent also highlighted Backbase’s strong track record of integrating into legacy core systems and overcoming typical bottlenecks and has successfully developed implementation accelerators.

“Business owners and operators require specialized service above and beyond what they are offered by most banks in the region,” Iman Ghodosi, Managing Director, ANZ, Backbase said. “As a major driver of economic growth in APAC, small businesses in particular deserve a vastly improved lending experience, and we’re delighted that Celent has recognized the massive progress we’re making in these areas.”

Celent’s recognition is based on its ABC methodology which positions and awards vendors across three dimensions: Advanced Technology, Breadth of Functionality, and Customer Base and Support. Backbase was named as a Luminary, receiving xCelent Awards for Advanced Technology and Breadth of Functionality) in four Celent reports, including:

  • Retail Digital Banking Platforms: International Edition
  • Small Business Digital Banking Platforms: International Edition

In APAC, Backbase has progressively expanded to become the preferred retail banking platform of leading banks, such as Bank of the Philippine Islands, Techcombank and TP Bank in Vietnam andHDFC in India, and the preferred business banking platform for Judo Bank in Australia and Techcombank in Vietnam.

“Backbase has invested more into research and development than our competitors year after year to meet local Asian regulations as well as help our customers provide more innovative banking services and personalized journeys, and we’re delighted to see it recognized by Celent,” Riddhi Dutta, Regional Vice President, Asia, Backbase, said. “These awards demonstrate our commitment to being our customers’ long-term innovation partner.”

Hashtag: #Backbase

The issuer is solely responsible for the content of this announcement.

About Backbase

is on a mission to re-architect banking around the customer.

Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.

Industry analysts Forrester, Gartner, Omdia and IDC continuously recognize Backbase’s category leadership position. Over 150 financials around the world have embraced the Backbase Engagement Banking Platform. In APAC, the customers we serve include ABBANK, BDO Unibank, Bank of the Philippine Islands, EastWest Bank, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.

Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (global HQ), with regional offices in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.

Laos Records Over 6,000 Road Accidents and 900 Deaths, 2022

Over 900 lives were taken in road accidents across Laos in 2022; leading cause of deaths were drunk driving and speeding. 

Growing Fraud Incidents in Asia Driving FIs to Prioritise Technology Risk Management Strategy and Capabilities, New Survey Shows

SINGAPORE – Media OutReach – 1 February 2023 – GBG (AIM:GBG), the global technology specialist in fraud and compliance management, identity verification and location data intelligence, today released its Asia Financial Institution Study, “Combatting Escalating Fraud in a Digital World”. According to the TABInsights study commissioned by GBG, Asia’s top financial institutions (FIs) continue to be challenged by the expanding threat landscape in the past few years as well as the tightening of regulatory and enforcement measures. The study found more rigorous supervision and penalties have resulted in increased monetary losses in the form of regulatory fines, the highest-ranking component of fraud loss for 41 per cent of FIs—a change from the previous survey in 2020 wherein direct fraud losses was ranked highest.

The survey found that Asian FIs complete a higher number of transactions through mobile and online channels with the highest digital channel adoption seen in Indonesia (71 per cent), closely followed by Malaysia (70 per cent). Respondents said they expect the average daily digital transaction volume to surge by 70 per cent in 2025 compared to 2022. As more FIs expand their digital offerings in response to consumer behaviour shifts towards mobile and digital, managing the cost of increasing compliance has emerged as a key concern for 70 per cent of FIs, while the ability to scale fraud detection measures to growing digital transaction volumes (39 per cent) and identity verification (33 per cent) rank as the top challenges.

Dev Dhiman, Managing Director, APAC, GBG said: “Open banking, interconnected devices and ecosystems, and increased digital adoption in general has elevated the risk of digital fraud and cyber-attacks, and expanded the perimeter of attack FIs face today. New technologies are being exploited every day by innovative perpetrators who continue to challenge FIs to escalate their technology risk management strategy and capabilities to comply with the increased scrutiny by regulators and customers alike.”

Stronger ML adoption in Asia but gaps in data standardisation remain a key challenge

The study revealed strong machine learning (ML) adoption in Indonesia (71 per cent) and Thailand (69 per cent), while third-party data is used more actively in China (77 per cent), Vietnam (73 per cent) and the Philippines (68 per cent) alongside robotic analytics in Singapore (63 per cent) and Malaysia (62 per cent) to address false positives, indicating a maturing ML landscape among Asian FIs. While the region saw increased adoption of ML-based algorithm tools with automated smart models to address fraud prevention in the sector—with 47 per cent of FIs actively using ML tools and 37 per cent beginning to use them—one of the biggest challenges for these organisations undergoing digitalisation is the increased complexities in addressing data standardisation and governance to scale fraud detection.

Some 38 per cent of FIs indicated that inadequate data standardisation is their most critical gap, alongside 32 per cent who are challenged by fragmented data because of piecemeal systems and software. In Thailand and China, fragmented data emerged as the top challenge for FIs. In Malaysia, after inadequate data standardisation, lack of good link analysis was also highlighted by 23 per cent as the top challenge. Meanwhile, 59 per cent of FIs said they increasingly rely on third-party data, alongside 58 per cent that use ML to address false positives.

The evolving risk dynamics in the industry are forcing institutions towards stronger data integration and technology tools to future-proof their fraud risk capabilities and ability to gather effective data insights. Increasingly, institutions seek to integrate a spectrum of transactions, devices and big data to strengthen fraud detection capabilities. Data from interconnected devices are being used by 78 per cent of FIs, while 76 per cent use transaction data and 64 per cent public data. In fact, 42 per cent of FIs indicated their need to prioritise and invest in one platform to interexchange application data and transaction data in 2022. Within the next year, 47 per cent of FIs plan to add internal unstructured data and geographic data to deepen their fraud detection.

Addressing risk management holistically requires cultural change

Despite many safeguards, fraudsters have remained one step ahead in employing modern technology to commit fraud and exploit loopholes. Respondents in the study recognise the need for a comprehensive enterprise-wide strategy for fraud control that includes data, technology, people, and procedures. A significant 48 per cent of FIs continually upskill and upgrade their human resource capabilities while 19 per cent actively hire new staff to meet the evolving requirements.

Additionally, increasing the application of scalable and intelligent technologies, such as AI and ML, enable advanced predictive and behaviour analytics for stronger real-time fraud management and effective anti-scam procedures. By harnessing new technologies and ecosystem partnerships to build capabilities for stronger identification, verification, and real-time threat detection, FIs can prevent increasingly innovative and technically advanced attacks.

“The increased need to deepen threat detection, analysis and timely prevention capability requires a more strategic and structured approach that takes into account proactive multi-pronged data and technology initiatives, alongside robust identity verification and authentication tools,” Bernardi Susastyo, General Manager, Asia, GBG said. “In 2023, FIs would do well to address risk management holistically to ensure the initiatives they adopt integrate data across their organisations and the ecosystem, so that even as they improve their fraud prevention and risk management capabilities, they are not compromising customer experiences.”

You can read the full Asia report here.Hashtag: #GBG

The issuer is solely responsible for the content of this announcement.

About the survey: “Combatting Escalating Fraud in a Digital World”

The survey was conducted across seven key Asian markets including China, Indonesia, Malaysia, The Philippines, Singapore, Thailand, and Vietnam with 250 respondents from the FI sector. It aims to better understand the emerging fraud landscape and examines the digitalisation priorities of Asia’s financial institutions (FIs), their key fraud and security challenges, and the existing gaps in fraud control and mitigation amidst an escalation in fraud and cybercrime in 2022.

About GBG 

We are the experts in digital location, identity and managing fraud risk and compliance. Helping organisations across the globe eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses globally.

Through the combination of the latest technology, the most accurate data, and our unrivalled expertise, GBG helps organisations ranging from start-ups to the largest consumer and technology brands in the world deliver seamless experiences, so their customers can transact online with greater confidence.

To find out more about how we help our clients establish trust with their customers, visit , follow us on Twitter @gbgplc or .

About TABInsights

TABInsights is the global research arm of The Asian Banker, interacting with a wide spectrum of financial institutions across the Asia Pacific, Middle East and African regions.

TABInsights provides a range of custom and bespoke research for financial institutions in emerging and established markets to facilitate management decision-making process and guide business strategy. TABInsights provides strategic analysis and recommendations to institutions across all verticals including retail, transaction, risk and technology functions.

Visit TABInsights.com for details.