Fighting Synthetic Fraud: EnStream and Socure Join Forces

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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Alex is a seasoned editor and writer with a deep passion for technology and startups. With a background in journalism, content creation, and business development, Alex brings a wealth of experience and a unique perspective to the ever-changing world of innovation. As the lead editor at Startup World, Alex is committed to discovering the hidden gems in the startup ecosystem and sharing these exciting stories with a growing community of enthusiasts, entrepreneurs, and investors. Always eager to learn and stay updated on the latest trends, Alex frequently attends industry events and engages with thought leaders to ensure Startup World remains at the forefront of startup news and insights. Alex's dedication and expertise help create an engaging platform that fosters knowledge-sharing, inspiration, and collaboration among tech-savvy readers worldwide.

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