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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

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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
  • 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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Mappable launches Neurogeocoder API to revolutionize mapping solutions for UAE businesses

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Mappable

Mappable, a global company that brings powerful and highly customizable mapping solutions to the local markets, announces the launch of its new product — the Neurogeocoder API, which is now available to all clients in the UAE.

The Neurogeocoder API, powered by machine learning and AI, is a game-changer in geospatial solutions, particularly in light of the projected 14.2% CAGR growth of the global digital map market by 2030. Unlike standard geocoders with fixed algorithms set by the development team, Neurogeocoder’s adaptive nature ensures precise results, even with unstructured location queries containing errors or typos. This advanced tool allows for the seamless display of user-entered addresses on maps and facilitates the transformation of map points into detailed street addresses, ensuring precise and reliable location results. By recognizing local expressions for districts, towers, and roads, the Neurogeocoder effectively links them to specific addresses or points, a feat beyond the capabilities of standard geocoders.

The Neurogeocoder API is a powerful tool for various industries, including e-commerce, real estate, food-tech, ride-tech, and logistics. It helps quickly translate large address volumes into coordinates and vice versa, as well as process intricate or locally specific location queries for different business scenarios. For e-commerce, the Neurogeocoder can enhance customer service by displaying pickup points on maps, allowing users to choose the most convenient location when placing orders. For real estate companies, the tool can accurately showcase property locations, helping potential buyers visualize the surroundings to make informed decisions when considering a purchase. For logistics services, the API optimizes operations by providing accurate addresses to managers for better cost estimation of deliveries, leading to increased operational efficiency and cost savings for the business.

In addition to the Neurogeocoder API, Mappable offers a comprehensive suite of solutions tailored to multiple business needs:

  • Performative, customizable, and data-rich maps for clients’ websites, apps, or CRM.
  • Automatic geo verification and easy search by address, coordinates, and other parameters.
  • Navigation and route planning tools that take into account traffic and weather forecasts as well as other parameters, to help drivers, couriers, and other professionals efficiently move around the country.

“The UAE is rapidly progressing in the fields of technology, e-commerce, and smart mobility and we’re excited to support businesses on this journey. Mappable solutions allow companies to optimize logistics and enhance customer service quality by automating processes and reducing workloads on internal personnel, call centers and order-processing specialists. We know what local businesses need and are constantly updating our products, using machine learning and AI to give our clients the best possible mapping solutions. The newly launched Neurogeocoder is a great example of this. It understands our address-inputting habits and adapts to them”, explained Sabina Mirza-Akhmedova, Chief Executive Officer at Mappable.

Sabina Mirza-Akhmedova, Chief Executive Officer at Mappable

All Mappable solutions provide extensive customization opportunities, and a wide range of licensing choices. The company has also launched an online self-service desk, which gives easy and fast access to its APIs — for trial or license purchase. More information can be found at mappable.world.

About Mappable:

Mappable is a global mapping and geospatial solutions provider based in the UAE, offering powerful and customizable business solutions to local markets. With a focus on innovation and precision, Mappable provides cutting-edge mapping, geospatial, and navigation technologies to meet the diverse business needs of e-commerce platforms, retail chains, logistics and delivery firms, manufacturing enterprises, ride-tech and food-tech companies, telecommunications corporations, banks, as well as the public sector.

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Yango showcases latest innovations to transform urban transport at Mobility Live ME

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Abu Dhabi, UAE, Yango, an international tech company, made a significant impact as the Silver Sponsor at Mobility Live ME, the region’s most crucial event focusing on disruptive technology in mobility. Being committed to leveraging the power of technology to improve its users’ lives, Yango showcased its latest products and innovations and presented insights tailored to the MENA region’s evolving demands.

Building on its reputation for unique service offerings, the company recently launched Yango Drive, a comprehensive car rental marketplace integrated within the Yango SuperApp that is gaining substantial traction in Dubai. It features a digital booking system that offers an array of 3,500 cars, providing a seamless, high-quality rental experience from booking to return. This service reflects Yango’s commitment to comfort, convenience, and sustainability, supporting the shift towards shared mobility and aligning with the UAE’s Net Zero 2050 and Dubai Urban Plan 2040 initiatives.

Furthermore, in alignment with its dedication to enriching local communities, the ‘Prayer Mode’ for Muslim drivers was recently launched during the holy month of Ramadan. This feature facilitates drivers’ adherence to prayer schedules and includes innovative mapping and smart routing technologies to locate the nearest mosques. The app also mutes notifications during prayer times and provides directions to the Qibla, ensuring drivers can seamlessly balance their professional responsibilities with their religious practices.

Islam Abdul Karim, General Manager, Yango GCC, said: “We have seen great demand for our services since our entry into the market and are dedicated to developing a safe and comfortable urban transport system to keep up with this demand. With technology at the heart of our mission, we are not just responding to the current status but are actively shaping the future of mobility with innovative solutions and features. We will continue to set new standards in the industry, contributing to creating smart, sustainable cities.”

Islam spoke in a panel discussion at Mobility Live: “Movers and Shapers: Shining a Spotlight on the Game-Changers in Modern Transport Systems.” Shashi Shekhar Singh, Director of New Markets at Yango, delivered a keynote speech on the “Future of Mobility,” delving into how the company redefines urban mobility.

The company’s commitment to innovation is reflected in its diverse range of services, including Yango Maps, Yango ride-hailing service, Yango Play, Yango Tech, the advanced Arabic human-like AI voice assistant Yasmina, and many more, all of which are designed to enhance the everyday lives of local communities. As one of the leading apps in the region, the company is committed to supporting local transport providers, creating jobs, and fostering long-term partnerships with local communities and governments.

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Trident IoT Launches Taurus Z-Wave Series Silicon

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Chip series and SDK support next-generation Z-Wave capabilities for the global market.

Trident IoT, an RF technology and engineering company focused on decreasing time-to-market for connected device manufacturers, today announced the release of the new Taurus Z-Wave Series of silicon solutions.

The Trident IoT Taurus Z-Wave Series will encompass system-on-chip (SoC) solutions and modules that support the latest advancements in Z-Wave technology, including Z-Wave Long Range (ZWLR) for the U.S. and the implementation of the ZWLR European specification. The Taurus Z-Wave Series will ship with an SDK based on Open Z-Wave Specification Release 2024A.

“The Taurus Series gives global manufacturers access to cutting-edge Z-Wave capabilities,” said Trident IoT co-founder Bill Scheffler. “This silicon series and SDK will be the first to implement the ZWLR European specification, accelerating IoT product development worldwide.”

Taurus Series Silicon Specifications
The Taurus Series is based on an ultra-low power, high performance Z-Wave SoC. The Taurus SoC solution is designed to enable Z-Wave solutions with class-leading battery life, range, and memory.

Taurus Series chips feature an ARM® Cortex®-M33 microprocessor, 1MB of flash program memory, and 288KB of SRAM data memory for exceptional processing and response time. The powerful sub-GHz radios transmit at +20dBm and +14 dBm, enabling communication over distances up to 1+ miles.

Taurus chips support Z-Wave Plus, Z-Wave Plus v2 and ZWLR, enabling the development of highly secure, reliable, scalable, and backwards-compatible solutions for smart home, hospitality, multi-dwelling units and more. Using the ZWLR 12-bit addressing space, the Taurus Series supports networks of up to 4000 nodes; Taurus chips also leverage ZWLR dynamic power control, enabling end point battery life of up to ten years from a single coin-cell battery.

“ZWLR is a revolutionary technology, with the power to expand the reach, scale and utility of IoT applications while preserving full backward compatibility with currently deployed Z-Wave devices,” said Avi Rosenthal, Z-Wave Alliance Chairman of the Board. “This new Z-Wave silicon offering, paired with the Trident IoT SDK and design services, will enable more Z-Wave Alliance members to take advantage of ZWLR capabilities, bringing exciting new products to market faster around the globe.”

End-to-End Product Development Support
In line with the company’s mission to decrease time-to-market for IoT devices, Trident IoT will offer end-to-end engineering consultation for new products integrating Taurus Series silicon. In addition to the Taurus Series SDK, Trident IoT customers will also have access to an exclusive library of both Z-Wave and ZWLR device and sensor reference designs, created to accelerate the development of innovative new edge-of-property applications.

Trident IoT also offers in-depth consulting from some of the industry’s foremost experts on wireless connectivity, including Z-Wave technology. “Trident IoT was launched in response to a gap in the availability of IoT product design services,” says Mariusz Malkowski, Trident IoT CTO and founder. “The demand for consultation has been extraordinary: in just six months we’ve had to double our engineering resources.”

To support the development of market-ready products, the Trident IoT lab is fully equipped and available for Z-Wave, Z-Wave Plus v2, and ZWLR end product compliance and testing.

By providing silicon, design services, and in-house compliance testing, Trident IoT can help device manufacturers decrease time-to-market for new Z-Wave products by more than 60%. According to Kevin Kraus, VP of Technology Alliances and IoT Business Development, Yale – Fortune Brands Innovation, “In-depth consulting services from the Trident IoT team will be an invaluable accelerator for Fortune Brands, helping us to bring new Z-Wave-certified products to market in the near future. With the launch of this new single-die silicon solution, we look forward to collaborating on new devices with next-generation capabilities, including long-range and potentially even multi-protocol devices.”

Taurus Series Previews for Product Developers
Taurus Series silicon will begin shipping at scale in Q4 2024. In the meantime, Trident IoT will issue Taurus Series samples to select partners for initial testing and product development.

About Trident IoT:
Trident IoT is a technology and engineering company focused on simplifying RF development, increasing product success rates, and decreasing time-to-market for connected device manufacturers. Founded by a team of IoT veterans with over a century of industry knowledge, Trident IoT is aimed at making connected devices work as intended. With an initial focus on companies manufacturing Z-Wave devices, Trident IoT seeks to expand and build new relationships through a human connection at every level, including certification and market knowledge. 

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