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I am a recovering fraud transaction monitoring junkie. 

Let me explain.

Just a few weeks ago, I joined the Socure team to lead marketing. While I am new to Socure, the snappy, Manhattan-based AI identity firm is not new to me. I’ve been semi-stalking Socure’s solutions for a while. Here’s why.

I spent the greater part of the last five years evangelizing AI-based fraud transaction monitoring tools that protect banks and fintechs by analyzing mountains of transactional data to spot anomalies which indicate attack. 

Often these tools are seeking the fallout of identity attacks -- stolen credentials, which have led to account takeover, synthetic identity and mule activity. I began to think of identity as the missing piece in fraud detection. You see, transaction monitoring begins way after identities have been compromised and certainly past where attacks begin at the point of enrollment. They look at all of the data linked to transactions—volume, velocity, value—and include whatever shards of identity data they can gather from the channel – a device fingerprint or biometric, for example. But if fraud tools had the clearest possible understanding of identity risk, could we enrich or even reduce what we do in transaction monitoring?

This need for a more holistic view of identity risk becomes even more pressing in the age of digital-only fintechs and banking services, which must enroll fast-growing volumes of out-of-the-wild customers, who demand completely frictionless onboarding even though they come to the table with breached credentials. In a hotly competitive fintech world, consumers simply bail for the next service at the smallest sign of delay in onboarding. 

This is where Socure and its Day Zero Identity approach appeared to me as more than just the missing piece to battling fraud – it was more like the central element of both preventing attack and enabling growth in a digital-first world. 

Day Zero Identity aims for supremely accurate, nearly instant customer identification, supported by a multidimensional view of fraud risk. That means digital-first and digital-only financial service providers, marketplaces, and others can accurately verify documents (in nearly any form), comply with Customer Identification Program (CIP) requirements, and run risk-based checks against global watchlists without customer friction or added time.

But Day Zero Identity doesn’t stop at customer verification and compliance – because that’s only half the battle. Day Zero Identity provides an instant, data-driven view of digital reputation and fraud risk. Pushing past breached data and credentials, Socure’s data science engine crunches massive amounts of data for each entity, including email, phone, carrier, bill payments, employment history and social media activity, then lays down amazing AI-driven analysis, to ensure that the customer is who they say and that they are safe enough to let in the door.

With two pieces of the important identity management puzzle, the Day Zero approach allows digital providers to unlock innovation and growth – a novel concept in a market where fraud and compliance teams have been seen as the nemesis of growth teams, notoriously blocking new products or frictionless enrollment for the sake of security. 

With my new found love of Day Zero Identity, you may wonder if I am forever recovered from my fraud transaction monitoring habit. No way. In this digital-first world, identity fraud prevention begins with Day Zero to prohibit attacks at enrollment, but it ultimately enriches the way our customers monitor transactions and events for an ongoing and holistic view of risk. Day Zero Identity tools are the start of an enriched path for a more holistic fraud ecosystem.

You wouldn’t be a fraud fighter if you didn’t have an opinion – so I welcome yours. Please leave comments or email me any time for a debate at rivka@socure.com. I look forward to meeting the existing and expanding Socure community.

Topics: Fraud Prevention, Identity verification, document verification

Rivka Gewirtz Little

Rivka Gewirtz Little

Rivka Gewirtz Little is a financial crime and payments solution expert with nearly two decades of fintech market experience. Before joining Socure as SVP of Marketing & Strategy, Rivka was an industry analyst responsible for the Global Payment Strategies practice at IDC Financial Insights where she focused on the intersection of payments modernization, fraud and identity. Rivka's technology coverage has been cited in publications, including The New York Times, USA Today, CNET, Vox, The Verge and a number of technology trade journals.