Socure Unveils Sigma Synthetic Fraud to Combat Identity Fraud (Socure)
Summary
Socure announced Sigma Synthetic Fraud on Oct 26, 2020, an ID+ platform module aimed at synthetic identity fraud, which the release describes as fictitious identities cultivated over months and years. The release says synthetic ID fraud accounted for 20% of total credit losses for U.S. lenders as early as 2016, and claims it catches over 90% of it in the riskiest 3% of users. Socure reports AUCs up to 97.44% for classification models that it says rest on a common definition of synthetic identity fraud, derived with supervised and unsupervised machine learning across many of its largest banks, lenders and issuers. Johnny Ayers, Founder & Chief Product Officer, says synthetic fraudsters “prey on the fact that this is a victimless crime.” The use cases listed include government benefits, and the release points to a whitepaper titled “Anatomy of an Alleged PPP Synthetic Identity Fraud Deal.”
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- Industries - Solutions - Products Fraud & Risk Sigma Identity Fraud Sigma Synthetic Fraud Sigma First-Party Fraud Email RiskScore Phone RiskScore Address RiskScore Graph Intelligence Compliance Portfolio Scrub Socure Verify Global Watchlist Screening with Monitoring Deceased Check eCBSV Control Center ID + Biometric Predictive DocV Account Intelligence Socure Account Intelligence Device & Behavior Digital Intelligence SNA & OTP Agent Intelligence Socure Agent Intelligence Products Explore the future of identity verification and trust with our comprehensive suite of AI-powered products. Fraud & Risk Compliance ID + Biometric Account Intelligence Device & Behavior Agent Intelligence Sigma Identity Fraud for the most accurate third-party fraud detection leveraging a 360° view of digital identity Sigma Synthetic Fraud for uncovering complex manipulated and fabricated synthetic identity fraud Sigma First-Party Fraud for minimizing early payment default, bad faith dispute abuse, and chargeback losses Email RiskScore to instantly predict risk and verify email ownership Phone RiskScore to instantly predict risk and verify phone ownership Address RiskScore to instantly predict the risk connected with physical addresses Graph Intelligence to quickly transform complex identity connections into actionable insights Portfolio Scrub reveal compliance and fraud risks in your existing customer accounts Socure Verify for precise, accurate, and inclusive identity verification Global Watchlist Screening with Monitoring for sanctions screening, PEP, and adverse media risk management Deceased Check for validating deceased identities at any point in the user lifecycle eCBSV for instantly verifying a consumer-provided name-DOB-SSN match with the SSA Control Center fully automated fintech controls management platform for sponsor banks Predictive DocV for quick and accurate ID document and biometric verification with liveness detection Socure Account Intelligence Verify bank account ownership and status with inclusive, instant results Digital Intelligence for passively verifying user devices behavioral biometrics to detect fraud and improve UX SNA & OTP for adaptive phone and device authentication delivered in real time Socure Agent Intelligence detect, trust, and credential AI agents Get customized strategies from our experts to drive your success. Start now. Get a Demo - Developers - Public Sector - Resources - Company Login Talk to an expert Explore demos Socure ID+ Dashboard Login RiskOS™ Login Login Socure Launch Login October 26, 2020 Socure Unveils Sigma Synthetic Fraud, a New Way to Identify and Combat Synthetic Identity Fraud Back to News Share:
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