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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.

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Nimble Gravity Acquires mDEVZ to Strengthen Its Data, AI and Software Engineering Capabilities



nimble gravity acquisition

Today, Nimble Gravity LLC and mDEVZ,announced that Nimble Gravity has successfully completed its acquisition of mDEVZ, a data science and application engineering consultancy based in Buenos Aires, Argentina. mDEVZ brings a deep heritage in finance, gaming, and retail and will expand Nimble Gravity’s Data Science and Engineering practices, continuing the company’s strategic 2023 growth initiative.

mDEVZ strengthens Nimble Gravity’s ability to help customers transform their businesses with AI, bringing both data science capabilities, additional expertise in application development and net new capabilities in computer vision, rendering & optimization, and Unity3D.

“We are excited to bring mDEVZ onboard as we continue to advance our growth strategy for 2023,” said Tony Aug, co-founder, and chief executive officer of Nimble Gravity. “Their expertise in data science, artificial intelligence and software engineering will further strengthen our position in the market and enhance our ability to deliver comprehensive solutions to clients looking to leverage cutting-edge technology for their businesses.”

“We are proud of the results we’ve delivered to our customers during our 10 year history and are immensely appreciative of all their support,” said Mauro Lopez, founder and CEO of mDEVZ. “Joining Nimble Gravity represents a unique opportunity for our team to scale the impact of our work to an even broader customer base. Together, we can drive forward the strategy and execute the most innovative tech solutions to achieve unparalleled success and to give our team new opportunities to grow their careers and deepen the valuable skills at the company.”

mDEVZ builds on Nimble Gravity’s global operations, augmenting its team of professionals ready to tackle the hardest challenges businesses are facing in today’s digital landscape.

About Nimble Gravity:

Founded in 2019, Nimble Gravity is an international consultancy firm that specializes in Strategy, E-Commerce, Digital Transformation, Data Science, Analytics, and BI, as well as Software Development and Tech Design. Nimble Gravity believes in the power of data and evidence-based approaches to drive growth, transform businesses, and create winning solutions for a diverse clientele.

Headquartered in Denver, Colorado, with offices in Mexico City, Guadalajara, Buenos Aires, and Medellín, Nimble Gravity is a rapidly growing consulting firm ready to tackle the hardest challenges your business is facing.

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KaarTech Expands Digital Transformation Footprint with Acquisition of Dunn Solutions Group Inc.




KaarTech , a global Digital Transformation Consulting company, is excited to announce its latest strategic move in the world of digital transformation. The company has broadened its’ capabilities and geography by successfully acquiring Dunn Solutions Group Inc. , a leading Customer Experience Solutions Consultancy headquartered in Chicago, Illinois.

Founded in 2006, KaarTech has solidified its position as a key player within the SAP ecosystem. With a proven track record of delivering digital transformation success across various sectors, including Discrete Manufacturing, Process Manufacturing, and Consumer Packaged Goods, KaarTech has carved a niche for itself. The company has also developed proprietary intellectual property, KEBS for Professional Services and KTern.AI for SAP Digital Transformation , reinforcing its reputation as a formidable force in the Digital Transformation Arena.

Founded in 1988, Dunn Solutions is headquartered outside of Chicago and has offices both in Minneapolis and Bengaluru. The company has carved its niche as a Digital Commerce and Business Transformation Consultancy. Their core mission revolves around delivering unmatched velocity and transformative solutions to their clients.

This strategic acquisition facilitated by Eiliant Advisors, a Bangalore based Investment Banking Firm, marks a watershed moment for KaarTech as it combines its extensive SAP domain expertise, especially in SAP S/4HANA, with Dunn Solutions’ prowess in Digital Customer Experience.

Speaking about the acquisition, Mr. Maran Nagarajan, CEO of KaarTech, says, “We are excited to join forces with Dunn Solutions to accelerate our vision of redefining Digital Transformation. This partnership brings together the best of both worlds – our SAP expertise and Dunn Solutions’ prowess in Customer Experience – to create a transformative force that will deliver exceptional value to our clients.”

This union not only broadens the horizontal scope of KaarTech’s services but also strengthens its commitment to providing cutting-edge digital solutions that drive business growth and competitiveness. With this partnership, KaarTech solidifies its position as a true leader in the Digital Transformation Arena.

Mr. Bill Dunn, CEO of Dunn Solutions, says “KaarTech has earned a reputation as a key driver of SAP innovation across a number of verticals over the years globally, and we are excited to join them as we look to leverage the assets and experience of Dunn Solutions to continue building on KaarTech’s success in the Digital Transformation Space.”

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Insurtech Named Among Most Innovative Insurtech Companies by FinTech Global



Prestigious InsurTech100 List for 2023 Recognizes the Austrian AI Pioneer’s Contribution to Transforming Insurance Processes today announced that they have been named to FinTech Global’s Sixth Edition of its prestigious InsurTech100 list for 2023. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry’s most daunting challenges.

Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.

Over the last couple of years, insurance firms have faced an uphill battle to rapidly digitize their services and meet the evolving customer demands, nurturing a competitive landscape of Insurtech companies. This meant this year’s battle to earn a spot amongst the 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a list of over 1,900 contenders presented by FinTech Global. The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.

“FinTech Global acknowledges for the second consecutive time’s role in revolutionizing document-centric processes within the insurance sector,” said Rainer Kegel, CEO of “It’s incredibly gratifying to be recognized for our efforts in addressing a significant industry challenge, namely reducing the need for human intervention in the document review process. Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.”

Quoting group benefits is probably one of the most challenging insurance processes as it requires the analysis of many documents of variable types and structures.’s intelligent document processing solution extracts, interprets and classifies complex information found in terms and provisions and is for example able to detect the best plan matching a competitor’s policy. “Large insurance carriers employ hundreds of people to manually review policies before submitting a quote for group benefits,” said Kegel. “Our solutions help them prepare more accurate quotes faster, and consequently close more deals.”’s Intelligent Document Processing (IDP) solutions leverage a unique approach to natural language understanding called Semantic Folding to reach unmatched levels of accuracy with unstructured text.’s solutions automatically search, extract and classify complex information from various documents such as insurance policies and emails with attachment, helping insurance companies eliminate quoting errors, improve customer response times and reduce labor intensive processes.

FinTech Global director Richard Sachar said, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalization and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionizing key areas like underwriting, pricing, distribution, and data analytics.”

About delivers highly efficient AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). SemanticPro is an intelligent document processing solution that accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation. With more than 10 years expertise in implementing NLU solutions in the enterprise, has demonstrated its ability to solve the challenges of language ambiguity and variability across many use cases and verticals for Fortune 500 companies. has offices in the U.S. (New York and San Francisco) and Europe (Vienna).

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