How this ID verification firm helping businesses prevent fraud

What preventive measures could be taken by fintechs to prevent financial and reputational loss?

A robust fraud risk management infrastructure is the need of the hour. Fintechs should invest in having platforms capable of real-time monitoring and risk-scoring of transactions, and thus take necessary actions. Data science must be leveraged to design counter-fraud solutions that can be deployed on such platforms. Fraud risk mitigation is a highly dynamic space, with newer fraud trends emerging at frequent intervals. Hence, fintechs should move up the ladder of sophistication to prevent financial and reputational loss.

How does the adoption of Fintech businesses help the new digital India?

The rise in digital adoption during the pandemic has made India a trailblazer in the fintech revolution. The Niti Aayog report, India's Booming Gig and Platform Economy, emphasizes the role of fintech in helping India achieve its $5 trillion target. According to experts, the rapid growth of fintech players has aided in accelerating financial inclusion, and new-age technologies such as AI and ML, have further accelerated growth. Fintech firms are essential in bridging the accessibility gap in financial services. The ease of signing up, making transactions and obtaining credit offered by fintech services only added to the many reasons why this model resonates with their consumer base. However, there is an increased need and requirement for a multi-stakeholder framework that includes regulators and governments to guide better and mitigate risk.

How has Bureau's Journey been so far?

Bureau is ushering in a new era of frictionless, fraud-free transactions that deliver unprecedented trust and security to both businesses and consumers. Our full-stack no-code identity orchestration platform protects and accelerates onboarding, verification, and transactions - without introducing friction for the consumer. Bureau's platform takes the complexity out of identity verification by tokenising it behind a phone number to let businesses focus on what matters most: growth.

What are the key services offered by Bureau?

Bureau is the first in India to offer a full-scale, no-code identity and risk orchestration platform that removes friction and fraud. Bureau provides a one-stop platform where any entity can receive holistic insights into the identity of any user, with minimal user input through its AI & ML-powered solutions.

To reduce customers' dependency on multiple point vendor solutions for different capabilities to manage different use cases from authentication to fraud prevention, Bureau provides full orchestration of pre-integrated capabilities from authentication, identity verification, compliance and fraud-fighting on a single platform. Thus saving our customers time, money, and engineering resources.

Bureau's guaranteed fraud protection is unique in the market - every decision made on our platform is underwritten by a financial guarantee- that reimburses merchants for any fraud losses under our watch.

How does Bureau help in risk mitigation through AI and ML solutions?

Bureau specialises in AI-based identity verification and real-time fraud prevention. Its ML-based intelligent decision-making and fraud detection models have been trained on billions of data points unique, gleaned from our network of customers, data partners, and proprietary data sources. By combining pre-integrated device, persona, phone, email and behaviour intelligence, a contextual view of a user's identity and behaviour is formed. With AI and ML solutions performing the accurate identity verification and pre-empting fraud becomes easier, thus these new technologies helps in safeguarding the business from financial and reputational loss.

How do AI & ML aid businesses in fraud detection?

AI and ML can majorly analyse large numbers of transactions to uncover fraud trends, which can then be used to detect fraud in real-time. When fraud is suspected, AI and ML models can reject transactions outright, flag them for further investigation, and rate the likelihood of fraud, allowing investigators to focus their efforts on the most promising cases. The AI model can also provide cause codes for the flagged transaction.

These reason codes direct the investigator to where they should look for flaws and help speed up the investigation. AI may also learn from investigators as they evaluate and solve questionable transactions, reinforcing the AI model's knowledge and avoiding trends that do not lead to convictions. A machine learning model collects data before analysing it. Analysing data entails determining how much money customers spend, where they spend it, what goods or services they buy, where they make transactions, and so on. The data is then processed to extract features.

What is the future of cybersecurity industry in India?

According to a report by the Data Security Council of India (DSCI), India's cyber security industry nearly doubled in size during the pandemic, with revenues from cybersecurity products and services increased from $5.04 billion in 2019 to $9.85 billion in 2021. Accelerating digitalization, an increase in fraudulent activities and identity theft, and a rise in use cases of digital identities are major growth factors for the market. In the wake of increasing data leaks and alarming incidences of identity theft, ensuring the trust and security of identity while managing time and cost will become a focal point for any business and every user. Businesses must prioritize the user experience and not sacrifice growth to friction. Bureau allows you to respond to any situation instantly and without engineering resources, future-proofs your risk stack. Currently, no other solution provider is dominating the market. This may be because India is fairly new to digitization, including the risk aspect. In the future, Bureau will play an instrumental part in addressing these pain points to power businesses with frictionless, fraud-free transactions that deliver unprecedented trust and security.