CTOS and GBG Flag RM519 Million in Suspected Fraudulent Credit Applications

CTOS and GBG Flag RM519 Million in Suspected Fraudulent Credit Applications

by May 28, 2024

CTOS IDGuard, Malaysia’s national fraud bureau powered by GBG‘s technology, has flagged RM519 million in potentially fraudulent credit applications over the past 3 years and 9 months.

The bureau had also identified organised syndicates and fraud rings as the largest security threat at present.

The data, covering 9.44 million applications since September 2020, attributes 44% of all flagged credit applications from member banks to these sources.

This marks a 62% increase from the RM319 million flagged in the previous 3-year period.

CTOS IDGuard, part of CTOS’ fraud and identification services suite, utilises an extensive database to enhance detection capabilities. This suite includes CTOS eKYC, CTOS Multi-face ID, and CTOS Digital Footprint.

The bureau covers over 65% of Malaysia’s banking assets and employs machine learning to improve efficiency, increasing detection rates by over 6%.

Erick Hamburger

Erick Hamburger

Erick Hamburger, CEO of CTOS Digital Group said,

“Over the past year, we have been using machine learning to increase the efficiency of the CTOS IDGuard Fraud Bureau.


The latest figures have shown that this has improved detection rates by over 6% and is likely to be an important tool in the fight against known fraudsters and syndicates. These latest improvements are vital for the sector and our economy as digital finance continues to grow.”

Carol Chris

Carol Chris

Carol Chris, General Manager, APAC at GBG added,

“Criminal networks continue to become more organized and sophisticated, making it challenging for financial institutions to detect fraudulent activities.


Together with CTOS, we are dedicated to safeguarding member banks by giving them data intelligence to make the best decisions about their customers, when it matters most.”


Featured image credit: Edited from Freepik