Fintech
The Bureau collaborates with M2P Fintech
Bureau announced its partnership with the India-based digital banking infrastructure provider Fintech M2P to combat fraud related to digital transactions.
Following this announcement, the collaboration is set to integrate Bureau’s optimized and secure device intelligence and behavioral biometrics with M2P Fintech’s existing fraud and risk management products.
Furthermore, both the fraud prevention and identity decisioning platform and the digital banking infrastructure provider will continue to focus on meeting the needs, preferences and demands of customers and clients in an ever-evolving market, as well as giving priority to the process of maintaining compliance. with regulatory requirements and industry laws.
More information on the announcement
This strategic agreement comes at a critical time, as many banks, businesses and financial institutions aim to move beyond traditional OTP verification methods and towards more robust and efficient security measures. At the same time, the Reserve Bank of India (RBI) has recently championed “inherence-based” transaction authentication methods, while encouraging a shift towards app-based approvals and biometric authentication processes.
The partnership combines the companies’ expertise and solution suite, as both Bureau and M2P Fintech are expected to provide a preventative approach to fraud prevention. The strategy will verify the legitimacy of both the user and the device before any transaction or payment is completed, a process intended to provide businesses and users with enhanced overall protection against emerging fraud patterns.
Furthermore, the collaboration has already seen a secure and successful implementation by several banks in the Asian region, as both the Bureau and M2P Fintech aim to monitor and assess risks and fraud for over 100 transactions every month by the end of year.
The companies have also developed a solution that should provide a pre-fact analysis of the customer’s identity while ensuring that the payment is also initiated from a legitimate device. Additionally, they will continue to focus on shared efforts to mitigate evolving fraud tactics, as well as provide customers with services that prioritize their security and overall payment experience.