Socure’s Socure ID+ API platform announced their latest expansion, Sigma Synthetic Fraud, to combat the ongoing threat of online financial theft. A noted company in Day Zero digital identity verification, Socure’s new feature can now capture 90% of synthetic identity fraud in even the riskiest 3% of users as both a standalone product or part of the integrated ID+ platform.

The Easiest of Crimes

ID fraud as a criminal activity has, in recent years, evolved—synthetic identity fraud involves false identities with the appearance of existing for years. Fraudsters benefit from aged, third party technology that can rarely detect their criminal activity. And this elusive problem is growing.

Socure’s approach to mitigate it, though, is different. Using both supervised and unsupervised machine-learning algorithms to find a common definition of identity fraud among global issuers and lenders, the technology has proven capable of detecting—and defending—against fraud. It has received AUCs up to 97.44%, alongside an auto-capture rate of around 90%. The numbers prove Socure Synthetic Fraud to be the most thorough of its kind on the market at this time.

“Our clients must address synthetic ID fraud for a number of reasons,” Johnny Ayers, founder and CPO of Secure, says, “but most importantly to avoid the typically severe monetary losses from unpaid balances often in the tens of thousands of dollars per incident.”

A COVID-19 Era Technology

With over 350 customers in e-commerce, financial services, telecom industries, and associated with four of the top five banks, eight of ten card issuers, and four of five MSBs, Socure’s machine learning-based services are widely used. Sigma Synthetic Fraud is the first of many of its new technologies set to launch in the COVID-19 era. The technology was presented in Money20/20 MoneyFest event by CEO Tom Thimot on October 27 in a panel called “FinTech Innovation: What will fuel the evolution?,” where he proposed its use in credit cards, telecommunications, insurance, marketplaces, government benefits and real estate with cases and verticals. 

ABOUT THE WRITER

Olivia Baker is a Tech Innovation Fellow at Identity Review from Columbia University, where she writes on tech policy and national digital identity technologies.