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Socure Estimates Financial Losses from Synthetic Fraud to Reach Nearly $5B by 2024

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Thursday, October 20, 2022
Software, Banking, Internet, Professional Services, Fintech, Data Management, Technology, Artificial Intelligence, Security, Data Analytics, Online Privacy, Finance, Method, Health, Trust, PPP, SSN, Name, Government, Social Security, Growth, Scale Venture Partners, DDA Netaji Subhash Sports Complex, DOB, FB MSBS Grot, California Department of Justice, Organization, Citibank, Intelligence, Crime, Research, SoFi, Bain Capital Ventures, Federal Reserve, DraftKings, Justice, Social, Acquisition, DDA, Tiger Global Management, CEO, Synchrony, IP, Friction, The Department, Address, Internet, Fraud, Sorenson, Accel, T. Rowe Price, Solution, Synthetic, Cryptocurrency, Pharmaceutical industry, Chime

If synthetic identity fraud continues to go unchecked, losses will double from the estimated $2.48 billion this year to nearly $5 billion in 2024, the research shows.

Key Points: 
  • If synthetic identity fraud continues to go unchecked, losses will double from the estimated $2.48 billion this year to nearly $5 billion in 2024, the research shows.
  • The report documents some of the most recent patterns employed by synthetic fraudsters, such as launching increased attacks on demand deposit accounts (DDAs).
  • At Socure, we strongly believe we can eradicate synthetic fraud within the next three years, and stop the damage that bad actors are committing against consumers and our financial system.
  • Synthetic Identity Fraud is Growing, Morphing
    The Department of Justice has said that synthetic identity fraud is the countrys fastest growing financial crime.

Socure Launches Newest Sigma Synthetic Fraud Model Adding Unrivaled Precision to its Identity Fraud Suite

Retrieved on: 
Thursday, October 20, 2022
Technology, Finance, Security, Fintech, Consulting, Professional Services, Software, Data Analytics, Data Management, Artificial Intelligence, Health, Trust, Crime, SSN, P2P, Name, Government, Social Security, Scale Venture Partners, DDA Netaji Subhash Sports Complex, FB MSBS Grot, California Department of Justice, Citibank, Bias, Intelligence, SoFi, Bain Capital Ventures, DraftKings, Knowledge, Justice, Social, Industry, Department, Tiger Global Management, Small business, NATO Dispersed Operating Bases, Synchrony, CEO, IP, Classification, Address, Internet, Sorenson, Accel, T. Rowe Price, ML, Synthetic, Algorithm, Cryptocurrency, Pharmaceutical industry, Chime

Socure , the leading provider of digital identity verification and fraud solutions, today announced the debut of its newest Sigma Synthetic Fraud model, a synthetic identity fraud detection solution that identifies manipulated and fabricated identities with unmatched precision.

Key Points: 
  • Socure , the leading provider of digital identity verification and fraud solutions, today announced the debut of its newest Sigma Synthetic Fraud model, a synthetic identity fraud detection solution that identifies manipulated and fabricated identities with unmatched precision.
  • Core to the precision of Sigma Synthetic Fraud is the integration of two critical fraud-fighting features: powerful machine learning technology (ML) and expert fraud investigators.
  • Socure combines the knowledge and expertise of fraud investigators with the computational and statistical capabilities of advanced ML, making its solution highly effective in detecting synthetic identity fraud.
  • With Sigma Synthetic Fraud, Socure fraud investigators provide clean, corrected, and properly classified fraud labels for unlabeled or mislabeled raw data.