GrabDefence, Grab’s Risk Technology solution, was awarded Best Digital Fraud Detection and Identity Authentication Solution at the 7th Regulation Asia Awards for Excellence 2024

The Best Digital Fraud Detection and Identity Solution award recognises solutions that advance digital security through innovative technology, enhancing fraud prevention and user trust. This category focuses on firms whose solutions support financial institutions and technology platforms with scalable, user-friendly digital identity verification and fraud prevention capabilities.

The GrabDefence’s Fraud Prevention Suite was recognised for its leadership in ensuring secure, user-friendly, and compliant solutions. Combining advanced device intelligence, machine learning algorithms inc. facial recognition with real-time liveness detection, the solution provides robust fraud prevention by verifying device risk and preventing impersonation risks. The solution suite can identify malicious behaviours such as jailbreaking, malware, bots, emulators, location spoofing and other techniques used to bypass security protocols.

With a design focused on user experience, the solution simplifies onboarding while ensuring high levels of security, promoting ease of adoption. The platform’s adaptability across different Southeast Asian regulatory standards and its alignment with privacy laws further highlight its role as a leader in this area.

“Grab’s solution GrabDefence exemplifies how digital fraud prevention and identity technologies can achieve both security and user convenience,” said one judge on the Regulation Asia Awards panel. “Its advanced device intelligence, machine learning models and seamless user experience set a new benchmark for secure and accessible digital transaction journeys.”

“This award highlights the growing importance of digital fraud prevention and identity verification in fostering secure and inclusive digital ecosystems,” said Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee. “Solutions like Grab’s, which integrate advanced machine learning to detect and prevent financial crimes in a compliant and scalable manner, are crucial to ensuring security in today’s digital-first marketplace and creating more trusted online ecosystems.”

About the Regulation Asia Awards for Excellence 2024

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 2024 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 13,000+ subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.