Identity Certainty, Together: Inside Socure’s First-Party Fraud Consortium with Mandy Goettelman from Green Dot

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Hi, I’m Mandy Goettelman, Head of Transformation at Green Dot. I oversee process improvements specifically related to fraud disputes, customer onboarding, and project management. 

Green Dot was a pioneer in financial services, offering one of the first prepaid debit cards. Today we offer various services to consumers and businesses that add value to the clients, offer rewards and recognition, and grow a portfolio. 

Becoming a founding member of Socure’s First-Party Fraud Consortium was a no-brainer. Green Dot finds immense value in participating in the Consortium. The value is in the information that we, as financial institutions, bring together.

We work around the clock to fight fraud. One of the key benefits of becoming a member of the First-Party Fraud Consortium is the ability to see data across multiple financial institutions. We see approximately 45 percent of the same type of behavior across the consortium members. 

So for us, being one of the founding members gave us a key to the front door to allow us to get this information and use it to make risk based decisions as we onboard our customers.

Green Dot finds being a member of the first-party Fraud Consortium a huge advantage to our customers. It allows us to take the data and make risk-based decisions to protect them. It’s our job at financial institutions to put our best foot forward to protect our partner’s assets.

There’s a lot of power in financial institutions coming together and uniting to solve these problems. We will never be able to stop first-party fraud, but by working together, we will find tactics to eliminate this in our ecosystem.

Being part of the first-party Fraud Consortium should be an ongoing effort as we continue to expand our services and expand our partnership. Sharing this information is going to allow us to get smarter, combat fraud, and work together to solve this 100B+ crisis.