Digital onboarding company SiNERIX has signalled its expansion plans by opening a new office in Davidson House at The Forbury, Reading.
The technology company was founded five years ago to develop software applications to combat identity fraud and has selected the Reading area as the new headquarters for its rapidly growing business.
The new office location was selected owing to Reading’s convenient transport links, its strong business community, and wealth of talent in the professional services and technology sectors.
The company is retaining its original office in Hertfordshire, where its research and development team is based, and plans to support its growth strategy by recruiting more sales and customer service staff in the Berkshire area.
There is a growing need for digital identification and customer on-boarding technology to protect organisations such as solicitors, conveyancers, insurers, banks and mortgage lenders as they expand their online and mobile services.
Experian has estimated that 3.25 million people have fallen victim to identity fraud, resulting in financial losses of almost £5.4 billion a year. Cifas reported that, in the last year alone, more than 33,000 people over the age of 60 suffered identity fraud, compared with almost 3,000 people under the age of 21.
It has been estimated that 84 out of every 10,000 mortgage applications are fraudulent, with mortgage lenders losing around £1.3 billion each year. This is the same amount lost by insurers as a result of 350 fraudulent claims a day.
“While the majority of fraud is perpetrated against companies, the impact is felt by every one of us in the form of increased costs which are passed down to consumers through higher insurance premiums, reduced public services, and more expensive consumer goods,” says David Kern, chief executive officer of SiNERIX.
“However, there is always a balance to be struck between preventing fraud and making application processes easy and stress free for people. No one likes having to fill out lengthy forms, or providing multiple proofs of identity when signing up for a new online service.
“We are looking forward to settling into our new Reading office and expanding our team to meet the growing demand for SiNERIX technology in a range of professional services.”
SiNERIX (www.sinerix.com) was founded in 2014 to develop an enhanced Digital Transaction Management System (DTMS) that would assist professional SME organisations to simplify and automate their digital onboarding and client engagement process. The core SiNERIX technology provides an advanced eSignature and multi-document exchange platform with both Artificial Intelligence (AI) and Machine Learning (ML) that provides real-time authentication and anti-fraud methods that can digitally link and identify individuals against any transaction and help with regulatory compliance checks and reduce risk.