Endowus, a digital wealth platform serving over 250,000 users across Singapore and Hong Kong, has partnered with Twilio to bolster platform security and client trust.

This collaboration addresses growing concerns about fraud and phishing scams in Singapore, where the Financial Industry Disputes Resolution Centre has reported a rise in related claims.

In response to the increasing threat, and in line with regulatory efforts such as Singapore’s SMS Sender ID Registry, Endowus has implemented Twilio Verify.

This addresses risks including bot sign-ups and fraudulent activity.

This includes SMS and WhatsApp one-time password (OTP) verification for critical user actions, adding crucial layers of protection.

Furthermore, Endowus is utilising Twilio Verify Fraud Guard to proactively detect and prevent fraudulent activity.

The implementation has yielded positive results, with Endowus reporting a 98% verification conversion rate via WhatsApp and a 96% overall conversion rate.

Notably, the platform has experienced less than 1% false positives with Fraud Guard, indicating effective and accurate fraud detection.

Endowus plans to explore further security enhancements with Twilio, including push authentication.

“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.

“Investors are increasingly selective about who they entrust their capital to, so fostering assurance is key. 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.”

said Robert Woolfrey, Vice President, APJ, Communications, at Twilio.

Featured image credit: Edited from Freepik