TruNarrative, the global provider of fraud and compliance risk solutions has entered a collaborative partnership with Credit Bureau Malaysia.
The move brings TruNarrative’s unique Financial Crime Management proposition to the Malaysian market, enabling increased protection for Credit Bureau Malaysia’s members and other prospects in the banking, financial services, insurance and telecommunications sectors. As a result, CBM will now offer value-added services to its traditional credit report offering including; fraud detection as a consortium, identity verification, KYC and AML compliance into a single easy-to-configure environment.
The partnership and proposition are formally launched on 10th November 2017 at Central Bank’s prestigious convention centre in Kuala Lumpur; where more than 150 key contacts from relevant sectors will meet the CBM and TruNarrative teams, see the technology first-hand, and sign up to the fraud prevention consortium.
The announcement is very timely as it comes as the threat of a change in the fraud landscape in Malaysia is likely, following a massive data breach when the customer data of more than 46 million mobile subscribers leaked on to the ‘Dark Web’. The CBM and TruNarrative mission is to bring the fraud prevention teams together from across the sectors at risk, and prove that operating as a joined-up consortium is the most effective option for defending against the fraud activity that follows high volume data breaches.
Said John Lord, Chief Executive Officer at TruNarrative,
“Working in a consortium and building robust defenses against fraud and money laundering makes it easier to build for greater financial inclusion. This is very important for the region and also makes the market more secure, thus attracting new banks, FIs and fintech investors. TruNarrative is delighted to be partnering with Credit Bureau Malaysia and we hope that the integrated service that they will now be able to provide will attract even more satisfied customers”.
The beauty of TruNarrative’s unique platform is that we can partner with organisations all around the globe and are looking forward to more partnerships in the near future.”
KC Wong, CEO of Credit Bureau Malaysia said,
“With the huge rise in digital and device adoption, the fraud landscape has changed considerably. Businesses need to know how to navigate and manage the cost of fraud detection and prevention, and this can be a challenge, especially when they’re also concentrating on growing their business. The partnership will enable us to provide our customers with an “out-of-the-box” integrated fraud risk analytics platform to counter these challenges.”
It’s currently common practice for credit grantors to work ‘over the wall’ with separate solutions to help promote safe commerce – and compliance and operations teams are growing to cope with the increased workloads and strain. TruNarrative’s technology has the flexibility to adapt to the ever-changing fraud trends and needs of the sectors, whilst offering a single joined up user experience.
About Credit Bureau Malaysia
Credit Bureau Malaysia launched in 2008 and as a SME Credit Bureau, we’ve helped many SMEs get access to better financing. When the Credit Reporting Act 2010 was introduced, we became Credit Bureau Malaysia and expanded our market to include helping individuals.
Credit Bureau Malaysia collects and compiles credit information from various sources. We then process this data and disseminate it to financial institutions and other credit grantors upon request and with your consent. This report is a benchmark for credit worthiness; it indicates the likelihood of a company or individual repaying the money borrowed.
Instead of simply blacklisting, we’d rather spend our time and effort educating the public about today’s increasingly complex credit industry, and empower them to make smarter financial decisions. In short, how to be credit positive in a credit-driven world.
Credit Bureau Malaysia is jointly owned by Credit Guarantee Corporation Malaysia, Dun & Bradstreet Malaysia, and the Association of Banks Malaysia.