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No-Code decision platform Bureau Reveals Escalation of Digital Fraud in India Drives Businesses to invest US$7.6B to Stop Financially-motivated Fraudsters



No-Code decision platform Bureau Reveals Escalation of Digital Fraud in India Drives Businesses to invest US$7.6B to Stop Financially-motivated Fraudsters
  • Indian businesses get serious about curbing digital fraud by increasing investments 400%+ over 2022 figures
  • Quest is on to protect Indian consumers from online account takeovers, fake account registrations using synthetic identities, and transaction fraud
  • Banking, Financial Services, and Insurance segments are high-value targets and make up 70%+ of anti-fraud investment; followed by e-commerce at ~24%
  • ~55% of Payment Fraud are UPI-related

Bureau, a no-code decisioning platform that delivers accurate conclusions about the trustworthiness of digital identities, today unveiled results of a first-of-its-kind study titled: The Anatomy of Fraud 2023. The Anatomy of Fraud provides insights on the size of and drivers behind digital fraud in India and Southeast Asia against a backdrop of the global Digital Economy.

The report revealed that of the total reported digital payment fraud, ~55% is UPI-related. While the attack volume is massive, the financial impact is actually relatively low. Half of the UPI-related fraud attacks tend to be low-ticket size (less than INR 10K).

The study also shows account-related fraud attacks – like ATOs and fake account registrations – are preferred types of overall fraudulent activity taking place in India. Customer journey verification and striking a balance between security and CX are the top challenges businesses face in detecting these account-related fraud types. For example, in financial services account-related fraud makes up ~65% of all types of fraud being perpetrated. In e-commerce, that share equals ~54%.

“We undertook this study with rigour to discover the magnitude of digital fraud, its effect on the Digital Economy, and to add to the body of knowledge about attack types and solutions,” said Bureau founder and CEO Ranjan R. Reddy. “The findings are timely. The digital economy runs on digital identities, and fraudsters are literally banking on that. Out in the ether, anyone can be anybody. Are you really who you say you are, is the critical question Chief Risk Officers, CTOs, CIOs, CISOs, and their teams in businesses around the world ask every day. Not being able to discern which digital identities are trustworthy is the inflection point between growth and failure. All it takes is for one bad actor to launch a successful digital-fraud incursion for businesses to lose consumer trust, brand equity, and revenue – for good.”

The study details the market forces that are at play, driving fraudsters to take a swing at Indian companies, including:

  • Digital inclusion acceleration (i.e. more new people using digital devices and services for the first time)
  • Digitalization acceleration:
    • Businesses across sectors are taking a digital route to growth
    • 2x growth in micro businesses actively transacting online
    • The vast number of fintechs starting up in India
  • Internet penetration:
    • ~1,144 mn internet users,
    • ~78% internet penetration
    • 1.9TN digital payments
    • All by 2027

Additionally, the study notes that the urgency among businesses to curb digital fraud and invest in modern fraud detection and prevention practises is set to increase by 400% between now and 2027. The total addressable fraud detection and prevention market will reach US$ 7.6B+ in less than four years with a 37% CAGR, far surpassing the 2022 US$1.5B amount.

The investment is warranted. It’s easier today for people to take up digital fraud as a lucrative career or side hustle. The fraudster community is well-organised. Groups on the dark web and Telegram forums house marketplaces where people can buy plug and play fraud technology, offer tutorials on how to carry out certain types of attacks, and share information about which companies to target. Fraudsters no longer have to be tech savvy to launch harmful bot attacks and Generative AI makes social engineering and phishing scams that much more convincing, thus harder to know which digital identities are real.

The Indian government is being proactive. Its fraud mitigation initiatives (i.e. stringent KYC processes across digital segments, new regulations for the real-money gaming sector, etc.) are ensuring businesses protect themselves and their consumers.

Financially-motivated fraudsters focus on high-value targets. For example, India’s Banking, Financial Services and Insurance (BFSI) sector is in the cross-hairs, which is one reason why it holds the largest share of collective investment in fraud detection and prevention solutions at more than 70%, followed immediately by the robust e-commerce sector (~24%).

Reddy said, “Fraudsters go where the money and opportunity are. The rising digitization, digital inclusion expansion, and growing number of digital-first businesses suggest India is going to continue to be a hotbed of digital fraud.”

Bureau conducted ‘The Anatomy of Fraud 2023’ survey in association with renowned research and consulting firm, Praxis, to study the impact of digital fraud globally, especially in India and Southeast Asia (SEA), to address the increasing significance of FDP in the global marketplace.

About Bureau

Bureau is a modern no-code decisioning platform. It delivers absolute conclusions about digital identity trustworthiness to prevent fraud, ease compliance, and make it easy for consumers to transact online. The single AI-architected platform provides banks, fintech, gaming, gig economy and e-commerce companies with a complete range of risk, compliance, fraud prevention and detection, and onboarding solutions. Its Identity Bureau network supplies customers with insights derived from an identity graph and feedback loop about digital identities based on contextualised linkages. Backed by tier-one investors Okta, Commerce Ventures, Quona, Blume, and Village Global. Bureau is headquartered in San Francisco, CA, with offices in Bangalore, India and Singapore.


Venture Capital Fund Manager Token Bay Capital Granted In-Principle Approval To Invest In Tokens With First of Its Kind License in Abu Dhabi Global Market (ADGM)



  • License will permit investment in both the equity and tokens of crypto start-ups
  • Opening of Token Bay’s new offices in ADGM aligns with planned second fund

Token Bay Capital Limited (“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM. Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.

Founded in 2021, Token Bay is a leading Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.

Founder and Managing Partner of Token Bay, Lucy Gazmararian: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.”

ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.

Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”

Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle.

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Walmart chooses Swisslog ASRS powered by SynQ software to enhance transparency and delivery of quality products in third milk processing facility




Swisslog, a leading provider of best-in-class intralogistics warehouse automation and software, has announced that Walmart will install a Swisslog automation solution within its Robinson, TX, facility to enable seamless material flow and increase uptime. Walmart is planning to break ground on the milk processing facility later this year with the facility scheduled to open in 2026.

This is the third Walmart milk processing facility to deploy Swisslog’s automated storage and retrieval solution (ASRS) featuring SynQ software and Vectura cranes. The company worked with Swisslog to open its first milk processing facility in Fort Wayne, IN, in 2018. This facility served as a blueprint for its second facility in Valdosta, GA expected to open in 2025, as well as for the just announced Texas facility.

According to Walmart, the ASRS continues the company’s commitment to building a more resilient and transparent supply chain to deliver high-quality products. It also will bolster the company’s capacity to meet consumer demand for milk. The products from the facility will serve more than 750 Walmart stores and Sam’s Clubs throughout the South including Texas, Oklahoma, Louisiana and parts of Arkansas and Mississippi.

Designed by Swisslog’s automation experts, the ASRS brings together five Vectura pallet stacker cranes with KUKA palletizing and de-palletizing robots, a ProMove pallet conveyor system, as well as a conveyor system for small loads. The automation solution operates on synchronized intelligence from Swisslog’s SynQ software, which provides warehouse management, material flow and automation control system functionality in a single, modular platform.

“We are honored that Walmart continues to put their trust in our automation solutions and our people behind those solutions,” said Sean Wallingford, president, and CEO of Swisslog Americas. “This has been a very collaborative relationship as our two teams work together to create value for Walmart and ensure our automation solutions and software enable the company and its farmers to bring fresh, transparently sourced dairy to market.”

SynQ management software not only optimizes the flow of the equipment to increase efficiency and accuracy of the operation, it also orchestrates the operation of multiple sub-systems. It equips warehouse automation and IT systems with synchronized intelligence of people, processes and machines to boost the efficiency and productivity of warehouse processes and adapt to changing market requirements. SynQ provides sophisticated inventory management and material flow capabilities that enable real-time inventory tracking and management of items to ensure freshness, quality and transparency of the food supply chain.

This project also includes Swisslog’s IT Managed Services, which puts in place experts to proactively manage the IT systems and software required to keep the equipment running at peak performance. The higher-level 24/7 support allows Walmart to free up internal resources from routine IT system administration, while also enabling data-driven proactive maintenance that helps reduce unplanned downtime.

For more information on Swisslog automation technologies and software, visit

About Swisslog

We shape the future of intralogistics with robotic, data-driven and flexible automated solutions that achieve exceptional value for our customers. Swisslog helps forward-thinking companies optimize the performance of their warehouses and distribution centers with future-ready automation systems and software. Our integrated offering includes consulting, system design and implementation, and lifetime customer support in more than 50 countries.

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Rally Ventures' Justin Kaufenberg Joins PayGround Board of Directors



SportsEngine co-founder brings payments industry experience and understanding of consumer expectations as PayGround prepares for continued growth

Justin Kaufenberg, Managing Director of Rally Ventures, has accepted an invitation to join the Board of Directors of PayGround, a healthcare fintech payments platform. Kaufenberg, who is the co-founder and former CEO of SportsEngine, brings a unique entrepreneurial perspective as well as a deep understanding of payments and banking.

Rally Ventures participated in PayGround’s Series A fundraising in 2023.

“From our very first conversation, Justin and the Rally Ventures team have been enthusiastic about joining PayGround on our mission to empower individuals and families with a healthcare digital wallet,” says PayGround CEO Drew Mercer. “We are in a season of hyper-growth and innovation at PayGround, and we are looking forward to having Justin at the table as we look for ways to provide additional banking capabilities for both healthcare providers and consumers.”

A core investment focus for Rally Ventures is products that deliver mission-critical software with embedded payments and financial services.

“Fixing the payment process within the healthcare industry has proven difficult because of all of the disparate systems involved. This is an industry in dire need of innovation, and I believe PayGround is approaching the problem in a smart and strategic way,” Kaufenberg says. “I’m looking forward to offering any guidance I can to help PayGround move the healthcare payments industry forward as they develop a strategy that looks to integrate various billing systems into their platform. It’s an exciting time to be a part of this company.”

About PayGround

PayGround is a healthcare payments platform that streamlines the payment experience for providers and patients. For patients, it’s an easy-to-use mobile app to manage, track and pay all medical bills in one secure place. For medical providers, it’s a modernized payment platform that reduces costs, simplifies processes and boosts patient and employer satisfaction. PayGround — the meeting place for healthcare payments. Learn more at

About Rally Ventures

Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. Since 1997, Rally Ventures’ partners and venture capital industry veterans have invested in or run early-stage enterprise business-to-business technology companies with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit

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