In a significant move against synthetic identity fraud, EnStream and Socure are set to beef up their digital security prowess. EnStream, Canada’s foremost real-time mobile intelligence provider, and Socure, a pioneering AI firm for digital identity verification, have announced a collaboration. The partnership will leverage EnStream’s unique data sets to boost Socure’s leading Sigma Synthetic fraud solution.
EnStream Groups Up With Socure to Tackle Synthetic Fraud
The partnership sees a merger of EnStream’s ML model powered key mobile attributes into Socure’s Sigma Synthetic fraud system. The integration aims to stave off synthetic identity fraud throughout the Canadian enterprise spectrum. Fueled by EnStream’s real-time mobile intelligence, Socure is set to fortify its already robust solution to make it even more potent against synthetic identity fraud.
Impacts of Synthetic Identity Fraud on the Financial Market
Synthetic identity fraud is a growing epidemic, clandestinely causing businesses to bleed billions annually. These fraudsters create entirely fictitious identities using a mix of stolen, manipulated, and fabricated attributes which they then use for fraudulent activities. Estimates from previous Socure research suggest the cost of synthetic fraud could reach $5B in the US market by 2024, and Canada is not impervious to this trend. EnStream and Socure’s tie-up is a timely intervention towards mitigating the increasing menace of synthetic identity fraud.
About Socure and EnStream: Leaders in Digital Security
With distinctive technique in digital identity verification and fraud solutions, Socure applies AI and predictive analytics to verify identities in real-time. Their clientele includes leading banks, fintechs, and e-commerce industries. EnStream, a collective effort by Canada’s top mobile telecom companies, uses real-time mobile intelligence to provide identity verification and authentication services. Their services ensure online trust for customers and businesses alike.
In summary, the groundbreaking alliance of Socure and EnStream promises an enhanced solution against the rising threat of synthetic identity fraud. By incorporating EnStream’s real-time mobile data into Socure’s Sigma Synthetic fraud solution, this partnership stands poised to lead the charge in combating this financial crime. In an era where cyber security is paramount, collaborations such as this are integral to fortifying digital landscapes against fraudulent activities.
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