Singapore, 5 October 2020 – Jewel Paymentech today announced it is partnering with Grab, Southeast Asia’s leading super app to bring their combined anti-fraud technology to digital banking services.
With banks now moving towards digitalisation of their services onto individual and corporate customer end devices, banks have been increasing their efforts to improve security measures for its digital platforms. However, even with the implementation of strong security and authentication, OTP fraud in Singapore has continued to grow, increasing 33X in 2019 compared to the year before1. This represents a tangible, growing pain felt by both retail and corporate banking customers as the industry deals with more large-scale, sophisticated fraud behaviours.
Through the partnership, Jewel Paymentech and Grab will offer a combined suite of fraud solutions that delivers comprehensive multi-layered anti-fraud capabilities. The solutions draw from Jewel Paymentech’s expertise in digitalizing KYB for financial institutions and Grab’s machine learning capabilities and expertise in detecting and preventing fraudulent activities on the largest consumer facing super-app in the region.
The suite of solutions offers:
- Unified real-time fraud prevention across all channels – Mobile banking, QR Payments, Cards, Point of Sale, Soft POS, eCommerce and ATMs – powered by machine learning algorithms that are constantly learning and evolving with new data.
- Ecosystem monitoring – Identifying bad actors at a consumer or merchant level for the purpose of AML and Fraud detection.
- Risk-based authentication (Proprietary step-up as well as 3D Secure) across various digi-banking services. This allows for banks to deliver a smoother user experience to low risk users whilst having the ability to step-up security when needed.
- Safety net – capability to stop transactions in real-time if the mobile application has been compromised and security controls are bypassed at the app level.
- Device & Network Intelligence Services – services that catch bad actors based on signals gathered from the device they use. Among other things, these services help banks guard against unauthorised activities by bots and malicious actors.
Banks that have gone digital and digi-only banks can leverage an end-to-end capability that otherwise would have required multiple security and fraud products integration across various providers.
The partnership represents another step into the enterprise technology solution space for Grab, building on its GrabDefence initiative that was launched in March 2019 to open up Grab’s fraud detection and prevention technology to partners.
“The billions of transactions we process every year gives Grab an unparalleled view and understanding of bad actors in Southeast Asia, and how fraudsters actually operate. We’ve invested heavily into AI to translate this insight into a technology service that helps us identify, detect and prevent fraud in real-time. More importantly, because fraudulent methods are ever evolving, we too tap on our expertise to constantly evolve and learn so we stay one step ahead of bad actors. We’re now keen to make these technologies available to other companies in the region and really partner with them to build trust in the digital economy,” said Wui Ngiap Foo, Head of Technology, Integrity Group, Transport, and Patents Office, Grab.
“Our partnership elevates trust in digital and digi-only banks as we are able to effectively converge infosec and fraud risk management capabilities. This translates to a better and safer experience for customers of digital banking services – both individuals and corporates”, said Sean Lam, CEO of Jewel Paymentech.