Socure

🛍️ “Buy Now, Pay Later” (BNPL) services have become a cornerstone of consumer purchasing. With the holiday shopping season in full swing, more consumers than ever are turning to the BNPL option at checkout. One emerging BNPL provider recently found itself facing unsustainable losses due to significant challenges with First-Party Fraud. They turned to Socure for help. By implementing Socure's solutions, this BNPL provider: 💰 Reduced overall fraud losses by 22%  💵 Saved $9 million in fraud losses 🛡️ Decreased all payment default-associated losses by 19% – while increasing approval rates Socure's First-Party Fraud consortium proved to be a powerful tool in identifying risky accounts. 👉 36% of the BNPL provider's overall applicants were identified in at least one other institution within Socure's consortium. Learn more here: https://lnkd.in/ezwxY4HV

Finovate has included Socure's acquisition of Effectiv (now part of Socure) in their top 10 list of news stories from 2024! 🚀 This strategic acquisition elevates our digital identity verification and fraud prevention portfolio of solutions with a comprehensive, developer-friendly real-time decisioning engine. Combining Effectiv with Socure dramatically expands the kinds of fraud, risk and authentication issues we can solve together, providing capabilities far beyond onboarding that address identity and fraud challenges in payments, and authentication events throughout the entire customer lifecycle. Thank you to Julie Muhn for including us in Finovate’s Top 10 Posts of 2024! Check out the full list here 👉 https://lnkd.in/g8c5MtVU

Here’s a line no Chief Compliance Officer wants to hear: “It’s going to cost you over a million dollars to clear your backlog of alerts.” 😬 For one leading investment platform with more than 700,000 unreviewed PEP alerts piling up, this was their reality. But instead of spending money on a one-time fix, they solved the problem by eliminating the root cause of 98% of those alerts (which were actually false positives). And they did it while strengthening their compliance program — not weakening it. Here's the short story 👉 By partnering with Socure, they didn't spend the $1M. Instead, they reduced those costs by 98%. Learn more here  🔗  https://lnkd.in/gYdW2eMA

🎁 When holiday shopping spikes, so does fraud. This holiday season, our experts Ori Snir and Arpitha G. are pulling back the curtain on a critical fraud trend that's costing businesses billions: First-Party Fraud. First-Party Fraud patterns during the holiday shopping season can lead to costly disputes and chargebacks for financial institutions. But here's the game-changer: With the help of our partners Dave, SoFi, Green Dot Corporation, Varo Bank, and Public, Socure's First-Party Fraud Consortium is the answer to how we fight back as an industry. What makes our consortium unique? Socure is uniting leaders across industries for the first time to share data and insights to combat First-Party Fraud, amassing: 🌐 190 million contributed identities 👥 121 million of which are unique identities 💳 325 million accounts ↔️ 20 billion transactions Learn more about Socure’s First-Party Fraud Consortium here  👉 https://lnkd.in/g-mFAeQN

🤔 How many customers is your organization losing due to friction-filled, outdated verification processes? By 2030, Gen Z will account for 27% of the world’s population. Despite their enormous consumer power, Gen Z individuals are part of the rising population of “digital ghosts” — people who struggle with online identity verification due to their economic position and background because they lack a financial footprint. In this video, our “Zillenial” social media manager Sage Avarda tells the story of starting an investment account for their child’s future. They went into this process knowing that young adults often encounter barriers to accessing such financial services, because conventional identity verification methods rely heavily on credit bureau history and public records data. Sage chose to open this account with a leading bank that partners with Socure to conduct their identity verification and, because of this, they experienced a quick and easy onboarding process despite their weaker digital footprint. By modernizing identity verification and breaking barriers to access, Socure is building this future through our mission to verify 100% of good identities and completely eliminate fraud.    👉 For the leading peer-to-peer payments provider, we recently verified 17% more 18 to 21-year-old users than anyone else in the industry. This is how Socure enables financial organizations to say "yes" to more young, good consumers. Sage’s frictionless identity verification and onboarding process inspired them to envision a future for their child where tech removes friction, paths aren't predetermined, and access creates possibility. This is the heart of #IdentityCertainty. Learn more about Socure Verify here: https://lnkd.in/gCqjDJS8

Socure’s marketing offsite meeting last week in Santa Cruz, CA was a perfect showcase of our team’s collaborative nature. 🌊 We welcomed our new team members from Socure’s acquisition of Effectiv (now part of Socure), working with them on creative ways to highlight the exciting capabilities that Effectiv brings to Socure’s identity verification and fraud prevention solutions. During our strategic sessions, we ideated on capturing the attention of the new markets we will be tackling in 2025. We dove deep into real-world use cases that demonstrate how Socure solves complex identity, risk, and fraud challenges throughout the customer lifecycle. Our discussions centered on articulating how Socure's AI-powered platform is expanding to offer end-to-end identity fraud and payment risk management, integrating advanced transaction monitoring, credit underwriting and know-your-business (KYB) solutions. Inspired by the beauty of the California coastline, our team is more committed than ever to our mission of verifying 100% of good identities and completely eliminating fraud. Want to come aboard? Learn more about joining the Socure team here  👉 https://lnkd.in/e9mX5WMq

Big news from Socure! 🚀 Today we announced significant milestone achievements for our First-Party Fraud Consortium. The first of its kind, Socure’s consortium seeks to unify companies to tackle the complicated, multi-industry issue of First-Party Fraud by pooling data and insights which allow them to detect and stop fraud before it takes hold. First-Party Fraud, nicknamed "friendly fraud," occurs when individuals use their own identity to commit dishonest acts for financial gain. These consumers are succeeding to the tune of billions of dollars, with annual First-Party Fraud losses in the U.S. alone totaling more than $100 billion. Our consortium's groundbreaking data sharing initiative enables members to detect and prevent these fraudulent activities through rapid analysis of dispute histories, payment denials, and account closures across multiple platforms. This initiative marks an unprecedented collaboration in financial services history, amassing data intelligence encompassing: 🌐 190 million contributed identities 👥 121 million of which are unique identities 💳 325 million accounts ↔️ 20 billion transactions We extend our gratitude to Dave, SoFi, Green Dot Corporation, Varo Bank, and Public for their contributions to Socure’s consortium, uniting Fintech leaders to share data and insights to combat First-Party Fraud on a historic scale. Read the news here 👉 https://lnkd.in/g-mFAeQN

🔎 Working with Socure’s data science experts, this leading national bank provided and tested ~2 million records of existing customer data for credit cards and DDAs originating from in-branch and online onboarding. Socure then ran the records through our Sigma Identity Fraud, Sigma Synthetic Fraud, Verify, and Email, Phone, Address RiskScores and Correlation Value modules. The results? 👀 Socure’s Portfolio Scrub found that: 👉 ~2% of the bank’s open accounts exhibited high risk for either KYC compliance issues or identity fraud. 👉 25% of addresses being used as an individuals’ address were either invalid or commercial, dual-purpose, or prison addresses. 👉 30,000 of the reviewed accounts were opened by manipulated or fabricated synthetic identities. Read the full case study here: https://lnkd.in/gyhwDzH8

⚠️ Fraud rings are exploiting stolen PII to generate thousands of synthetic identities, often reusing the same headshots or ID templates while modifying personal information to slip through traditional verification systems. In this upcoming webinar, featuring Socure’s DocV Head of Engineering Che-Bin Liu and DocV Head of Computer Vision Feng Xiao, we’ll explore how Socure’s advanced document verification technology thwarts these high-stakes attacks. With the ability to detect near-perfect fake documents—where the same headshot or ID template is reused across multiple applications—Socure’s solution provides a fast, secure, and efficient method to stop repeat fraud attempts. Key takeaways include: 🫸 Prevention of Injection Attacks: Discover how Socure’s document verification detects injected data, ensuring only authentic and verified documents pass through. 🔎 Real-Time Detection of Recycled ID Documents: Learn how Socure instantly flags attempts to open accounts with previously used headshots or modified PII, protecting your platform from repeat offenders. 💲 Cost Reduction through Enhanced Security: See how robust document verification reduces financial losses and operational costs from loan defaults, chargebacks, and sign-up fraud. 🛡️ A New Layer of Fraud Defense: Gain insights into Socure’s ability to detect fraud patterns in real-time, adding a powerful defense layer against persistent fraud rings. This session includes a live demo and a Q&A with our product leaders—register now to see it in action! 🔗 https://bit.ly/3Zpo3NN

Socure has been named one of the fastest-growing companies on the Deloitte Technology Fast 500™ for the fifth consecutive year! 🚀 In the words of our Founder and CEO Johnny Ayers, “Our growth is a direct result of our relentless focus on leveraging advanced AI and machine learning to solve the most complex identity and fraud challenges, with a degree of accuracy and inclusivity unrivaled in the industry. We've built the largest ID graph of known good and bad identities, alongside the largest first party fraud consortium, delivering further certainty with each subsequent decision. Our approach has allowed us to uniquely move closer to our mission of verifying 100% of good identities and completely eliminating identity fraud. As the digital economy evolves and the fraud attack surface widens, we remain dedicated to staying ahead of sophisticated bad actors through rapid innovation and providing our customers with unparalleled ROI.” The Deloitte Technology Fast 500 is a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. This recognition of Socure for the fifth consecutive year underscores our success in replacing outdated methods of digital identity verification and fraud prevention with our AI-forward approach. Read the news here: https://bit.ly/4ik4z4I