NEW YORK--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today announced the industry’s most accurate identity fraud solution, Socure Sigma Identity Fraud. Sigma Identity Fraud delivers the most precise identity fraud classification model in the industry by utilizing over 17,000 features that analyze every dimension of a consumer’s identity—name, email, phone, address, IP, device, velocity, network intelligence, and real-time consortium feedback data—all in a single product.
Socure Sigma Identity Fraud enables enterprises and government agencies to dramatically increase auto-approval rates and reduce fraud losses, false positives, friction, and costs associated with manual reviews. Sigma Identity Fraud increases auto-approval rates by up to 60% and captures fraud in the riskiest 3% by 90%, making it the only product on the market to solve for both fraud protection and revenue generation. The solution reduces manual reviews by >80% through substantially more accurate decisioning. Sigma Identity Fraud also reduces false positives by >13x compared to legacy solution providers, enabling customers to verify the largest number of good consumers, increase the automation of the onboarding process, and also reduce fraud losses.
Sigma Identity Fraud has become a gold standard for enterprises that are increasingly reliant on digital channels to grow their business. And with that growth comes the challenge of combating identity fraud which is costly and can negatively impact the bottom line. In fact, according to Javelin Strategy & Research, identity fraud losses in the U.S. in 2020 reached a total of $56 billion. This figure represents a combined total of $13 billion for traditional identity fraud, and $43 billion for identity fraud scams. This inordinate growth can be attributed to the expansion of digital channels combined with fraudsters compromising a treasure trove of personally identifiable information (PII) that enables them to impersonate a consumer’s identity.
“We have created the perfect balance between fraud detection, eliminating customer friction, and reducing false positives all in one solution with our latest Sigma Identity release,” said Johnny Ayers, founder and CEO of Socure. “Enterprises of all sizes rely on Socure not just for fraud protection, but for growing their business. The accuracy of our Sigma fraud classification model has made legacy solutions centered around single identity elements, manual reviews, or knowledge-based authentication a thing of the past.”
“Deploying Socure’s technology has significantly increased our ability to accurately locate identity fraud while also enabling us to auto-accept more good applicants. Our manual account reviews have also decreased dramatically. The innovations delivered by Socure help us to stay ahead of fraud trends while continuing to provide an optimal experience for our customers,” said Mark Kassardjian, director of customer operations at Betterment.
Sigma Identity Fraud Solution Highlights:
Socure Sigma Identity Fraud is the first application fraud solution that “binds” device data to the individual using the device to deliver better identity decisions in a holistic model.
Socure’s approach to data science enables flexible, advanced ML model development on the largest identity graph and set of performance feedback data in the industry. Utilizing the Socure ID graph of 750+ customers and 600M+ rows of performance data, Sigma Identity Fraud distinguishes names, emails, phone numbers, addresses, SSNs, IPs, devices, and other elements used for multiple fraudulent account openings and subsequent account use.
Socure’s Sigma Identity Fraud is the first application fraud solution that analyzes identity behavior across industries and the consumer lifecycle to improve results. It analyzes real-time dynamic linkages across seven billion rows of transaction data to inform the model. Its clustering linkages enable improved identification of fraud and fraud rings.
Trained with feedback data from the industry’s leading consortium of 750+ clients, Sigma Identity Fraud delivers better fraud models and improves any fraud program. Socure’s identity resolution engine analyzes over eight billion records and more than 530 million known good and bad identities to achieve the most accurate view of identity possible. As the consortium gets larger, Socure gets smarter using feedback data from the expanding network of trusting firms to continually improve results to counter evolving fraud patterns. The attack may be new to a customer, but it is highly likely that Socure has already identified and learned from the fraud attack elsewhere in the network.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 750 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, top crypto exchanges, top Buy Now, Pay Later providers, the largest online gaming operators, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.