EFSI will begin implementing WireSecure’s proprietary fraud prevention technology to better protect the firm’s fund manager clients and investors
WireSecure, a leading fintech solution for preventing impersonator fraud within the financial services industry, has announced that Essential Fund Services International (EFSI) will begin using the firm’s proprietary cybersecurity technology to protect its clients and investors from wire fraud. WireSecure’s solution uses facial recognition and a combination of multi-factor authentication methods to ensure that everyone involved in a financial transaction is who they say they are.
As a provider of comprehensive and cost-effective fund administration solutions for over a hundred hedge funds and private equity firms as well as 3,000+ limited partners, EFSI has seen first-hand how easily impersonator fraud can be carried out. Partnering with WireSecure will eliminate the growing problem of impersonator fraud and mitigate wire fraud risk for the clients and investors it works with.
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“We are incredibly excited to work with EFSI and play a role in helping to reduce the risk of impersonator fraud for their clients and partners,” noted Brian Twibell, co-founder and CEO of WireSecure. “We’ve experienced countless examples of companies who have endured, or come close to enduring, significant losses that result from an email account being compromised. Manual best practices can only go so far, and the best form of prevention requires an automatic, multi-factor approach.”
According to the FBI, impersonator fraud and social engineering have quickly become the biggest forms of cyberattacks and accounted for as much as $2 billion in losses last year alone. To address this, WireSecure ensures the authentic identity of every party involved in a financial transaction by cross-checking facial recognition, government-issued ID’s, and mobile phone numbers. Once identity has been verified, it is preserved for all future transactions.
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“We are thrilled to make WireSecure’s technology available throughout our entire network, and better protect our clients and their investors,” noted Anthony Mascia, Managing Partner for EFSI. “What I love about WireSecure is the fact that once a person’s identity has been verified, it will remain verified for all future transactions. It’s so simple and easy to do and yet it protects against catastrophic losses. I expect this kind of technology to soon become widespread and the new best practice across the financial industry.”
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