Singapore-based digital wealth advisory platform Endowus has partnered with US-based customer engagement platform Twilio, to enhance security on their platform and build client trust.

The duo said in a statement on Monday that building on the success of this partnership, Endowus is looking to explore additional solutions with Twilio to further enhance security on the platform.

This includes Twilio Verify Push, which sends a push authentication to a user’s smartphone or tablet, enabling them to securely confirm their identity with a simple tap.

Through its partnership with Twilio, Endowus remains committed to strengthening its security measures while still delivering a top-notch user experience, making it easy and safe for everyone to take control of their financial future and investing journey.

It is noted that Endowus provides access to institutional-grade products and advice at a fraction of the cost.

With more than 250,000 users across Singapore and Hong Kong, it is crucial for the platform to have robust safeguards in place that protect sensitive data.

These safeguards are especially pertinent given the continued rise in fraud cases in Singapore.

The Financial Industry Disputes Resolution Center saw a 62.9 percent increase in fraud- and scam-related claims between July 2023 and June 2024.

To combat this growing threat, regulators are implementing stronger safeguards such as the Infocomm Media Development Authority’s SMS Sender ID Registry which verifies SMS senders to reduce the risk of phishing scams.

Endowus worked with Twilio to implement various security measures to safeguard its ecosystem and comply with regulations.

In particular, the platform needed an advanced verification solution to mitigate the increasing risks associated with bot sign-ups and fraudulent activities.

This led to the implementation of Twilio Verify, which adds layers of protection by enforcing SMS OTP verification during critical user actions such as logging in or making a withdrawal – thus ensuring that only legitimate users interact with the Endowus platform.

With Twilio Verify, Endowus also introduced WhatsApp OTPs for customers logging in from overseas, allowing them to securely and reliably access their accounts and make transactions from anywhere in the world.

This has been particularly useful in instances where clients are travelling internationally and unable to receive SMS OTPs.

Endowus also leveraged Twilio Verify Fraud Guard, which can identify patterns matching fraudulent SMS schemes, then proactively block or flag these schemes and prevent them from ever reaching the client.

For example, the tool can proactively monitor patterns such as the percentage of delivered OTPs which are subsequently successfully verified.

A drop in verification rates could signal issues like compromised credentials, and Twilio Verify Fraud Guard can identify this occurrence early on and alert the company to investigate and take action quickly.

Since implementing Twilio Verify, Endowus has consistently achieved a 98 percent verify conversion rate via WhatsApp, and a 96 percent verify conversion rate overall – indicating minimal friction in the verification process.

Moreover, since implementing Fraud Guard, Endowus has seen less than 1 percent false positives.

“We are constantly reviewing the security and privacy concerns facing our clients today, and it’s essential that we do all we can to mitigate these risks for them,

“We’ve been able to use Twilio’s standout solutions to significantly strengthen Endowus’ security safeguards, ensuring our clients can engage with our platform worry-free,” said Deepak Sarda, Chief Technology Officer at Endowus.

Robert Woolfrey, Vice President, APJ, Communications, at Twilio, said that investors are increasingly selective about who they entrust their capital to, so fostering assurance is key and this requires a non-negotiable commitment to a robust security posture.

“At the same time, businesses still need to ensure their user experience is as seamless as possible. With the right tools in place, there’s no longer a need to compromise security for quality – you can engage your customers immersively, meaningfully, and securely all at once. We’re proud to have partnered with Endowus to achieve this,” he added.

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