NEW YORK - July 16, 2020 - Socure, the leader in Day Zero digital identity verification today announced the release of its first fraud report, “How COVID-Era Government Aid Impacted Six Financial Services Sectors,” showing a 134% increase in new account fraud attempts since the beginning of the COVID-19 Pandemic.
Highlights of the findings include:
- Fraudulent credit card applications soared during the peak unemployment time to 93% (3/24-4/23)
- Challenger banks experienced a 200% increase in attempted DDA fraud between March and June (3/1-6/22)
- Money transfer attempted fraud was up 43% (3/15-6/22)
Government funding of the Paycheck Protection Program led to a 65% increase in attempted fraud in SMB lending (4/30-6/22)
Socure’s Co-founder & SVP of Sales Johnny Ayers is available to discuss the report’s key takeaways and provide suggestions on how businesses and consumers can protect themselves against fraud.
Download the free report here for access to all of the research results.
Socure is the leader in Day Zero digital identity verification technology. 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 350 customers across the financial services, gaming, telecom, and eCommerce industries, including four of the top five banks, eight of the top 10 card issuers, four of the top five MSBs, the largest payroll service, the second-largest retailer in the world, and over 100 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash. Socure recently received numerous industry awards and accolades including being named “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, being named a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few. For more information visit www.socure.com.
Topics: Press Release