How to Stay Ahead of Evolving Fraud in 2022—and Beyond

Heading into 2022, the digital landscape is ripe with new opportunities—for both cyberbusinesses and cybercriminals. According to the FBI, since March 2020 there has been a 300% increase in reported cybercrimes¹. And we have seen first-hand how unemployment fraud has run rampant since the beginning of the pandemic.

Coming into the new year, there are no signs of fraud issues declining. Instead, both digital-native and digital-newbie businesses face an accelerating challenge—one that requires a fraud approach built to fight both crafty fraudsters and onboarding friction.

At Socure, we’ve taken our industry experience, data science expertise, and data-informed trends from the past years of pandemic-fueled digital transformation (and even earlier) to create the most accurate identity fraud solution ever. Here are some of the ways that Socure’s Sigma Identity Fraud solution ensures you can maximize the number of good customers at onboarding, while minimizing your fraud risk.

1. Advanced Machine Learning Model for Proactive Fraud Prevention

Developed on the largest identity graph and performance dataset in the industry, Socure’s flexible machine learning (ML) model is constantly evaluating new features and learning from fraud attack attempts made on our customer consortium. Every attempted attack on your fellow Socure customers makes your defense stronger. Our ML model learns from ever-evolving fraudster techniques and adapts to proactively protect our customers.

2. Accurate Fraud Classification for More Auto-Approvals

Socure delivers the most accurate identity fraud classification model in the industry. Socure’s Sigma Identity Fraud solution analyzes every dimension of consumer identity. While other solutions might focus on a particular data element, Socure consolidates name, email, phone, address, date of birth, SSN, IP, device, velocity, network and behavioral intelligence, and more in a single ML model. This holistic approach helps increase accuracy for even complex identities and drives down false positives. As a result, you auto-approve the largest number of good customers.

3. More Auto-Approvals Lead to Fewer Manual Reviews 

By providing more accurate fraud classification and fewer false positives than any other vendor on the market, Socure reduces manual reviews by more than 80%, while also reducing fraud losses. No other provider prevents fraud and supports revenue growth at the same scale. Socure’s holistic approach has been proven to improve fraud capture results by more than 45% over legacy solutions. With more accurate fraud capture, you need fewer manual reviews and can free up personnel for more strategic tasks.

4. Less Friction and More Good Customers

By cutting down on manual reviews, your customers have significantly less friction at onboarding. This superior user experience translates into more good customers entering your business, less abandonment as they open accounts, and fewer fraudsters trying to make an illicit profit.

Start the New Year with More Good Customers and Fewer Fraudsters 

Sigma Identity Fraud, built on advanced ML and our exceptional consortium of client data, minimizes your fraud risk and optimizes your growth opportunities. More than 750 organizations use Socure to protect their revenue and customers, including four of the top five banks and seven of the top ten issuers. Let us prove it to you and help you start 2022 with the best anti-fraud solution for a changing digital landscape.

¹ https://sdccoe.org/breach/covid-19-news-fbi-reports-300-increase-in-reported-cybercrimes/