Bureau and M2P Fintech team up to combat digital transaction fraud
Bureau, a fraud prevention and identity decisioning platform, has partnered with M2P Fintech, a digital banking infrastructure provider, to enhance security for digital transactions. This collaboration integrates the Bureau’s advanced device intelligence and behavioural biometrics with M2P Fintech’s existing fraud and risk management solutions.
This partnership comes at a critical time, as financial institutions seek to move beyond traditional OTP verification methods towards more robust security measures. The Reserve Bank of India (RBI) has recently advocated for “inherence-based” transaction authentication, encouraging a shift towards app-based approvals and biometric authentication.
By combining their expertise, Bureau and M2P Fintech aim to provide a preemptive approach to fraud prevention. Their solution verifies both user and device legitimacy before a transaction is completed, offering enhanced protection against emerging fraud patterns.
Ranjan R Reddy, Founder & CEO of Bureau, highlighted the importance of this collaboration, stating, “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.”
Prabhu Rangarajan, Co-founder of M2P Fintech, echoed this sentiment, emphasizing the need for continuous innovation in the face of evolving fraud tactics. He stated, “Our partnership with Bureau reflects our commitment to staying ahead of evolving fraud tactics and providing our customers with solutions that prioritize security and user experience.”
This partnership has already seen successful implementation by prominent banks in Asia, and the companies aim to monitor and assess risk for over 100 million transactions monthly by year’s end.
