Based on a report, Nexo, a prominent digital asset institution, has teamed up with Sift, a company that deals with trust and risk prevention in the digital world. The alliance aims to be a game changer for Nexo by replacing the current prevention of fraud mechanisms with modernized ones, becoming more user-friendly to the 6 million existing users.
Sift’s AI and machine learning algorithms are used to provide a Payment Protection defense and Account Defense against different account and payment fraud attempts. Sift will prevent fraud and improve customer protection of their funds by doing this. Besides this, Nexo enters into the Sift’s Global Data Network in order to obtain a grasp on the fraud trends and thereby give a smooth experience to the legit users.
Amir Najarian, CMO at Sift, stated that fraud is rampant in the crypto market. He stressed the need to collaborate and adopt AI platforms for crypto exchange platforms such as Nexo in order to significantly curb the problem and improve user experiences.
The cooperation of Nexo with the act of fraud discovery places it at the head of the movement of fraud prevention in the blockchain industry, having an effect of creating trust and confidence in this industry.
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