EnStream partners with Socure to enhance defenses against synthetic identity fraud in Canada, leveraging advanced machine learning and mobile data insights to bolster security in financial transactions and beyond.
In an innovative move to bolster defenses against the escalating problem of synthetic identity fraud in Canada, EnStream, a prominent provider of mobile intelligence, has joined forces with Socure, a leader in digital identity verification. This partnership aims to integrate EnStream’s unique data sets into Socure’s Sigma Synthetic fraud solution, aiming to prevent the growing incidence of this sophisticated form of fraud.
Synthetic identity fraud involves the creation of a new identity by combining real and fake personal data, which criminals use to open fraudulent accounts or make unauthorized transactions. This type of fraud is notoriously difficult to detect, as it often presents as a seemingly legitimate identity. As financial activities continue to digitalize, the prevalence of synthetic identity fraud has seen a rapid increase, posing a significant challenge for financial institutions, tech companies, and government bodies.
The utilization of EnStream’s mobile data attributes, powered by advanced machine learning models, promises to enhance Socure’s already robust fraud prevention platform. These mobile attributes can offer real-time, privacy-protected, and deterministic insights that significantly improve the accuracy of identifying and verifying consumer profiles. This augmented accuracy is crucial in distinguishing fraudulent activities from legitimate interactions throughout a customer’s lifecycle.
The scale of losses attributed to synthetic identity fraud is staggering. Research conducted by Socure highlights the potential for this type of fraud to cost the U.S. market approximately $5 billion by 2024, with projections by the Deloitte Center for Financial Services estimating losses could soar to at least $23 billion by 2030 in the U.S. alone. The situation in Canada reflects a similar uptrend, prompting urgent measures to mitigate such fraudulent activities.
EnStream, a collaborative endeavor of Canada’s leading mobile telecom operators—including Bell Mobility, Rogers Communications, and TELUS Communications—provides a critical service by leveraging mobile intelligence for identity verification and authentication across diverse industries. This includes banking, cryptocurrency, government services, and more, covering over 90% of mobile customers nationally.
Socure, on its part, harnesses artificial intelligence and machine learning combined with vast data intelligence from both online and offline sources to verify identities in real time. The firm’s advanced capabilities allow it to deliver high standards of security and compliance, supporting a wide range of sectors from financial services to healthcare and e-commerce. Socure’s client roster boasts impressive names, including major banks and innovative fintech companies.
By merging EnStream’s precise mobile intelligence with Socure’s cutting-edge identity verification platform, this partnership aims to set new benchmarks in fraud prevention. As synthetic identity fraud becomes more sophisticated, the collaboration between these two entities is a strategic response, promising not only to address but stay ahead of the evolving tactics employed by fraudsters in Canada.
With this strategic alliance, Socure and EnStream are positioning themselves as pivotal players in safeguarding consumer and business transactions against one of the fastest-growing financial crimes today, aiming for a safer, more secure digital transaction environment in Canada.