Endowus teams with Twilio to enhance platform security

Endowus has entered into a collaboration with Twilio to bolster security measures on its digital wealth advisory platform.

In light of a significant increase in fraud cases, as reported by the Financial Industry Disputes Resolution Centre, with a 62.9% rise in fraud- and scam-related claims between July 2023 and June 2024, financial platforms like Endowus are prioritising enhanced security measures. The partnership with Twilio aims to provide an additional layer of protection to safeguard sensitive client data.

Endowus has integrated Twilio Verify into its platform, introducing SMS OTP verification for critical actions such as logging in or making withdrawals, ensuring that access is granted only to legitimate users. This integration aims to decrease friction in the user experience while bolstering security measures.

Furthermore, Endowus has adopted WhatsApp OTPs for clients accessing the platform from overseas. This feature ensures that users travelling internationally can securely manage their accounts and perform transactions, even when traditional SMS OTPs might not be received.

The partnership also includes the deployment of Twilio Verify Fraud Guard. This tool identifies fraudulent SMS patterns and either blocks or flags these threats, preventing them from reaching the client. It monitors patterns such as the percentage of successful OTP verifications, providing early warnings for potential fraud activities.

Since implementing these security solutions, Endowus has reported a 98% verify conversion rate via WhatsApp and a 96% overall verify conversion rate. The company has detected less than 1% false positives with the help of Twilio Verify Fraud Guard.

Deepak Sarda, Chief Technology Officer at Endowus, commented, "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."

Robert Woolfrey, Vice President, APJ, Communications, at Twilio, added, "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."

Looking ahead, Endowus plans to explore more solutions with Twilio, such as the Twilio Verify Push, which offers push authentication to users' smartphones or tablets for secure identity confirmation. These steps underscore Endowus' commitment to enhancing its security measures while ensuring users enjoy a seamless investing experience.