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Nanovest partners with SHIELD to boost user trust

07:51:00 | 16 Mar 2023
Nanovest partners with SHIELD to boost user trust
JAKARTA (IndoTelko) - Nanovest, Indonesia’s new-age digital asset marketplace, announced its partnership with SHIELD, the world’s leading risk intelligence company. The partnership will strengthen Nanovest’s risk and fraud strategy as part of its commitment to becoming the most trusted investment app nationwide.

According to Indonesia’s Central Securities Depository, over 70% of Indonesia’s new retail investors are young people, between the ages of 17 and 30. However, the latest National Financial Literacy Index revealed only 49.68% of the population is financially literate.

Nanovest aims to democratize investing and trading by providing an accessible and engaging platform for Indonesians, especially the nation’s digitally-savvy youth. To date, more than five million people use Nanovest to invest in over 120 cryptocurrencies, and +2000 global stocks & ETFs. The platform also encourages users to improve their financial knowledge through in-app games and missions, rewarding them with Nanobyte Tokens (NBT).

Trading apps like Nanovest however are increasingly at risk of fraud attacks. Fraudsters often target investment platforms by creating a large number of fake accounts. These can be used in tandem with jailbroken devices, cloned apps, and auto-clickers to accumulate rewards and manipulate the market. In more severe instances, fraudsters can take over accounts to conduct malicious trades or wipe out user earnings.

Nanovest’s priority is to ensure its user experience stays safe and seamless. This partnership enhances Nanovest’s existing fraud prevention capabilities with SHIELD’s Device Intelligence solution. SHIELD ID, the global standard for device identification, enables Nanovest to detect multi-accounting and fake accounts accurately. They are also able to identify and eliminate malicious tools used with the SHIELD Risk Indicators. This allows Nanovest to maintain the integrity and transparency of the platform by directing engagement campaigns and rewards to genuine users instead.

The partnership will also empower Nanovest’s ability to optimize KYC and onboarding processes, without requiring Personal Identifiable Information (PII). With SHIELD’s technology, Nanovest can reassure users of their commitment to user experience and privacy, while meeting regulatory and compliance requirements.

Hutama Pastika, CEO of Nanovest, commented, "Our vision is to be the most trusted investment app accessible by all levels of society. But we can only achieve it by constantly building trust with our users. SHIELD’s real-time solution allows us to eliminate fraudulent activity and ensure that Nanovest is the most trusted place for anyone to trade, invest, and grow."

Justin Lie, Founder & CEO of SHIELD, added, "Users must be able to trust the platforms they’re interacting on, especially when it comes to personal finance. SHIELD is proud to be Nanovest’s trust partner as they continue to grow and democratize investing for all Indonesians. Their dedication to building user trust is a great spark in Indonesia’s fast-growing financial services industry."(es)

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