Nexo partners with Sift

As part of the alliance, Nexo is set to leverage Sift’s Payment Protection and Account Defense products, using their artificial intelligence (AI) and machine learning (ML) technology, as well as their real-time intelligence to offer protection against several account and payment fraud difficulties. With Payment Protection, Nexo integrates its platform with fraud prevention, which intends to result in accelerated transaction approvals and enhanced protection of customer funds. On the other hand, Sift’s Account Defense focuses on securing user accounts by preventing account takeovers, therefore advancing Nexo’s operational effectiveness, and minimising losses associated with compromised accounts.

Furthermore, the collaboration provides Nexo with access to Sift’s Global Data Network, its consortium of customers, including global crypto exchanges. The knowledge acquired from the Global Data Network is set to enable Nexo to prevent fraud more accurately while improving the customer experience for legitimate users. Additionally, the move solidifies Nexo’s position in identifying and preventing complex fraud patterns, ultimately increasing the precision and speed of the company’s response. According to Nexo’s officials, the collaboration between their company and Sift supports its commitment to a user-centric experience that integrates security and anti-fraud protocols. By leveraging Sift’s technology and platform for managing digital risk, Nexo aims to prevent fraud while developing a simplified experience for its customers.

Representatives from Sift underlined that the crypto community tends to attract fraudsters seeking financial gain. With the support of Sift’s global data consortium and by using its AI-based risk decisioning platform, crypto exchanges, including Nexo, receive the ability to minimise fraud and create enhanced experiences for legitimate users. Sift intends to develop a long-term partnership with Nexo that can assist the company’s growth and its customers. One of Nexo’s objectives is to continuously improve its security measures and develop the crypto exchange industry. By joining forces with Sift, the company advances its commitment to a more secure and efficient digital ecosystem for its customers.

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