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Fraud and identity management platform Bureau has partnered with Chennai-based startup M2P Fintech to strengthen fraud prevention measures in digital transactions. As per the terms of the tie-up, M2P Fintech will integrate its fraud and risk management platform with Bureau’s device intelligence and behavioural biometrics capabilities.
“By leveraging Bureau and M2P Fintech’s combined solution, banks and fintech companies can now verify both user and device trustworthiness before a financial transaction gets completed, proactively mitigating fraud risks and ensuring a secure and seamless user experience,” a statement by the companies said.
The combined solution offered by Bureau and M2P Fintech is expected to help improve the customer experience on cardless transactions. The companies have set a target to monitor and assess risk for over 100 million monthly transactions by the end of the year under this partnership. The solution has already seen adoption by private banks in Asia, the companies note.
“With the evolution and democratisation of technology, scammers also have access to the same advanced tech as we do. With new types of transaction frauds emerging every day, constant innovation to safeguard transactions is paramount,” Prabhu Rangarajan, Co-founder, M2P Fintech, said in a statement.
“With evolving fraud patterns, there is a global shift in prevalent user authentication methods for enhanced the security of digital transactions ― primarily from OTP-based verification to ‘inherence-based’ verification. Joining forces with M2P Fintech, we have built a cutting-edge solution which provides a pre-facto analysis of the user’s identity while ensuring that the transaction is initiated from a legitimate device,” Ranjan R Reddy, founder and CEO, Bureau, said.
Addressing the ineffectiveness of OTP authentication, RBI recently proposed a principle-based framework to improve security of digital transactions and encourage the use of other authentication methods like app-based approval and biometric authentication.
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