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  "documentTitle": "Sinch AB (SINCH)",
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  "authorName": "Grizzly Research",
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  "presentationDate": "2026-04-16 00:00:00",
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  "notes": "The slide uses a narrative-driven approach to frame Sinch's business model as complicit in fraud, contrasting it with industry standards and regulatory requirements like STIR/SHAKEN.",
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      "text": "We believe the controls may be insufficient by design, as Inteliquent appears to profit significantly from illicit scam and robocall activity by selling blocks of phone numbers to bad actors and routing the calls they generate.",
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      "text": "reported fraud losses: $16 billion",
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      "text": "We see that Sinch frequently cites its compliance with STIR/SHAKEN regulations... we believe that SITR/SHAKEN compliance does not shield Sinch from legal consequences and does not change the fact that it is within Sinch's power to police the fraudulent traffic.",
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      "text": "We believe that, as a company that effectively controls a critical portion of the telecommunications highway... the standard for compliance, fraud prevention, and know-your-customer/traffic teams should be materially higher than that of its peers.",
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      "text": "Given Sinch's significant market share... we would expect the company and its subsidiaries to be among the more frequently targeted platforms for abuse. However, our analysis shows that the company appears to place relatively limited focus on these roles.",
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      "text": "We expect that Sinch will try to rebuttal our findings... However, this position appears questionable... We would expect a dedicated internal compliance team comparable to that of Twilio.",
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      "text": "These data points align with the experiences described by customers and industry experts who call out Sinch for being noticeably slow in addressing fraud concerns. We find Sinch's compliance efforts utterly inadequate.",
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      "text": "According to the FTC, fraud has become a nearly $16 billion industry in the USA... This figure represents a significant increase compared to the previous year, which saw 2.6 million fraud reports and over $12 billion in reported losses. Since 2020, reported fraud losses have increased by approximately 430%.",
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      "text": "According to the FTC, fraud has become a nearly $16 billion industry in the USA and continues to grow, as stated by Lois Greisman, Associate Director of the FTC's Division of Marketing Practices.",
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      "text": "Scam Calls Are No Joking Matter",
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