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EnStream, Socure tackle synthetic fraud in Canada

Monday 22 April 2024 13:30 CET | News

EnStream and Socure have collaborated to integrate EnStream's data sets into Socure's Sigma Synthetic fraud solution, aimed at combating synthetic identity fraud in the Canadian market.

 

Synthetic identity fraud involves the creation of fictitious identities by combining stolen, manipulated, or fabricated attributes, posing a significant challenge for financial institutions, fintech companies, and other enterprises.

According to research conducted by Socure, synthetic fraud could incur costs of up to USD 5 billion in the US market by 2024, with projections from the Deloitte Center for Financial Services suggesting losses of at least USD 23 billion in the US by 2030. The prevalence of this type of fraud is not limited to the US, with Canada also facing increasing risks.

EnStream's real-time mobile intelligence, powered by machine learning models, enhances Socure's identity verification capabilities by adding key mobile attributes to consumer profiles, aiming to make it more difficult for fraudsters to create synthetic profiles or hijack real identities.

EnStream and Socure have collaborated to integrate EnStream's data sets into Socure's Sigma Synthetic fraud solution, aimed at combating synthetic identity fraud in the Canadian market.

 

EnStream, a joint venture of Canada's major mobile telecom companies - Bell Mobility, Rogers Communications, and TELUS Communications, specializes in providing identity verification and authentication services using real-time mobile intelligence. With over 100 enterprise customers and servicing over 90% of mobile customers nationwide, EnStream supports various industries including banking, cryptocurrency, government agencies, insurance, gaming, and healthcare. Their collaboration with Socure aims to enhance online trust and convenience by leveraging verified identities and network information from trusted mobile devices and networks.

Socure, a provider of digital identity verification and fraud solutions, applies artificial intelligence and predictive analytics techniques to verify identities in real-time. With over 2,200 customers across industries such as financial services, government, gaming, healthcare, telecom, and e-commerce, Socure is committed to providing accurate and inclusive identity verification and fraud prevention services. Their platform holds certifications for security and compliance, including IAL-2 and FedRAMP Moderate certifications, ensuring advanced levels of assurance.

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Keywords: synthetic identity, identity fraud, identity verification, fraud prevention, machine learning
Categories: Fraud & Financial Crime
Companies: Socure
Countries: Canada
This article is part of category

Fraud & Financial Crime

Socure

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