Fraud Identity Management | Sigma First-Party Fraud

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Products
Products Experience the power of graph-defined identity verification.
Platform

Fraud Risk

Compliance

ID Document Verification

Account Intelligence

Decisioning

Analytics & Reporting
Platform

. Socure ID + Platform
The new standard for digital identity verification, providing real-time, predictive analytics for the most accurate and comprehensive identity verification and fraud prediction—all through one API.

Socure named a Leader in The Forrester Wave
Identity Verification Solutions Q4 2022
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Fraud Risk

Fraud & Risk Solutions

Eliminate the need for limited, single-point solutions and gain a holistic view of identity with the industry’s most comprehensive digital identity fraud prevention suite.
Overview

. Sigma Identity Fraud

. Sigma Synthetic Fraud

. Address RiskScore

. Email RiskScore

. Digital Intelligence

. Phone RiskScore

. Portfolio Scrub

. Sigma First-Party Fraud

Compliance

Compliance Solutions

Protect your organization with market leading data coverage, unmatched accuracy, demonstrable controls and world-class tools to efficiently manage your operations
Overview

. Socure Verify

. eCBSV

. Global Watchlist Screening with Monitoring

. Portfolio Scrub

. Deceased Check

ID Document Verification

. Predictive DocV
Stop more fraud without sacrificing customer experience with the industry’s highest accuracy rates and fastest response time.

eBook
3 Warning Signs That Your ID Verification Process is Robbing You of Revenue
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Account Intelligence

. Socure Account Intelligence
Verify the status and ownership of non-traditional accounts held at digital banks, credit unions, and regional banking institutions.

Decisioning

. Decision Module
Align policy with process, automate decisions, help ensure compliance, and efficiently scale growth.

. Control Center
Prevent fraud across your portfolio, and demonstrate compliance in an evolving regulatory environment.

Analytics & Reporting

. Analytics & Reporting Dashboard
Explore, monitor, and audit crucial KPIs to optimize your operations, ensure regulatory compliance, and proactively address emerging risks to your business.
Industries

Industries Seamlessly onboard more good customers while preventing fraud—no matter your industry.

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Financial Services
Verify identities and stop fraud throughout the customer lifecycle, while meeting the most stringent compliance requirements.

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Marketplace
Strengthen the reputation of your ecosystem and instantly onboard more consumers and sellers without increasing risk.

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Sharing Economy
Ensure trust & safety while instantly onboarding more consumers, sellers, and gig workers without increasing fraud.

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Online Gaming
Maximize player conversion rates and reduce identity fraud losses while maintaining compliance.

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Buy Now Pay Later (BNPL)
Auto-accept more shoppers, attract more merchants, and protect your customers from identity fraud.

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Public Sector
Increase auto-verification rates of eligible individuals, improve program integrity, and eliminate manual reviews.

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Crypto
Verify identities faster and accelerate time to funding, trading, purchase, and storage.

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Workforce
Register and onboard more good applicants with passive identity verification.

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Sponsor Bank
Streamline BaaS management, enhance compliance, simplify partner oversight, and grow your customer base.
Resources
Resources Stay up to date on industry news, trends, and Socure's world-class solutions.
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Company Learn more about the award-winning people and technologies that power Socure.
About Socure

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Socure Risk Insights Network
Socure named a Leader in The Forrester Wave
Identity Verification Solutions Q4 2022
See More

GET A DEMO | Talk To An Expert

Solving the elusive first-party fraud problem

Institutions can now predict the likelihood of bad faith disputes driven by deceitful activities, such as falsely claiming a delivery was lost or refusing to pay off credit card bills indefinitely. It persists as an unsolved challenge that plagues merchants and financial institutions alike.

Key Benefits

Catch 3X more fraud with early account monitoring

An account closed within 90 days from opening is 3 times more likely to be first-party fraud

Reduce first-party fraud risk by 22X

Accounts with 5 or more registered authorized users are 22 times more likely to be associated with first-party fraud

Spot 189x more repeat fraud with cross-institution intelligence

Consumers who have 2 or more closed accounts associated with first-party fraud behavior are 189 times more likely to commit first-party fraud again if given the chance

Stop first-party fraudsters before they start

Banks, Fintechs, BNPL providers, Gaming providers and others can now predict the likelihood of bad faith disputes, payment defaults, bust-out fraud and loan stacking driven by deceitful activities. Using data from our first-party fraud consortium members -- which includes hundreds of millions of transactions — Socure can identify first-party fraud risk at onboarding, at the point of payment, as well as during a dispute investigation. What could this look like at your financial institution? Fewer charge-offs and lower chargeback losses, culminating in a holistic financial ecosystem of trust.

Reduce chargebacks and Reg E abusers

Sigma First-Party Fraud prevents RegE abuse, such as fraudsters disputing low-value claims that exceed investigation costs, and organized attackers disputing every transaction, overwhelming dispute teams.

Evaluate whether a consumer will commit first-party fraud again

Track the velocity of identity attributes across production transactions to evaluate whether someone has previously made a bad faith claim and whether they are likely to do so again. For example, ordering multiples of the same item, or using other aliases to set multiple active users on one account or IP address are all red flag signs of potential first-party fraud.

Leverage cross-industry data to provide a holistic view of consumers

Socure leverages its 400+ databases of cross-industry data, provided directly by financial institutions and adjacent industries, to identify signals that are indicative of first-party fraud and early payment default. If risk exists, a financial institution may opt to require additional verification of information before proceeding with the application.

Streamline risk assessment operations

Fraud is a dynamic crime with attack vectors that change over time, and many financial institutions have implemented unwieldy, cumbersome decision logic with point solutions. Sigma First-Party Fraud is the industry’s first end-to-end solution tailored specifically to mediate first-party fraud across the entire customer journey. It's available in the same API as the Socure ID+ suite of fraud solutions.

Key Capabilities

Fuel network intelligence with consortium feedback data

Based on the collective intelligence of multiple financial institutions, outcome data is used to produce a broad range of first-party fraud signals

Gain a comprehensive view of identity with SocureID

Unique and proprietary consumer identifiers reveal how an identity behaves across financial ecosystems

Reduce chargeback losses with first-party fraud signals

Signals include the number of fraud occurrences, disputes, accounts associated with the identity, and more

Progressive Flows address GLBA Use Cases

Businesses can create appropriate friction throughout the customer journey to mitigate first-party fraud risk

Consortium Founding Members

Resources

Report

First-Party Fraud

Socure Identity Risk Insights: Defining and Solving the Elusive Challenge of First-Party Fraud

Unlock Trustworthy Financial Ecosystems

Learn the key benefits of a strong identity verification software.

Reinforcing the Fight Against Synthetic Identity Fraud

With synthetic identity fraud growing in scale, Socure's multilayered approach offers a critical line of defense.

Socure is the leading platform for digital identity verification and trust.

Its predictive analytics platform applies artificial intelligence and machine learning technology with trusted online/offline data intelligence from email, phone address, IP, device, velocity, and the broader internet to verify identities in real time.

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