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Bureau extends ID verification services to two Southeast Asian markets

Bureau extends ID verification services to two Southeast Asian markets
 

Identity verification startup Bureau has extended its biometric fraud prevention services to Indonesia and the Philippines in what it says is a move to consolidate its presence in those key Southeast Asian (SEA) markets.

In an announcement, the California-based firm believes its penetration in the region presents an opportunity for fintechs and digital banks to better tackle digital fraud which is a big threat to their digital economic growth ambitions.

The expansion means Bureau will use it biometric technology suite to enable customers in these countries to prevent fraudulent users from entering their systems, guard against evolving fraud tactics through its tools to combat synthetic identity fraud, gain actionable insights on new-to-credit borrowers so as to make better decisions, and leverage a powerful trust network through the company’s unique system built on millions of processed data.

Commenting on the new market entry, the CEO of Bureau, Ranjan R. Reddy, says: “We understand the specific challenges faced by financial services in Southeast Asia. Our targeted solutions are designed to address these challenges related to new-to-credit borrowers against money mules, social engineering, and account takeovers offering a tactical approach that solves real-world fraud problems for businesses of all sizes.”

To Preekshit Gupta, VP of SEA and MEA at Bureau, the Southeast Asia region is a hub for financial services tech innovation. “With the ever-evolving nature of fraud, having a trusted partner like Bureau is crucial for fintechs and banks going digital, to protect their investments and maintain their customers’ trust. We are proud to be their go-to partner for achieving sustainable growth through effective fraud prevention.”

Last July, Bureau announced the completion of a $16.5 million Series A funding round. It also signalled rapid growth of its customer base, with over 300 million identities verified on its platform since its creation in 2020.

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