Nexo partners with Sift to mitigate digital asset fraud

By Gloria Methri

Nexo, the institution for digital assets has partnered with Sift to revolutionize its approach to fraud prevention, enhance security measures and ensure a safer and more reliable experience for its users.

Nexo will utilize Sift’s Payment Protection and Account Defense products, leveraging its advanced artificial intelligence and machine learning (ML) technology, and real-time intelligence to provide robust protection against a wide array of account and payment fraud challenges.

Payment Protection will enhance Nexo’s platform with payment fraud prevention, resulting in faster transaction approvals, and improved protection of customer funds. In parallel, Sift’s Account Defense will secure user accounts by preventing account takeovers, thus accelerating Nexo’s operational efficiency, and reducing losses associated with compromised accounts.

Nexo also gains access to Sift’s Global Data Network, its consortium of customers, including dozens of the world’s top crypto exchanges. The insights gleaned from the Global Data Network will allow the company to prevent fraud more accurately and quickly and reduce friction 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. 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,” said Savina Boncheva, Head of Compliance at Nexo.

“The crypto community is a magnet for organized fraud actors seeking financial gain,” said Armen Najarian, Chief Marketing Officer at Sift. “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. We are pleased to welcome Nexo to the Sift customer community and look forward to a successful and long-term partnership.”