Digital wealth manager Endowus has partnered with Twilio, a New York-listed customer engagement solutions provider, to enhance the security of its platform and build client trust.

Endowus provides access to institutional-grade products and advice to more than 250,000 clients across Singapore and Hong Kong. As such, the company says, its platform must have robust safeguards to protect sensitive data.

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.

Twilio Verify adds layers of protection by enforcing SMS OTP ( one-time password sent via text message ) verification during critical user actions such as logging in or making a withdrawal – thus ensuring that only legitimate users interact with the Endowus platform.

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.

Moreover, the company 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 Fraud Guard can identify this occurrence early on and alert the company to investigate and take action quickly.

Since implementing Twilio Verify, Endowus says it has consistently achieved a 98% verify conversion rate via WhatsApp, and a 96% verify conversion rate overall – indicating minimal friction in the verification process. Moreover, since implementing Fraud Guard, Endowus has seen less than 1% 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,” says Deepak Sarda, chief technology officer at Endowus. “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.”