GBG’s digital identity fraud protection keep bad actors at bay

Digital identity is set to become more important than ever before. According to Deloitte, “digital identities are becoming the foundation of our rapidly evolving technology-based and data-driven economy and society,” and that “digital identity should be at the core of any leading, data-driven organisation.”

Experts have said that if an organisation gets their digital identity right, this leads to more efficiency, revenue and transformational benefits with an enhanced user experience for colleagues, and a differentiating digital journey for customers or citizens. Reports have also indicated that these organisations are set to outperform their competitors, being 23 times more likely to gain new business.

The global digital identity market was estimated to be USD16.6 billion in 2021 and is expected to reach USD40.44 billion by 2027, growing at a CAGR of 16%. Key factors such as the rising number of data thefts and data frauds have been a major concern for businesses and individuals, leading to greater awareness about data security.

To dive deeper into this topic and to enlighten our listeners with what’s trending in the digital identity landscape, including how businesses can proactively protect themselves from possible fraud, we speak to Dev Dhiman, Managing Director of Asia Pacific at GBG.

Founded in 1989 and headquartered in the UK, GBG is a global specialist in digital identity. The organisation enables fast, simple and compliant customer onboarding, reducing the risk of fraud for many of the world’s leading organisations.

Working with the best data, technology and best people, GBG makes it possible for clients to balance the growing need for a frictionless digital customer experience with the increasing risk of fraud and financial crime.

During the interview, Dev speak about:

GBG’s footprint in the Asia Pacific region, its key segments as well as the organisation’s strategy for 2022.
The impact of consumers moving online and what this increasingly connected, digital first society means for financial institutions.
How financial crimes and fraud have evolved over the years and what CIOs can do to counter bad actors.
The role of technology in aiding banks and financial institutions in their fight against financial crime.
Potential pitfalls that banks and financial institutions should consider or avoid when rolling out AI solutions for combating financial crime.
Financial crimes 4.0, including critical elements that banks and financial institutions need to prioritise in 2022 to stay ahead of fraudsters.