Singapore/Hong Kong, 22 November 2022 – UOB has been awarded Outstanding Project – Fraud Analytics in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
UOB was recognised for a solution developed to strengthen digital banking security, during a period when Singapore regulators, law enforcement agencies and consumers were on heightened alert due to ongoing and widespread scam and fraud threats.
The solution applies a machine learning model to detect transactions used to consolidate and layer illicitly obtained funds, which has traditionally been a highly manual and time-consuming exercise. The predictive modelling analytics performed by the solution leverages known typologies and generates risk scores that provide early warning signals to help identify scams and prevent fraud.
The solution, developed and implemented within 100 days, was built solely using the Bank’s internal Big Data technology and expertise. It screens the Bank’s customer base on a daily basis for money mule, scam and fraud threats, while allowing for quick disposition of suspicious cases and escalation of true positives for further investigation and other rapid response measures.
“The speed at which the solution was developed and implemented in response to an urgent threat to banking customers was impressive, particularly given the sophistication of the solution and its use of machine learning,” said one judge on the Regulation Asia judging panel. “The solution stands out for its accuracy, detection timeliness and low number of false positive alerts.”
UOB will be enhancing the solution over time to further improve its scoring model and approach, enable behavioural trend tracking capabilities and expand its typology coverage.
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.