{ "docId": "019dd923-622c-750b-8b9b-1f170329a636", "docSlug": "5241bc394aab", "documentTitle": "Sinch AB (SINCH)", "authorId": "62_Grizzly_Research", "authorName": "Grizzly Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-04-16 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 15, "pageCount": 21, "prevPage": 14, "nextPage": 16, "slideType": "cite_precedent", "function": "cite_precedent", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a case study approach to expose a company's lack of communication and failure to mitigate fraud.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-1f170329a636/15", "deckHref": "/decks/019dd923-622c-750b-8b9b-1f170329a636", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-1f170329a636.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-1f170329a636#slide-15", "components": [ { "bbox": null, "kind": "callout", "text": "Sinch's fraud operations responded saying that the number is associated with \"a larger volume issue with a single customer.\" Suggesting that Sinch didn't do a proper KYC check and ultimately sold a block of phone numbers to someone who later used them in attempted scams.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f7-7334-b22b-cceae237b0b0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "paragraph", "text": "This only works because Sinch sometimes has layers in between itself and the final user that abuses services for scam calls. Sinch sells its services in big bundles to companies, such as Verizon or AT&T, who then in turn might sell the service to illegitimate end users. This does not change the fact that it is within Sinch's power to stop the abuse.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "106fb903-348c-438b-a0a5-0a7d8a5a2373", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.58 }, "kind": "paragraph", "text": "The report provides hundreds of screenshots exposing the company by showing that Sinch continues to allow these bad actors onto their platform. Demurrage go on to explain how poorly Sinch handles reporting these fraudulent numbers to the company.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "30069ef3-4c79-42d4-9a0f-0c46a753e6e8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.79 }, "kind": "paragraph", "text": "Demurrage's team eventually got a response, that was more than worrying to them. Sinch's fraud operations responded saying that the number is associated with “a larger volume issue with a single customer.” Suggesting that Sinch didn't do a proper KYC check and ultimately sold a block of phone numbers to someone who later used them in attempted scams.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88008a25-de7c-46b5-b86d-9d4149b7d630", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.08 }, "kind": "paragraph", "text": "Sinch has a single report abuse webform and does not answer or make communications through their fraud abuse emails if contacted directly.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e4a2b733-4d5f-40b8-95ef-8ccd500f95a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.42 }, "kind": "quote", "text": "The initial report documented blocks of numbers on the Onvoy network used to facilitate Spectrum and later Xfinity customer support scams... This updated report confirms that the issues identified in 2024 remain unresolved.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cc2a5e2a-8f9a-49ee-a10d-f5c360d6a437", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The initial report documented blocks of numbers on the Onvoy network used to facilitate Spectrum and later Xfinity customer support scams, all acquired by scammers operating out of illegal call centers in Pakistan. It highlighted Sinch's lack of communication, the limitations of its sole reporting method, the Sinch webform, and compared it with other telecom providers that acted quickly and offered accessible reporting channels to the average consumer. This updated report confirms that the issues identified in 2024 remain unresolved.\" — December 2025, Demurrage Report", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f7-7334-b22b-d33befd925e2", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Causal Chain", "slug": "causal-chain", "agent": "Architect", "layer": "loop", "matchId": "019ddf32-df31-71d8-94cf-a71fbf43a360", "evidence": "Onvoy numbers → Spectrum/Xfinity scams → illegal call centers.", "confidence": 75 }, { "name": "Concrete Language", "slug": "concrete-language", "agent": "Storyteller", "layer": "slide", "matchId": "019ddf32-df93-7119-ac1d-d6d43385052f", "evidence": "Names specific brands abused (Spectrum, Xfinity).", "confidence": 65 }, { "name": "Credibility Transfer", "slug": "credibility-transfer", "agent": "Storyteller", "layer": "slide", "matchId": "019ddf32-df01-70bd-8305-04550c83c7ec", "evidence": "Cites third-party 'Demurrage' scam-hunter report.", "confidence": 78 }, { "name": "Negativity Bias", "slug": "negativity-bias", "agent": "Storyteller", "layer": "slide", "matchId": "019ddf32-df62-741f-97aa-af3377a1c5ca", "evidence": "Title alleges single webform and unanswered abuse emails.", "confidence": 70 } ], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "8fd43d5c-0f77-4951-9efc-83bcf3aea79b", "evidence": "Citing the Demurrage report to validate claims of negligence.", "confidence": 0.9 } ], "arcBeats": [ { "to": 20, "from": 12, "beatId": "019ddf32-d049-75ed-b154-9bb6a9adb4bb", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": null, "evidence": "Peer-gap tables, compliance headcount gap, victim narratives ('grandparents' scam', $16B fraud).", "position": 2, "confidence": 88, "parentBeatName": null, "parentBeatSlug": null }, { "to": 18, "from": 12, "beatId": "019ddf32-d13b-7001-b9d4-6015b21e3584", "arcName": "Tragedy", "arcSlug": "tragedy", "beatName": "Downward Spiral", "beatSlug": null, "evidence": "Peer-gap and compliance-headcount evidence stacking against Sinch.", "position": 3, "confidence": 70, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 16, "from": 14, "name": "Voice Of Customer", "slug": "51-voice-of-customer", "bestFor": "Product strategy, customer experience, market research", "matchId": "019ddf32-d28b-7390-ac49-94ba1e2bd763", "evidence": "Reddit/BBB/Demurrage/Talkatone quotes; 'this company calls me everyday non stop'.", "position": 4, "objective": "Use scam-victim and scam-hunter voices to corroborate negligence", "structure": "What Customers Say (Verbatim) -> The Pattern Across Voices -> The Insight -> The Response", "confidence": 80, "description": "Let customer quotes and feedback drive the narrative and validate the insight" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }