JuicyScore, a global leader in anti-fraud and risk management solutions, announced its global expansion plans to scale up its operations to the Indian sub-continent. The company will offer anti-fraud solutions to NBFCs and Indian micro-financing businesses to reduce their online risk in the rapidly growing financing ecosystem in India.
The influx of digital technologies has rapidly developed India’s digital lending ecosystem despite the slowdown caused by the COVID-19 pandemic. New financial institutions such as Neobanks and microfinance start-ups and companies have also mushroomed in the country to tap the demand of credit triggered by both businesses and consumers. However, with the rise of this sector, the risk ratio for online lending has rocketed too due to weak security legacy systems that put bank data and money at risk. And to tackle this threat, JuicyScore provides an array of robust anti-fraud solutions and risk assessment tools that aid banks and businesses deal with application fraud, account takeover, multi-accounting, transaction fraud etc.
Mikhail Marchenko, Co-Founder, JuicyScore, said the projected growth of the digital lending ecosystem in India is $350 billion by the end of 2023. “The sheer scale of this opportunity coupled with the Government of India’s push towards micro and medium online finance enterprises into the gambit of its financial inclusion vision puts India as one of the top 3 priority markets. Being the global leaders in anti-fraud and risk assessment, we are committed to bringing in best-in-class technology solutions to India and fostering the digital infrastructure of the country.”
JuicyScore provides the access to the tools that helps in preventing fraud, reducing risks and increasing the availability of online financial products via device authentication technologies and user behavior analysis. The company’s unique selling proposition (USP) is to not use any personal identifiers and sensitive data that makes it compliant to GDPR, current and prospective regulating rules, browsers’ and other operational systems’ security policy.