CTOS IDGuard prevents over RM79 million in fraud

The initial participating group of Maybank, RHB, CIMB, Alliance Bank and Ambank has been joined by BMW Financial Services, while Hong Leong and six other banks are in the midst of implementation.

“We are making large strides in the battle against credit application fraud, and the increase in participating financial institutions only bolsters the effectiveness of CTOS IDGuard,” commented Dennis Martin, Group CEO of CTOS Digital Berhad, the holding company of CTOS Data Systems Sdn Bhd. “Our current partners cover over 65% of the total banking assets in Malaysia. As this grows even further in the coming months, CTOS IDGuard will be the most effective tool available to combat application fraud on the market. By reducing the prevalence of application fraud, we enable financial institutions to pass these savings directly onto consumers in the form of better rates and deals for their required credit.”