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.

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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 500 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, the top online gaming operator, the top Buy Now, Pay Later provider, 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 Forbes America’s Best Startup Employers 2021, 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, being named to CB Insights: The FinTech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.


Janine Savarese
Savarese Communications
(908) 461-5767