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AI-based identity verification: Insulating businesses and consumers from cyber fraud

Bureau specialises in identity orchestration and real-time fraud prevention and uses AI/ML to provide exhaustive insights into the identity of any user with minimal user input.

AI-based identity verification: Insulating businesses and consumers from cyber fraud
Ranjan R Reddy.

Cyberattacks of all kinds are on the rise globally, and India is believed to be one of the biggest targets with its large and vulnerable tech-connected population. With increasing digital adoption and the rise of cyberattacks, the demand for cybersecurity platforms is bound to grow. Herein, Bureau.id is ushering in a new era of frictionless, fraud-free transactions that deliver trust and security to both businesses and consumers. More than 135 brands, including Goibibo, Aditya Birla Capital, ICICI Prudential, India Gold and PhonePe place their trust in the comprehensive privacy and security solutions from Bureau, reveals the company founder and CEO, Ranjan R Reddy.

Bureau specialises in identity orchestration and real-time fraud prevention and uses AI/ML to provide exhaustive insights into the identity of any user with minimal user input. It was founded in 2020 and is a culmination of Reddy’s earlier entrepreneurial experience, a lifelong love of mobile devices, and an obsession with making the internet a safer place for social and economic exchange.

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“We set out to make it into a single source of trust, a one-stop no-code platform that protects and accelerates onboarding, verification, and transactions — without introducing unnecessary friction for the end users,” says Reddy.

“We enable entities in fintech, banking, crypto, insurance, gaming, and e-commerce to onboard new users swiftly and reduce fraud by over half via simple API integrations. Once onboarded on our platform, multiple stakeholders at these entities can receive insights on the user in the form of a Trust score, comprising our analysis of their digital footprint, phone, email, social network history, credit history, unique device insights and behaviour biometrics. Anything related to identity verification, compliance and fraud prevention can be done through a single platform,” he informs.

The Bureau’s platform has verified more than 20 million unique identities and has protected more than $150 million GMVs. “We have raised over $16 million in the two funding rounds. The funds will be utilised towards doubling our investments in building cutting-edge products, forging long-term customer relationships, and attracting great talent to build a Trust Network that lets businesses and users transact with confidence,” reveals Reddy.

Bureau’s no-code platform helps businesses identify users, comply with policies and prevent fraud. “Going forward, we plan to transform Bureau’s platform into a fully self-service model, expand globally and verify over 100 million identities in the next two years,” he adds.

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* Bureau specialises in identity orchestration and real-time fraud prevention

* It uses AI/ML to provide insights into the identity of any user with minimal

user input

* Platform has verified more than 20 million identities, protected more than $150mn GMVs

* Has raised over $16 mn in two funding rounds

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First published on: 31-10-2022 at 03:20 IST