Socure, the provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, launched a fully integrated, internally developed, identity fraud solution suite that fuses personal identifiable information (PII) validated by thousands of data sources, real-time network and anomaly detection, “with digital and behavioral risk signals for an instant and near 100% accurate identity fraud decision in less than 150 milliseconds with five nines of uptime availability.”
Socure’s Sigma Fraud suite breaks ground in “moving beyond the view of identity as a single snapshot in time, instead assessing a consumer’s historic behavioral patterns across institutions, geographies, and timeframes to spot anomalies that indicate risk of theft or tampering at the entity level.”
The Sigma Fraud suite is further “powered by a decade of powerful, rich consortium data from the Socure Risk Insights Network, across nearly 2,000 customers, including the nation’s largest banks and fintechs, gaming services, payment platforms, and payroll providers.”
The only way to stop sophisticated, illusive fraud attacks, “which cost consumers $5.9B last year and are increasingly powered by Gen AI, is to gain this holistic view of identity risk with rich historical context.”
Currently, many organizations patch together “a myriad of point solutions to assess the holistic consumer, but these produce disparate signals and inconsistencies between various providers that leave gaping holes in risk analysis.”
This results in poor user experiences, false positives, long wait times and large amounts of lost revenue.
Socure’s Sigma Fraud suite replaces “outdated rules systems, unnecessary waterfalls and orchestration and inconsistent performance across poorly integrated point solutions with a single decision in less than 150 milliseconds, delivering nearly 100% ID fraud capture with less than 5% review rates.”
Sigma Identity Fraud V4 (a flagship product within “the Socure Fraud suite) now also includes two new central innovations: Entity Profiler and Integrated Anomaly Detection.”
Entity Profiler transcends identity verification from “any other provider in the market, with the first ML solution to fuse digital footprints and session intelligence with authoritative data in a singular view of identity.”
By considering the recency, frequency, and context of historic transactions and behavior, this approach allows for “a more dynamic and accurate assessment of identity and device ownership while adapting to new privacy standards. Socure’s system can confidently assert the identity of a consumer who has consistently utilized similar PII, IP geo-location, mobile devices, operating systems and browser languages over a span of multiple years and across varying institutions to create a unique and persistent device ID.”
Integrated Anomaly Detection is the ultimate shield “against the most advanced Generative AI threats.”
This powerful solution is expertly engineered “to analyze identity behaviors across various levels – company, industry, and financial networks – identifying thousands of risk factors in real-time that legacy approaches miss.”
It excels in detecting unusual real-time user behavior patterns, “offering unparalleled protection against sophisticated, high-volume fraud attacks. With this technology, customers are equipped to swiftly identify and respond to threats, such as a sudden increase in applications from device farms, tumbled emails, muling activity or unknown VoIP providers.”
Socure’s Sigma Identity Fraud V4 solution “captures up to 99% of all ID fraud in the top 5% of riskiest users compared to the industry average of just 37% from credit bureaus and other fraud providers. Meanwhile, it provides a greater than 40% absolute reduction in false positives, relative to Socure’s prior, best-in-class Sigma ID version, allowing customers to accept more good consumers–all in under 150 milliseconds.”
By maintaining its industry-leading accuracy, Socure customers can “consistently expect a 20x return on investment with the largest value drivers being increased revenue through false positive reduction, ID fraud losses being reduced to near zero, total cost of ownership reduction by turning off unnecessary legacy point solution providers and manual review being reduced from the industry average of 10-15% to less than 5%.”
This level of unmatched accuracy also substantially enhances a consumer’s user experience while also increasing their likelihood to fund or complete a transaction.
Johnny Ayers, founder and CEO of Socure, said:
“The rapid delivery of superior solutions is what the Socure brand is known for. We have spent more than a decade since founding the company building the most accurate ML fraud models in the industry. Today marks the culmination of 10+ years of R&D in combining all of the elements of an identity from PII, device, behavioral, Socure Risk Insights network data, IP, and velocity into a single view of identity, leapfrogging the accuracy and capabilities of every identity verification vendor in our space by a long shot.”