<p><strong>INCLINE VILLAGE, Nev., January 16, 2024 –</strong> <a href="https://www.socure.com/">Socure</a>, the leading provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, today launched the industry’s first fully integrated, internally developed, identity fraud solution suite that fuses personal identifiable information (PII) validated by thousands of data sources, real-time network and anomaly detection, with digital and behavioral risk signals for an instant and near 100% accurate identity fraud decision in less than 150 milliseconds with five nines of uptime availability.</p>
<p>Socure’s Sigma Fraud suite breaks new ground in moving beyond the view of identity as a single snapshot in time, instead assessing a consumer’s historic behavioral patterns across institutions, geographies, and timeframes to spot anomalies that indicate risk of theft or tampering at the entity level. The Sigma Fraud suite is further powered by a decade of powerful, rich consortium data from the <a href="https://www.socure.com/company/socure-risk-insights-network">Socure Risk Insights Network</a>, across nearly 2,200 customers, including the nation’s largest banks and fintechs, gaming services, payment platforms, and payroll providers.</p>
<p>The only way to stop sophisticated, illusive fraud attacks, which <a href="https://identitytheft.org/statistics/#:~:text=There%20is%20an%20Identity%20Theft%20Case%20Every%2022%20Seconds&amp;text=Experts%20believe%20that%20these%20cases,a%20bigger%20issue%20for%20Americans.">cost consumers $5.9B last year</a> and are increasingly powered by Gen AI, is to gain this holistic view of identity risk with rich historical context. Currently, many organizations patch together a myriad of point solutions to assess the holistic consumer, but these produce disparate signals and inconsistencies between various providers that leave gaping holes in risk analysis. This results in poor user experiences, false positives, long wait times and large amounts of lost revenue. Socure’s Sigma Fraud suite replaces outdated rules systems, unnecessary waterfalls and orchestration and inconsistent performance across poorly integrated point solutions with a single decision in less than 150 milliseconds, delivering nearly 100% ID fraud capture with less than 5% review rates.</p>
<p>Sigma Identity Fraud V4 (a flagship product within the Socure Fraud suite) now also includes two new central innovations: Entity Profiler and Integrated Anomaly Detection.</p>
<ul>
<li>Entity Profiler transcends identity verification from any other provider in the market, with the first ML solution to fuse digital footprints and session intelligence with authoritative data in a singular view of identity. By considering the recency, frequency, and context of historic transactions and behavior, this approach allows for a more dynamic and accurate assessment of identity and device ownership while adapting to new privacy standards. Socure&#8217;s system can confidently assert 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.</li>
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<li>Integrated Anomaly Detection is the ultimate shield against the most advanced Generative AI threats. This powerful solution is expertly engineered to analyze identity behaviors across various levels &#8211; company, industry, and financial networks &#8211; identifying thousands of risk factors in real-time that legacy approaches miss. It excels in detecting unusual real-time user behavior patterns, offering unparalleled protection against sophisticated, high-volume fraud attacks. With this technology, customers are equipped to swiftly identify and respond to threats, such as a sudden increase in applications from device farms, tumbled emails, muling activity or unknown VoIP providers. </li>
</ul>
<p>Socure’s Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the top 5% of riskiest users compared to the industry average of just 37% from credit bureaus and other fraud providers. Meanwhile, it provides a greater than 40% absolute reduction in false positives, relative to Socure’s prior, best-in-class Sigma ID version, allowing customers to accept more good consumers–all in under 150 milliseconds.</p>
<p>By maintaining its industry-leading accuracy, Socure customers can consistently expect a 20x return on investment with the largest value drivers being increased revenue through false positive reduction, ID fraud losses being reduced to near zero, total cost of ownership reduction by turning off unnecessary legacy point solution providers and manual review being reduced from the industry average of 10-15% to less than 5%. This level of unmatched accuracy also substantially enhances a consumer’s user experience while also increasing their likelihood to fund or complete a transaction.  </p>
<blockquote style="margin: 30px 0;">
<h3>“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&amp;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.</h3>
<h3 style="margin: 30px 0;">“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.”</h3>
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<h2 style="margin: 30px 0;">Socure&#8217;s Sigma Fraud Suite: A Layered Defense</h2>
<p>Socure&#8217;s Sigma Fraud suite delivers a single API call for a layered defense, covering the challenges of third party identity fraud, account takeover as well as synthetic fraud attacks &#8212; the most complete defense against all forms of identity fraud in the market, at new application, login and transaction.  In addition to Sigma Identity Fraud V4, the suite also includes:</p>
<h3 style="margin: 30px 0;">Sigma Synthetic Fraud V4</h3>
<p>Sigma Synthetic Fraud V4 is a purpose-built synthetic identity fraud detection solution that delivers holistic protection through multi-layered controls to block harmful synthetic identities from entering an ecosystem at account creation. Sigma Synthetic V4 is tailored with features and data sources specific to this fraud vector, attaining a fraud capture rate of 90% among the top 5% of high-risk consumers (up 15% from v3) and a 50% reduction in false positives for the riskiest 1% of users. This was achieved by utilizing diverse &#8220;proof of life&#8221; features, new data sources, and innovative email-based features to detect email tumbling.</p>
<h3 style="margin: 30px 0;">Digital Intelligence Suite V2</h3>
<p>Socure’s Digital Intelligence Suite consists of three sophisticated services working together to provide a real-time view of online events. Digital Intelligence brings together Device Intelligence, Behavioral Analytics, and an Entity Profiling service to go beyond antiquated device fingerprinting techniques that no longer work on modern, privacy-conscientious mobile devices and browsers. Instead of relying on fixed identifiers, Socure employs a privacy forward approach to associate device, behavior, network and location patterns at consortium and network scale &#8211; evaluating what is typical for an individual across elements like email, IP, and location history. Analyzing over 500 correlated feature candidates through machine learning experiments, Socure ties together data dimensions through adaptive behavioral profiles rather than binary match points. Socure drives risk insights from a fusion of corroboration across attributes and holistic evaluation of activities over reliance on discrete IDs. This, integrated into the company’s Sigma Identity V4 model, enables Socure to crystallize differentiators between regular variation and potential risk fluctuation with unparalleled precision – in real-time.</p>
<h3 style="margin: 30px 0;">Email, Phone, and Address <b>Ownership &amp; </b>RiskScores</h3>
<p>Socure’s email, phone and address RiskScores and ownership correlation can be applied in a number of situations. In one key use case, organizations leverage the solutions to prevent account takeovers by assessing phone, address, name and email changes in account profiles – often the first steps in an ATO attack. They’re also used for progressive onboarding if limited identity attributes are collected by a given consumer-facing service over time. Socure’s 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 at onboarding, account change or transaction. Socure has advanced features that can identify email pattern based fraud attacks like gibberish emails, alias emails, email tumbling, invalid domains and more. Socure has proven to give a 12% lift in coverage with 15% more fraud capture than every single competitive email solution, verify 28% more phone numbers with 40% greater fraud capture than the leading phone finder providers, and can verify 20% more addresses than anyone else in the market. </p>
<p>For more information on Socure’s Game-changing Sigma Fraud suite launch, visit the company’s <a href="https://www.socure.com/solutions/digital-identity-fraud-prevention">website</a>.</p>
<h2 style="margin: 30px 0;">About Socure</h2>
<p>Socure is the leading provider of digital identity verification and fraud solutions. Its AI and predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. Socure is the only vertically integrated identity verification and fraud prevention platform with both IAL-2 and FedRAMP Moderate certifications, delivering advanced levels of assurance and the highest standards for security and compliance. The company has more than 1,900 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at <a href="https://us-west-2.protection.sophos.com/?d=socure.com&amp;u=aHR0cDovL3NvY3VyZS5jb20=&amp;i=NjRiYjA5MGU2NTc5NzUxODIxOTRmNzJj&amp;t=RmlqeXRHRSs0V3l1dXdyMERQcUFQSGZ6VGtkc0ppOHgvSUttZFNYdyt1QT0=&amp;h=a687de1c20964ea0a1b2f9049cd28f2a&amp;s=AVNPUEhUT0NFTkNSWVBUSVaHDez4BHRwDKmyDC6leK5bSzBWN4idHXDfSj2Q9Wem0OG_FG3Y81sBG3IPhAymLc-7Xq0twPGWo1CvX24ATiRujvGx-dVkXWxq1QXIh5o_Nw">socure.com</a>.</p>


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