Bureau Expands Fraud Prevention Services to Philippines and Indonesia

Bureau, a firm specialising in identity decisioning and fraud prevention, has recently extended its operations into the Philippines and Indonesia. The company says this move underlines its dedication to tackling the challenges associated with fraud and risk prevention in the rapidly evolving digital-first markets of Southeast Asia (SEA).

In a statement, the company pointed out how the regional digital economy has been characterised by swift expansion and the ongoing evolution of regulatory compliance, presenting both opportunities and notable challenges for fintechs and digital banks. Consequently, there is a pronounced need for robust fraud prevention strategies.

To address the threat of fraud in the region, which risks undermining consumer confidence and impeding economic growth, Bureau claims it has developed a suite of solutions designed to enhance the fraud prevention capabilities of fintechs in SEA. These include the mapping of digital personas to physical identities and the analysis of behaviour to swiftly identify and remove suspicious users.

Furthermore, Bureau employs machine learning to tackle various forms of fraud, including synthetic identity fraud and the exploitation by money mules, and to offer insights into the creditworthiness of borrowers with limited or no credit history through tokenised risk scores and contextual analysis.

A key element of Bureau’s approach is its ‘trust network‘, which utilises extensive data processing to assess risk by exploring the connections between digital personas, physical identities, and behavioural patterns. This enables a more profound understanding of individual users, thereby aiding businesses in making well-informed decisions.

Ranjan R Reddy

Ranjan R Reddy, the CEO of Bureau, recognised the specific challenges that financial services encounter in Southeast Asia. He stated,

“Our targeted solutions are designed to tactically address the challenges related to new-to-credit borrowers, money mules, social engineering, and account takeovers, thereby addressing real-world fraud problems for businesses of varying sizes.”

Preekshit Gupta

Preekshit Gupta, VP of SEA and MEA at Bureau, acknowledged the region’s potential for technological innovation within the financial services sector.

“Given the constantly changing nature of fraud, it is imperative for fintechs and digital banks embarking on digital transformation to have a reliable partner like Bureau to safeguard their investments and maintain customer trust. We are committed to being that partner, ensuring sustainable growth through effective fraud prevention,”

Preekshit commented.

By expanding into the digital lending and banking sectors in the Philippines and Indonesia, Bureau aims to establish a significant presence in the region and assist businesses in navigating the complexities of the digital financial landscape.