Summary

Future of Fraud Risk Management Executive Roundtable

In March 2021, GBG and Regulation Asia hosted an executive roundtable to discuss the future of fraud risk management in Southeast Asia.

The roundtable convened senior fraud risk executives from 7 premium financial institutions from across SEA including Head of APAC Financial Crime Compliance from SWIFT, CRO from Malaysian bank, CRO from Vietnamese Bank, Head of Risk Management from Filipino Bank and Singaporean Bank, Head of Risk from Taiwanese Bank, Compliance Officer from Vietnamese Bank, and Head of Intelligence from Malaysian Bank. This whitepaper summarises the findings from the closed-door event.

Participants discussed how digitalisation has transformed fraud risks, technology risks and created new regulatory requirements. The session also dived into the needs of incremental data intelligence and new fraud technology requirements.

The event was moderated by Regulation Asia co-founder Brad Maclean, hosted by Dev Dhiman, APAC Managing Director of GBG.

Findings

• Express account opening has changed the KYC process and made financial institutions more vulnerable to identity crimes and fraud attacks Instant gratification for finance & banking products (e.g. instant bank account application, instant loan, and instant credit card application) is seeing greater demand and rollout by financial institutions in APAC
• Cyberattacks are on the rise with five to six attempted hacks into banks globally every week
• Reaching the unbanked segment is a regulatory push in the Philippines
• Rise in mobile penetration means that mobile phone numbers and device intelligence would become key parameters for fraud detection