AFTER losing $260 million to digital scams in 2019, online fraud continues to emerge as a top critical enterprise risk for Southeast Asian businesses. In the Philippines alone, such cases jumped in the logistics sector by 236 percent in the second quarter of 2022 from a year ago; telecommunications, up…
Brankas, the leading global open finance technology provider, and Element Inc , the privacy-led, modern AI pioneer in digital identity services used to verify a person´s information quickly and seamlessly, today announced a strategic partnership to introduce an additional layer of security to detect
SINGAPORE, Jan. 26, 2023 /PRNewswire/ Brankas,the leading global open finance technology provider, and Element Inc , the privacy-led, modern AI pioneer in digital identity services, today announced a strategic partnership to introduce an additional layer of security to detect potential frauds. In Southeast Asia, one in every three people experienced online fraud amidst this digital transformation last year. Meanwhile, online fraud emerged as a top critical enterprise risk for Southeast Asia-based businesses. This was on top of the US$260 million that they already lost in 2019 to digital fraud.[1] Brankas, the comprehensive Open Finance API platform stand to revolutionize the growth of the MSMEs in the Asia-Pacific region and provide financial access to the underserved while protecting consumer data, confidentiality, and financing via its products and services. Element can play the critical role of the identity verification layer for Brankas' Open Finance Products such as Brankas D