EnStream, a leading provider of real-time mobile intelligence to combat identity and transaction fraud, has partnered with Socure, a pioneer in artificial intelligence-based digital identity verification and fraud prevention. The collaboration aims to enhance Socure’s Sigma Synthetic fraud solution by incorporating EnStream’s unique data sets.
Synthetic identity fraud is a rapidly growing financial crime that costs businesses billions of dollars annually. Fraudsters create fake identities by combining stolen, manipulated, and fabricated attributes such as names, addresses, phone numbers, and social security numbers. This enables them to defraud financial institutions, government agencies, and other enterprises.
Research conducted by Socure indicates that synthetic fraud could cost the US market up to $5 billion by 2024. The Deloitte Center for Financial Services projects that synthetic identity fraud will result in at least $23 billion in losses in the US by 2030. Canada is also experiencing an increase in synthetic identity fraud, making it a prime target for criminals.
By integrating EnStream’s ML models and mobile attributes into Socure’s solution, the accuracy of consumer profiles and interactions during the customer lifecycle will be significantly improved. This collaboration will strengthen Socure’s position as a leading provider of accurate identity verification.
EnStream’s privacy-protected, real-time, and deterministic mobile intelligence will add an additional layer of data, making it increasingly difficult for criminals to create synthetic profiles or hijack real identities.
Both companies are committed to eradicating synthetic fraud and protecting businesses from its financial consequences. EnStream aims to support Socure’s growth in the Canadian market, while Socure will continue to lead the industry in identity verification accuracy.
EnStream is a joint venture of Canada’s top mobile telecom companies, including Bell Mobility, Rogers Communications, and TELUS Communications. They provide identity verification and authentication services for various applications, leveraging real-time mobile intelligence. Socure, on the other hand, is a trusted provider of digital identity verification and fraud solutions, offering AI and predictive analytics to verify identities in real-time.
The collaboration between EnStream and Socure will contribute to enhancing fraud prevention measures in Canada, ensuring a more secure business landscape. Businesses can rely on their combined expertise to combat synthetic identity fraud effectively.
In addition to the information provided in the article, there are several important facts and trends to consider regarding EnStream and Socure’s collaboration to strengthen fraud prevention in Canada.
Current Market Trends:
1. Rising Instances of Synthetic Identity Fraud: Synthetic identity fraud is a significant and growing concern for businesses globally. Fraudsters are increasingly creating complex fake identities, making it crucial for companies to adopt advanced fraud prevention measures.
2. Increasing Adoption of Artificial Intelligence: Artificial intelligence (AI) is being widely utilized in fraud prevention as it enables real-time analysis of large amounts of data to identify anomalies and potential fraudulent activities. The partnership between EnStream and Socure is an example of how AI is being leveraged to enhance fraud prevention solutions.
Forecasts:
1. Projected Growth of Synthetic Identity Fraud: Research conducted by Socure suggests that synthetic identity fraud could cost the US market up to $5 billion by 2024. Another forecast by the Deloitte Center for Financial Services indicates that by 2030, synthetic identity fraud will result in at least $23 billion in losses in the US. These projections demonstrate the severity and potential financial consequences of this type of fraud.
Challenges and Controversies:
1. Privacy Concerns: As AI and data analytics are used to combat fraud, there may be concerns about the privacy of individuals’ personal information. It is essential for companies like EnStream and Socure to prioritize privacy protection and ensure secure handling of consumer data.
Advantages:
1. Enhanced Identity Verification Accuracy: By integrating EnStream’s ML models and mobile attributes into Socure’s solution, the accuracy of consumer profiles and interactions during the customer lifecycle will be significantly improved. This will help businesses verify identities more effectively and prevent fraud.
Disadvantages:
1. Potential False Positives: While advanced fraud prevention measures are crucial, there is always a risk of false positive results, where legitimate customers may be flagged as suspicious. It is essential for EnStream and Socure to continually refine their models to minimize false positives and provide a smooth customer experience.
In conclusion, the collaboration between EnStream and Socure is expected to contribute to the enhancement of fraud prevention measures in Canada by leveraging AI and real-time mobile intelligence. This partnership addresses the growing concern of synthetic identity fraud and provides businesses with advanced tools to combat fraudulent activities effectively.
For more information on EnStream and Socure, you can visit their official websites: EnStream and Socure.