Chennai-based fintech startup M2P Fintech has recently partnered with Bureau, a leading fraud detection platform, to strengthen fraud prevention measures in digital transactions. This strategic collaboration aims to leverage the combined capabilities of both companies to ensure a secure and seamless user experience for customers.
Enhanced Fraud Prevention Measures
The partnership integrates M2P Fintech’s fraud and risk management platform with Bureau’s device intelligence and behavioral biometrics capabilities. This combined solution allows banks and fintech companies to verify both user and device trustworthiness before a financial transaction is completed, proactively mitigating fraud risks.
Targeted Solution
The joint solution is designed to improve the customer experience on cardless transactions, which are increasingly popular in the digital payments landscape. 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.
Industry Insights
The partnership highlights the growing importance of fraud prevention in digital transactions. With the evolution of technology and the democratization of advanced tools, scammers are also leveraging these tools to commit fraud. As a result, constant innovation to safeguard transactions is crucial. The RBI has also recently proposed a principle-based framework to improve the security of digital transactions and encourage the use of alternative authentication methods such as app-based approval and biometric authentication.
M2P Fintech’s Growth
M2P Fintech, founded in Chennai in 2014, has established itself as a leading fintech company with a global footprint across 20+ markets. The company supports banks, NBFCs, and online businesses with a wide range of solutions across Payments, Lending, and Banking. With a client base of 300+ banks, 100+ NBFCs, and 800+ fintechs, M2P Fintech has become a key player in the fintech landscape.
Bureau’s Expertise
Bureau, a fraud and identity management platform, brings its expertise in device intelligence and behavioral biometrics to the partnership. The company’s cutting-edge solution provides a pre-facto analysis of the user’s identity while ensuring that the transaction is initiated from a legitimate device.
Impact on the Industry
The partnership between M2P Fintech and Bureau is expected to have a significant impact on the fintech industry. By leveraging the combined capabilities of both companies, banks and fintech companies can now ensure a higher level of security and trust in digital transactions. This collaboration will also drive innovation in fraud prevention and identity management, ultimately benefiting customers and the fintech ecosystem as a whole.
Conclusion
M2P Fintech’s partnership with Bureau marks a significant milestone in the fintech industry, highlighting the importance of collaboration and innovation in fraud prevention. As the fintech landscape continues to evolve, this partnership will play a crucial role in ensuring the security and trust of digital transactions, ultimately driving growth and success for fintech companies and their customers.
