Nexo Partners With Sift for Enhanced Digital Asset Fraud Protection

The digital asset firm Nexo has announced its partnership with Sift, aiming to upgrade its fraud prevention mechanisms. The collaboration between the duo is expected to streamline and secure the user experience for Nexo’s customer base, which exceeds six million globally.

Nexo to Leverage Sift’s Fraud Protection Services

By integrating Sift‘s payment protection and account defense solutions, Nexo intends to fortify its platform against a variety of fraud challenges. These tools, powered by artificial intelligence (AI) and machine learning technologies, promise to improve transaction speed and security, while also reducing the risk of account takeovers.

The latest move is part of Nexo’s broader strategy to enhance operational efficiency and minimize financial losses due to fraudulent activities. The partnership also grants Nexo access to Sift’s Global Data Network, which includes data from leading cryptocurrency exchanges worldwide.

This access, the company said, is anticipated to significantly enhance Nexo’s ability to detect and prevent fraud swiftly, thereby reducing unnecessary hurdles for legitimate users. “The synergistic alliance between Sift and Nexo demonstrates our unwavering commitment to a user-centric ethos, harmonized with robust security and anti-fraud protocols,” Savina Boncheva, the head of compliance at Nexo said in a statement sent to Bitcoin.com News.

Boncheva added:

By harnessing Sift’s cutting-edge technology and comprehensive platform for managing digital risk, Nexo is equipped to adeptly prevent fraud while creating a streamlined experience for our users.

Nexo says that it aims to increase the accuracy and speed of its fraud detection mechanisms, thereby cultivating a greater sense of trust and confidence among its users and the wider blockchain community.

This strategic decision unfolds amid a growing regulatory examination of the cryptocurrency sector. Additionally, it comes after Nexo’s legal action against Bulgaria, seeking $3 billion in damages due to a 2023 office raid. Sift is confident that Nexo will significantly benefit from its suite of fraud prevention tools.

“The crypto community is a magnet for organized fraud actors seeking financial gain,” Armen Najarian, the chief marketing officer at Sift told Bitcoin.com News. “By joining Sift’s global data consortium and leveraging our AI-based risk decisioning platform, crypto exchanges like Nexo can greatly reduce fraud and create better experiences for legitimate users.

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