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ICBC Uses Big Data to Support Risk Management of GDRCU
 

On December 20, 2018, ICBC and Guangdong Rural Credit Union (GDRCU) signed the Agreement on Comprehensive Business Cooperation & ICBC e-Security Cooperation in Guangzhou. According to the agreement, ICBC will provide GDRCU and its customers with financial risk inspection, early warning and risk control solutions through its independently developed ICBC e-Security smart service platform. So far, ICBC e-Security has accumulatively provided over 150 banks with risk-related big data service, playing a positive role in promoting the banking industry to enhance risk prevention and control.

According to ICBC Vice President Tan Jiong, in fields such as preventing financial risk and improving anti-fraud capabilities, ICBC and GDRCU share common development goals and have broad cooperation space, while ICBC e-Security serving as the bridge and bond for banking peers to deepen cooperation in the risk sector. The cooperation this time is also a substantial measure for the two parties to prevent and defuse financial risk, safeguard banking business security and protect customers’ fund safety. As the bilateral dedicated access is activated and the telecom fraud interface is put into service at GDRCU, several telecom fraudulent transactions have been successfully intercepted within less than one month, with the effect in risk prevention and control starting to emerge.

ICBC e-Security is a risk-related big data service platform independently developed by ICBC in 2014, the first in the banking industry. It supports seven key functions including risk, intelligence, association, public opinion, rating, reporting and international service, providing automatic early-warning and control support for 16,000 ICBC banking outlets, 100,000 sets of ATM and online banking transactions. Since its operation, ICBC e-Security has accumulatively intercepted over 2 million risky transactions of various types, involving more than RMB10 billion risk funds. Among that, 240,000 telecom fraudulent remittances were intercepted, avoiding customer loss worth RMB5.6 billion.


(2019-01-22)
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