There is plenty that a human being can do, but when push comes to shove, there remains an awful little that we do better than growing on a consistent basis. This ability to get better, no matter the situation, has already fetched the world some huge milestones, with technology appearing as a rather unique member of the stated group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident in recent times, and assuming one new GRC-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention solution, has officially announced the launch of industry’s first ever fully integrated and internally developed identity fraud solution suite called Sigma Fraud Suite. According to certain reports, the stated suite combines personal identifiable information (PII) with digital and behavioral risk signals to identify fraud. Staying on PII for another second, it is validated through thousands of data sources, real-time network and anomaly detection, something when used alongside those risk signals, should be able to make instant and near 100% accurate identity fraud decisions in less than 150 milliseconds. The whole thing also comes with five nines of uptime availability. Anyway, talk about the value proposition on a slightly deeper level; we begin from one of Sigma Fraud suite’s flagship products in Sigma Identity Fraud V4. Basically, the given product brings you two distinctive Innovations i.e. Entity Profiler and Integrated Anomaly Detection. Entity Profiler, on its part, happens to be the first ML solution to put digital footprints and session intelligence right beside authoritative data in a singular view of identity. Complimenting the same is the solution’s ability to consider recency, frequency, and context of historic transactions and behavior. This ability unsurprisingly goes a long way to facilitate a more dynamic and accurate assessment of identity and device ownership. As a by-product, Socure’s suite can also easily ascertain the identity of a consumer who has consistently utilized similar PII, IP geo-location, mobile devices, operating systems, and browser languages over a span of multiple years, and across varying institutions to create a unique and persistent device ID. Moving on to the Integrated Anomaly Detection, it plays for you the role of a shield against the most advanced generative AI threats. We say so because the stated innovation is made to analyze identity behaviors across various levels, including company, industry, and financial networks, where it identifies thousands of risk factors in real-time that legacy approaches miss. Furthermore, it boasts the necessary means to spot out and respond to threats, such as a sudden increase in applications from device farms, tumbled emails, muling activity, or the presence of unknown VoIP providers. Going by the details available thus far, Sigma Identity Fraud V4 solution can capture almost 99% of all ID fraud in the top 5% of riskiest users, compared to the industry average of just 37%. In case that wasn’t enough, it also offers greater than 40% absolute reduction in false positives, if pitted against Socure’s prior, best-in-class Sigma ID version.
“The rapid delivery of superior solutions is what the Socure brand is known for. We have spent more than a decade since founding the company building the most accurate ML fraud models in the industry. Today marks the culmination of 10+ years of R&D in combining all of the elements of an identity from PII, device, behavioral, Socure Risk Insights network data, IP, and velocity into a single view of identity, leapfrogging the accuracy and capabilities of every identity verification vendor in our space by a long shot,” said Johnny Ayers founder and CEO of Socure.
Apart from what we have already discussed, the Sigma Fraud suite also presents you with a separate flagship product called Sigma Synthetic Fraud S4, which is a purpose-built synthetic identity fraud detection solution meant to deliver a more holistic brand of protection. Nullifying harmful synthetic identities from entering an ecosystem at the point of account creation itself, the said product has features and data sources specific to the fraud vector. This helps it in clocking a fraud capture rate of 90% among the top 5% of high-risk consumers (up 15% from v3). Joining it is a 50% reduction in false positives for the riskiest 1% of users. But how did it manage to achieve that efficiency? Well, it did so by effectively using diverse “proof of life” features, new data sources, and innovative email-based features. Then, there is a Digital Intelligence Suite V2. This packs together three sophisticated services to provide a real-time view of online events. These services are Device Intelligence, Behavioral Analytics, and Entity Profiling, all contributing their bit to help us replace device fingerprinting techniques that no longer work on modern, privacy-conscientious mobile devices and browsers. The services substitute them with risk identifiers, a tool that lets you associate device, behavior, network and location patterns at consortium and network scale. To be more specific, the idea here is to use machine learning for the purpose of analyzing more than 500 correlated feature candidates. Upon looking at the grand scheme of things, you’d notice that a solution like the one we have here is well-positioned to let Socure’s wider platform unpack differentiators between regular variation and potential risk fluctuation in real-time, and that too, at an extremely precise rate.
Finally, we must get into the new suite’s email, phone and address RiskScore and ownership correlation. Touting an expansive set of use cases, this correlation can, for instance, prove useful in preventing account takeovers by assessing phone, address, name and email changes in account profiles, often the first of symptoms in an ATO attack. A detail worth mentioning here would be how these RiskScore products deflect fraud from faked, stolen, and invalid email accounts, phone numbers, and physical addresses without adding friction to any part of the customer experience during onboarding, account change, or transaction. Hold on, there is more, as there are also advanced features in play that can identify pattern based fraud attacks like gibberish emails, alias emails, email tumbling, invalid domains and more. Again, trusting the data available at our disposal right now, Socure’s RiskScore functionality has proven to trigger a 12% increase in coverage with 15% more fraud capture than every single competitive email solution. It also achieved verification of 28% more phone numbers, and 20% more addresses than anyone else in the market, along with 40% greater fraud capture than the leading phone finder providers.
The development in question delivers an interesting follow-up to one report, which revealed that sophisticated and illusive fraud attacks cost consumers a whopping $5.9B in losses last year. This was mainly due to the fact that, while many organizations patch together various point solutions to assess the holistic picture, they often run into the problem of producing disparate signals and inconsistencies between various providers, making up an untrustworthy risk analysis. In response, Socure hands us a suite built using a decade of powerful and rich consortium data from the well-known Socure Risk Insights Network, which includes banks and fintechs, gaming services, payment platforms, and payroll providers.
Founded in 2012, Socure’s rise stems from having the only vertically integrated identity verification and fraud prevention platform which is awarded both IAL-2 and FedRAMP Moderate certifications. Translating to a concrete clientele, company’s digital identity verification and fraud solutions are currently being availed by more than 1,900 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries. This covers four of the nation’s five top banks, the top credit bureau, and more than 400 fintechs. As for particular names, Socure has customers out of leaders like Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California etc.
“Beyond extreme accuracy, the Sigma Fraud suite enables organizations to consolidate a patchwork of inaccurate, expensive and operationally burdensome identity verification solutions that haven’t kept pace with the innovation and attack surface afforded by GenAI tools. I am extremely proud of what the team has built as this brings Socure to the front-door of fulfilling our years-long mission to verify 100% of good identities in real-time and completely eliminate identity fraud. I can’t wait to see what comes next for Socure,” said Ayers.