Media
http://www.newswire.ca/en/releases/archive/April2024/17/c4231.html
EnStream and Socure partner to fight against synthetic identity fraud in the Canadian market
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, On. and INCLINE VILLAGE, Nev. April 17, 2024. 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.
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.
Inquiries:
Michele Dunglinson
Events
Semaine NumériQC Conference – Quebec City, April 9 2024
New Opportunities in the Evolving Digital Identity Landscape
Stéphane Bousquet – AVP Sales at Enstream moderated a panel discussion as part of the Semaine NumériQC event which included more than 100 individual conferences ranging from AI, e-commerce, cybersecurity and several others topics.
Please refer to the official Semaine NumériQC site.
Panel Discussion - Overview
Stephane’s panel titled “New Opportunities in the Evolving Digital Identity Landscape” was anchored by a white paper issued in 2023 by the Digital Identity Laboratory of Canada. The document, created collaboratively by leading organizations like Beneva, Desjardins, KPMG, TELUS, and Vidéotron, outlines a shared vision for digital identity in Canada, emphasizing its integration into daily life and the importance of secure, user-friendly digital identities. For a deeper understanding, you can access the white paper here.
Discussion Points
The discussion delved into the complexities of digital identity in modern times—how it's constructed, perceived, and the inherent challenges and opportunities it presents. We reviewed the implications of digital identity for privacy, security, and social interaction, emphasizing the need for robust and ethical frameworks as digital interactions become increasingly pervasive.
Relevance
In the digital age, our identities extend far beyond physical realms, encapsulating vast arrays of data points that define us in the virtual world. The panel delved into the crucial aspects of digital identity, emphasizing its role not only in security and accessibility but also in shaping societal norms and individual freedoms. As we further integrate technology into every facet of life, the need to forge an inclusive, secure digital identity framework becomes paramount. Such frameworks must not only address the technical and practical aspects but also consider the ethical ramifications of digital identity management. The conversation highlighted that safeguarding digital identities requires not just technological solutions but a comprehensive societal effort, involving clear regulations, continuous education, and a strong ethical foundation to navigate the challenges and opportunities ahead. This ongoing dialogue is essential for ensuring that the evolution of digital identities supports a future where technology enhances personal and communal well-being without compromising our core values and rights.
Contact
October 24, 2023 - Toronto
EnStream is honoured to present at the RSAC e-Fraud Global Forum Canada, an exclusive one-day, closed-door, invitation-only forum, created to help facilitate information sharing within the global anti-fraud ecosystem.
November 1, 2023 - Toronto
Almis Ledas, former President and Advisor to EnStream shared industry solutions at the Canadian Lenders Summit - fraud technology workshop.