HANGZHOU, China--(BUSINESS WIRE)--Ant Group was recognized by Forrester, a global leading research and advisory firm, as an industry leader in Enterprise Fraud Management (EFM) in the Asia Pacific region, in the firms’ latest report.
The "The Forrester Wave™：Enterprise Fraud Management In Asia Pacific, Q3 2023" report evaluated well-known EFM vendors in the region, based on 22 criteria, including rules-based risk scoring and alerting, AI/ML risk models, number of customers, revenue, innovation and roadmap. These criteria are grouped into three high-level categories: current offering, strategy and market presence. Ant Group has been top-ranked in all three categories and achieved the highest total score, making it the leader in EFM in the region, according to the report.
According to the report, in 2023, authorized push payment fraud has become increasingly prevalent globally, with a particularly heavy impact in APAC. While it has become standard practice to use AI to identify these intricate fraud patterns, fraudsters are also aggressively using new AI technologies including generative AI. To stay current, enterprises must be in a state of perpetual evolution, continuously refining and updating their EFM AI models. Moreover, in the Asia Pacific market, many countries have ushered in a fresh wave of data privacy regulations that limit the ability of legitimate enterprises to obtain external data insights for effective fraud management — restrictions that fraudsters remain unburdened by.
As a result of these trends, an outstanding EFM vendor in Asia Pacific should bring strong data integration features, sophisticated and up-to-date AI and machine learning capabilities, and differentiated user experiences.
“Ant Group embeds trusted AI to drive EFM innovation,” analysts from Forrester wrote in the report. "Ant Group has generalized and commercialized many fraud management models used for Alipay’s internal businesses and established the ZOLOZ brand to build the next generation of trusted risk management products and services."
"The firm has an outstanding product vision for embracing trusted AI that not only follows the industry’s innovation trends but also responds to customers’ increasing demand for more explainable and transparent AI-based risk models. Its plans for innovations to privacy-preserving technologies address many financial services firms’ demands for more data-sharing and insights for EFM," added by Forrester's analysts.
So far, Ant Group has provided a variety of rules- and AI-based EFM models that are easy to configure and use, as well as risk scoring for comprehensive transaction types. Ant Group also developed a specific interactive fraud management solution to combat emerging user-authorized push payment fraud scenarios in telecom.
As a global leading technology service provider, ZOLOZ has served customers from various industries, including payment, financial services, telecom and e-commerce. ZOLOZ's industry leading digital identity products, powered by proprietary anti-spoofing algorithms, have been widely used by financial institutions to meet compliance requirements, including KYC and AML, as well as detect transactional anomalies and prevent fraud.
About Ant Group
Ant Group aims to build the infrastructure and platforms to support the digital transformation of the service industry. Through continuous innovation, we strive to provide all consumers and small and micro businesses equal access to digital financial and other daily life services that are convenient, sustainable and inclusive.
For more information, please visit our website at www.antgroup.com or follow us on Twitter @AntGroup.