Pandemic driven shift to digital channels accelerating mobile verification in Canada, helping prevent fraud
TORONTO, ON–EnStream, Canada’s provider of mobile verification services, has seen a significant lift in transaction volume due to the increase in digital traffic during the Covid-19 pandemic. Institutions using EnStream’s services can, with an individual’s consent, utilize mobile account information to assist with the safe and secure opening of an account online, and help detect where stolen or synthetic identities are being used. Additionally, EnStream uses mobile device information to help its clients prevent fraudulent access of accounts and transactions, by identifying suspicious SIM swaps, number ports and other forms of mobile fraud that are often used in concert with financial fraud.
While some markets are reporting a 10-20 percent increase in digital engagement, EnStream’s weekly transactions have increased by 33% since Canadians began isolating. Identity verification for digital account opening and device verification for returning customers are driving this increase. “Companies now recognize there is more at stake than the value of a transaction,” said Almis Ledas, EnStream’s President and COO. “Customers are trusting companies with their personal information, and more companies are stepping up to make sure that anyone accessing an account that contains personal information is who they say they are.”
Fraudsters are taking advantage of the current health crisis to increase phishing activities and other scams aimed at identity theft and account takeovers. EnStream’s clients are protecting their customers from this very damaging form of fraud.
While the use of mobile data to verify customer assertions has been growing, Canada remains well behind the United States, and other markets, in its adoption. The current spotlight on digital channels, and the importance of maintaining their security, is causing more on-line service providers to join the growing ranks of banks, fintechs and government organizations to add mobile network data to their fraud management toolkit.
About EnStream
EnStream is a joint venture of Canada’s leading mobile telecom companies – Bell Mobility, Rogers Communications and TELUS Communications – that provides identity verification and device authentication for 3rd party applications. Intended for banks, credit bureaus, insurance companies, government, utilities and many others, with end-user consent, these services can help provide timely and accurate verification of mobile subscriber identity and related account and service information, as a means to enhance user convenience and reduce identity theft and fraud.
Related Posts
