Best Fraud Risk Technology Implementation - the Rizal Commercial Banking Corporation and GBG

The winning bank is the largest private bank in the Philippines. It operates across multiple channels and required a system for critical purposes including fraud detection and compliance with anti-money laundering (AML) regulations. The bank engaged an international technology vendor that excels in modern technologies addressing the requirements. The vendor provided a platform that monitors customers and transactions on a real-time basis. It implemented machine learning (ML) models to enhance the bank’s capabilities in detecting complex financial crimes. With this, the bank was able to identify more than 60% of suspicious transactions with a 0.5% alert rate.

For its successful implementation of modern technology in combating fraud and achieving notable outcomes within the dedicated project timeframe, the award for Best Fraud Risk Technology Implementation goes to the Rizal Commercial Banking Corporation (RCBC) and GBG.