CTOS IDGuard: Syndicates and fraud rings largest threat to bank credit applications

National fraud bureau CTOS IDGuard has released its latest statistics, revealing that 44% of all flagged credit applications from member banks are attributed to organised syndicates and fraud rings. This finding underscores the growing threat posed by sophisticated criminal networks to financial institutions.

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The data, gathered from 9.44 million credit applications over the past 45 months, indicates that RM519 million in potentially fraudulent applications have been flagged since September 2020. This represents a significant 62% increase from the RM319 million recorded in the previous 36 months.

CTOS IDGuard

• Data from 9.44 million credit applications over the past 45 months reveals RM519 million in potentially fraudulent applications flagged since September 2020, marking a 62% increase from the RM319 million recorded in the previous 36 months.
• CTOS IDGuard, utilising CTOS’ comprehensive database and advanced tools like CTOS eKYC, CTOS Multi-face ID, and CTOS Digital Footprint, now covers over 65% of Malaysia’s banking assets.