{"id":18391,"date":"2020-08-18T20:00:00","date_gmt":"2020-08-18T12:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/ctos-idguard-malaysia-first-fraud-prevention-bureau.html"},"modified":"2026-03-26T16:02:11","modified_gmt":"2026-03-26T08:02:11","slug":"ctos-idguard-malaysia-first-fraud-prevention-bureau","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/financial-safety\/ctos-idguard-malaysia-first-fraud-prevention-bureau.html","title":{"rendered":"NEWS: Malaysia\u2019s First Fraud Prevention Bureau, CTOS IDGuard, Saves RM21.1mil Even Before Its Official Launch"},"content":{"rendered":"\n

CTOS Data Systems Sdn Bhd recently collaborated with GBG, an identity management, location intelligence and fraud prevention company to launch CTOS IDGuard as a platform to prevent application fraud within the banking industry in Malaysia. Here’s what you need to know about CTOS IDGuard and how it can be useful for both banks and customers.<\/strong><\/p> \n

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A few weeks ago, we wrote about identity theft and how it can affect you as a consumer. If you missed it, identity theft happens when someone steals your identity and uses it for their own personal gain<\/strong>. This could include stuff like making transactions using your credit card and signing up for loans in your name.<\/p> \n

While there are some ways for everyday consumers like us to safeguard ourselves from becoming victims of identity theft, have you ever thought… what are banks<\/strong> doing to avoid this?<\/p> \n

Well, an established financial institution would have their own fraud protection team to review applications. But for the past few months, something else has been quietly making waves behind the screen: the CTOS IDGuard platform.<\/p> \n

Read also:<\/strong> 10 Dos And Don\u2019ts To Avoid Credit Card Identity Theft<\/a><\/p> \n

What is CTOS IDGuard and how does it work?<\/h2> \n

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CTOS IDGuard by CTOS<\/em><\/p> \n

Before we explain what CTOS IDGuard is all about, you need to know what CTOS<\/a> is. If you haven\u2019t heard of them, well, they\u2019re Malaysia\u2019s largest credit reporting agency<\/strong>. It\u2019s most commonly known as a place where you can check your own credit score. (FYI, that\u2019s also where companies – and maybe even potential in-laws – go to check on your score too.)<\/p> \n

Read also:<\/strong> What Is A CTOS & CCRIS Report And What\u2019s Their Difference?<\/a><\/p> \n

In recent months, they\u2019ve partnered with GBG<\/a> (a global technology specialist in fraud and compliance management, identity verification and location data intelligence) to complete a large-scale pilot of the CTOS IDGuard collaborative platform<\/strong>.<\/p> \n

CTOS IDGuard was made with the intention to combat application fraud in Malaysia<\/strong>. It\u2019s the first fraud bureau in Southeast Asia, marking yet another major milestone in Malaysia\u2019s move to strengthen our financial services sector, and to stay apace with the needs of digital financial services.<\/p> \n

It\u2019s particularly timely now as we move into a digital banking revolution. In KPMG\u2019s Global Banking Fraud Survey 2019<\/a>, they revealed that fraud and financial scams in the banking sector are on the increase worldwide. With over half of the banking survey respondents recovering less than 25% of losses, fraud prevention cannot be more important.<\/p> \n

In this five-month pilot, CTOS worked with seven of the country\u2019s leading banks to screen through applicants in the area of personal loans, cards, auto financing, mortgages, and SME loans<\/strong>.<\/p> \n

Powered by GBG\u2019s fraud detection engine, they were provided with real-time automated alerts on potentially suspicious loan applications. (Think inconsistent applications where the same applicant would apply for multiple banks using different personal details, such as their income level.)<\/p> \n

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\u201cWhether it be as simple as alerting banks to known fraudsters or uncovering duplicate applications with differing income or contact details<\/strong>, credit application fraud is a persistent threat to Malaysia\u2019s banking institutions\u2019 reputations, confidence and finances, especially in these challenging times.\u201d – Dennis Martin, Group CEO of CTOS<\/p> \n<\/blockquote> \n

Using data that were given by banks and other public sources, the CTOS IDGuard pilot scheme screened through 450,000 applicants. From there, the pilot:<\/p> \n