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, 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.
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