The leading identity verification and fraud
prevention provider teams up with Canada's only company with direct telecom data
access to enable real-time risk signals to outsmart
fraudsters.
TORONTO and INCLINE VILLAGE, Nev., April 17,
2024 /PRNewswire/ - EnStream, Canada's leading provider of real-time mobile
intelligence to combat identity and transaction fraud
and Socure, the pioneer of artificial intelligence for digital
identity verification, sanction screening and fraud
prevention, today announced the inclusion of EnStream's unique data
sets as a part of the Socure's Sigma Synthetic fraud
solution. By adding key mobile attributes powered by EnStream
ML models, Socure will supercharge its industry-leading solution to
prevent synthetic identity fraud across the Canadian
market.
Synthetic identity fraud is one of the
fastest-growing financial crimes, invisibly costing businesses
billions each year. Fraudsters combine stolen, manipulated and
fabricated attributes, such as name, address, phone, date of birth,
and Social Security number, and when assembled creates an entirely
new and fictitious identity to defraud financial institutions,
fintech's, government agencies, and other enterprises.
Previous research conducted by Socure indicates that the cost of
synthetic fraud could rise to $5B in the US market by 2024. The Deloitte Center
for Financial Services also projects synthetic
identity fraud to generate at
least $23 billion in losses
in the U.S. by 2030. Canada is not immune to this type of growing
fraud and is becoming a prime target for
criminals.
"Socure is on a mission to eradicate the plague of synthetic
fraud. By including EnStream's
privacy-protected, real time and deterministic mobile intelligence
they can enhance the accuracy of consumer profiles and interactions
during the customer lifecycle." said Upinder Saini, CEO of EnStream. "We look
forward to supporting Socure's growth in the Canadian market."
"Socure leads the industry in accurate identity verification,
and EnStream adds another powerful data layer to make our platform
exponentially harder for criminals to manufacture synthetic
profiles or hijack real identities," said Josh Linn, SVP of Product at Socure.
About Socure
Socure is the leading provider of digital identity verification
and fraud solutions. Its AI and predictive analytics
platform applies artificial intelligence and machine learning
techniques with trusted online and offline data intelligence to
verify identities in real-time. Socure is the only vertically
integrated identity verification and fraud prevention
platform with both IAL-2 and FedRAMP Moderate certifications,
delivering advanced levels of assurance and the highest standards
for security and compliance. The company has more than 2,200
customers across the financial services, government, gaming,
healthcare, telecom, and e-commerce industries, including four of
the five top banks, the top credit bureau and more than 400
fintech's. Organizations including Chime, SoFi, Robinhood, Gusto,
Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate
and inclusive identity verification and fraud
prevention. Learn more at socure.com.
About EnStream
EnStream is a joint venture of Canada's top mobile telecom companies - Bell
Mobility, Rogers Communications, and TELUS Communications. EnStream
leverages real-time mobile intelligence and provides unique
services to offer identity verification and authentication services
for various applications. We are trusted by 100+ enterprise
customers and provide services to 90%+ mobile customers nationwide
to support major banks, cryptocurrency companies,
government agencies, insurance companies, gaming, healthcare and
more. We continue to enhance online trust and convenience for
consumers and businesses using real-life, verified identities and
network information held by trusted mobile devices and
networks.
www.enstream.com
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SOURCE EnStream LP