Route Mobile, a leading cloud communications platform service provider, is set to conclude two acquisitions by end-FY23 as it looks to grow its business of offering security solutions to thwart digital fraud, a top company executive said.
Route is in talks to buy two companies, one European and an Indian entity. The Europe-based acquisition target will help it launch mobile identity services while the Indian one will allow it to offer voice solutions, using artificial intelligence (AI) and machine learning (ML) technologies.
“As digital adoption for banking and payments increases, so does the risk of digital fraud… we as communication platform service providers want to solve the security issue when it comes to digital transactions,” Route Mobile’s group chief executive Rajdip Gupta told ET.
Mobile identity technology would let Route analyse the life-cycle of a SIM card (read: a mobile connection), and based on patterns shown, the company could use data analytics to flag potential digital fraud.
Gupta said a lot of digital fraud happens when unassuming consumers click on an innocuous-looking link, only to have their SIMs duplicated remotely. As a result, the person(s) with access to the duplicate SIM are able to read all content on it, including banking OTPs (one-time passwords).
He, though, said Route’s role would be limited to flagging off potential fraud, and intervention steps would have to be taken by the banking or financial institution concerned.
“We are working on the proof-of-concept with a telco and will soon launch trials with a couple of banks,” he said. He said besides banks, digital wallet companies could also be potential clients for this service in future.
Gupta said due diligence is on for Route’s second targeted acquisition of an Indian entity operating in the voice solutions space. The deal, he said, is likely to close by the end of the year.
The AI/ML layer of the voice solution will enable call centres to track customer sentiment by analysing voice patterns, pitch and tenor. They would provide real-time data to call centres enabling the latter to be more agile when it comes to daily targets and strategy.
