Socure, a leader in digital identity verification and fraud prevention, today announced its latest innovation in tackling financial fraud.
With its headquarters nestled in the bustling tech landscape, Socure has been at the forefront of AI-driven solutions, significantly shaping the FinTech industry.
The launch of the Manipulation Risk Score addresses a growing concern within the digital economy—first-party fraud. This type of fraud, which cost businesses more than $100m last year, involves individuals using their own true identities to commit fraud, a method that has proven difficult to detect and prevent.
Socure specializes in leveraging advanced artificial intelligence to enhance digital identity verification and fraud prevention. Their products serve a wide range of sectors, including financial institutions, payment platforms, and online merchants, helping to secure transactions and customer interactions against fraudulent activities.
The newly introduced product, the Identity Manipulation Risk Score, is integrated within Socure’s Sigma First-Party Fraud solution. It utilizes the largest cross-industry first-party fraud consortium to analyze and predict fraudulent behavior across numerous transactions and identity use cases in real-time.
Additional features of Sigma First-Party Fraud include consortium-driven insights, real-time risk monitoring, and adaptive machine learning models, which continually refine detection processes to improve accuracy and reduce false positives.
The pressing need for effective solutions against first-party fraud is underscored by a recent survey from Socure, which found that nearly half of the respondents admitted to committing fraud simply because they had not been caught previously. This highlights the critical role of innovative solutions like Socure’s in changing the landscape of fraud prevention.
“The rise of first-party fraud presents an urgent challenge for financial institutions, fintechs, and digital platforms. With traditional fraud models struggling to detect this unique form of fraud, solutions like Sigma First-Party Fraud offer a new approach—leveraging AI and cross-industry data to accurately predict and prevent fraudulent activity before it impacts the bottom line,” Datos Insights Strategic Advisor David Mattei said.
“Identity manipulation is at the core of predicting first-party fraud, as most fraud prevention solutions fail to detect it,” Socure Head of Product Management, Fraud and Identity Solutions Ori Snir said. “With the launch of the Identity Manipulation Risk Score, we’re giving organizations the ability to proactively assess risk before financial losses occur, using AI-powered predictive analytics that stop bad actors in their tracks.”
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