Socure launches Identity Manipulation Risk Score for first-party fraud

Socure is a provider of AI-based digital identity verification and fraud prevention, used by enterprises and government agencies. Its platform leverages AI and machine learning for accuracy and automation. 

This AI-driven feature is integrated into Sigma First-Party Fraud, Socure’s solution that uses the cross-industry consortium for first-party fraud. It conducts real-time analyses of dispute histories, payment rejections, and account closures across identities and transactions. Socure's first-party fraud consortium includes financial institutions, fintech companies, payment platforms, sports betting firms, and merchants, creating a network of fraud intelligence from various sectors. Sigma First-Party Fraud equips organisations with risk signals, continuous risk monitoring, and actionable insights to identify fraudulent actors from the moment an account is opened and throughout the entire customer journey.

Key advantages of Identity Manipulation Risk Score solution

The Identity Manipulation Risk Score from Sigma First-Party Fraud uses Socure’s  AI models and a large consortium for first-party fraud intelligence, providing the following benefits:

• AI-increased predictive risk scoring: the is among the first cross-industry risk score that measures identity manipulation risk during account creation, transactions, and disputes;

• consortium-sourced insights: derived from real-time data across various sectors including financial institutions, fintech, BNPL, gaming, and ecommerce, offering intelligence on first-party fraud;

• instantaneous risk monitoring: sends immediate notifications when there’s a shift in an identity’s risk profile, allowing for proactive measures before fraud takes place;

• evolving machine learning models: constantly improves fraud detection by using insights from billions of transactions to boost accuracy and minimise false positives.

Organisations can now use the Identity Manipulation Risk Score from Socure’s Sigma First-Party Fraud solution to assess identity manipulation risks during key decision points like account openings and high-risk transactions. This tool analyses behaviours such as consumers using different emails or phone numbers to exploit multiple services. Using real-time data from over 210 million identities and 20 billion transactions, Sigma helps fraud teams detect early signs of abuse, predict fraudulent behaviour, and prevent repeat fraud before it escalates.