Digital wealth advisory platform Endowus has partnered with customer engagement company Twilio to enhance security measures and build trust among its growing user base. The collaboration aims to protect over 250,000 users in Singapore and Hong Kong from fraud, ensuring a secure and seamless investing experience.
Strengthening security against rising fraud threats
With financial fraud cases increasing, security has become a top priority for Endowus. Singapore has seen a sharp rise in scam-related incidents, with the Financial Industry Disputes Resolution Centre reporting a 62.9% increase in fraud claims between July 2023 and June 2024. To combat this, regulators have introduced measures such as the Infocomm Media Development Authority’s SMS Sender ID Registry, which verifies SMS senders to prevent phishing scams.
Endowus has adopted Twilio Verify, a security solution that adds extra layers of protection by requiring SMS one-time password (OTP) verification for critical actions like logging in and making withdrawals. This ensures that only authorised users can access the platform.
For users travelling overseas, Endowus has introduced WhatsApp OTP verification. This alternative allows clients to securely log in from anywhere, preventing access issues that may arise from SMS delivery failures.
To further safeguard its platform, Endowus has implemented Twilio Verify Fraud Guard. This system detects fraudulent patterns in OTP verification attempts and can block or flag suspicious activity before it reaches users. It also monitors verification rates, identifying unusual drops that could indicate potential breaches. Since deploying these solutions, Endowus has recorded a 98% verification success rate via WhatsApp and a 96% overall conversion rate, ensuring minimal disruption to users. Additionally, Fraud Guard has helped maintain false positives at below 1%, improving the accuracy of security alerts.
Commitment to security and seamless user experience
Endowus remains committed to balancing security with a smooth user experience. Deepak Sarda, Chief Technology Officer at Endowus, emphasised the importance of continuous improvement. “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, highlighted the need to combine security with convenience. “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,” he said. “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 is exploring additional security features, including Twilio Verify Push, which allows users to confirm their identity through push notifications on their smartphones. By continuously evolving its security measures, Endowus aims to provide a safe and reliable investment experience for its users.
