EnStream and Socure partner to fight against synthetic identity fraud in the Canadian market

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Apr 17, 2024, 06:15 ET

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.

Socure logo (CNW Group/EnStream LP)

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

SOURCE EnStream LP