Socure unveils identity fraud solution Sigma Synthetic Fraud

Tuesday 27 October 2020 08:29 CET | News

Socure has announced the launch of Sigma Synthetic Fraud, its latest addition to the Socure ID+ platform to address

As early as 2016, synthetic ID fraud accounted for 20% of total credit losses for US lenders.  Socure’s Sigma Synthetic Fraud offering – now available via a single API within Socure’s ID+ product suite – achieves auto-capture of over 90% of synthetic ID fraud in just the riskiest 3% of users, for both new users and scrubbing existing customer portfolios. 

To deliver Sigma Synthetic Fraud, Socure invested in feature engineering and data source analysis, and used both supervised and unsupervised machine learning models to derive a common definition of synthetic identity fraud across many of its largest banks, lenders and issuers. Socure leveraged this definition to develop classification models that have proven effective in combating this elusive type of fraud. Customers of Sigma Synthetic receive the benefit of leveraging insights from Socure’s multi-industry customer network as well as feedback file data sets, which continuously enhance the synthetic ID fraud engine.

Socure offers Sigma Synthetic Fraud both standalone and as part of the integrated ID+ platform alongside Sigma Identity Fraud, KYC Compliance, DocV, and more. This new module manages synthetic fraud risk without degrading customer experience, slowing down growth, or turning a blind eye to potentially risky, sleeper accounts in a company’s current portfolio of customers. When applied at account enrolment or to an existing customer portfolio, Sigma Synthetic quickly assesses the risk of synthetic ID fraud and provides a decision in a fraction of a second. Sigma Synthetic and all Socure products are accessible via one single API that powers the entire Socure ID+ platform.

Sigma Synthetic Fraud use cases and verticals include credit cards, lending applications, telecommunications, healthcare, insurance, ecommerce and marketplaces, government benefits, and real estate.

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Keywords: Socure, synthetic identity fraud, identity verification, KYC, digital identity, online security
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime