Singapore – Endowus, a digital wealth advisory platform, has recently announced a strategic collaboration with customer engagement platform Twilio, aiming to enhance security on their platform and build client trust.
In this partnership, the company collaborated with Twilio to enhance security and regulatory compliance. To combat bot sign-ups and fraudulent activities, the platform also integrated Twilio Verify, enforcing SMS OTP verification during key actions like logins and withdrawals. This added layer of security ensures only legitimate users access the platform.
Using Twilio Verify, Endowus also introduced WhatsApp OTPs for customers logging in from overseas. This move has allowed users to securely access their accounts and complete transactions from anywhere. It has also significantly benefitted clients travelling internationally and unable to receive SMS OTPs.
Meanwhile, the Twilio Verify Fraud Guard, which can identify patterns matching fraudulent SMS schemes, has helped Endowus to proactively block or flag fraudulent schemes and prevent them from ever reaching the client.
For instance, the tool can track patterns like the percentage of delivered OTPs that are subsequently successfully verified. A decline in verification rates could also indicate issues such as compromised credentials, allowing the tool to identify the occurrence early on and notify the company to investigate and take action quickly.
Since its implementation, the company noted a 98% verify conversion rate through WhatsApp and a 96% verify conversion rate overall, highlighting minimal friction in the verification process. Additionally, the implementation observed less than 1% false positives.
Commenting about the alliance, Deepak Sarda, chief technology officer at Endowus, said, “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.”
Meanwhile, Robert Woolfrey, vice president of communication for APJ at Twilio, also said, “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,” concluded Woolfrey.
Following the success of the collaboration, Endowus also plans to enhance its security with the addition of Twilio Verify Push. This new tool offers secure push authentication, allowing users to verify their identity effortlessly on their mobile devices.
The ongoing partnership with Twilio further enables Endowus to continue prioritising robust security measures while maintaining an intuitive and secure investment platform for its users.
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.
