Socure, a leader in digital identity verification, through a survey held at Money 20/20 conference, identified that third-party fraud is the top concern of most companies.
Only around one-third of people surveyed employ Artificial Intelligence in their companies for addressing risks. Among those who use an identity verification solution in their companies, 85 percent said their primary concern is identifying risks. Around 45 percent of respondents had auto-approval as their priority.
Key Findings
Around 69 percent of the respondents said that third-party fraud risk is their primary concern. Third-party fraud is where an individual, or group of people, use another person’s identity or personal details to open or take over an account without any consent. Around 65 percent were concerned about new account fraud. Similarly, first-party fraud bothered 62 percent of the companies.
Around 38 percent deployed solutions for addressing risk whereas 35 percent deployed AI for preventing frauds. Only 56 percent of the respondents used an identity verification solution to capture fraud during the customer verification process.
What They Think
Around 75 percent of the respondents feel identity fraud concerns will never be eliminated in their industry considering its complexity. “We conducted the survey to get a better sense of the specific issues that our customers, prospects, and partners find most challenging to solve for in 2020,” said Johnny Ayers, Co-Founder, and SVP of Socure.
“It was expected that many respondents were sceptical about the elimination of identity fraud as it is an incredibly difficult and complex math problem, one that Socure is on-track to solve for in 2020 and finally eliminate completely,” Johnny Ayers said.
Socure claimed that their customers were already experiencing over 80 percent reductions in identity fraud by using the Machine Learning model. Along with this was a 90 percent reduction in the need for manual reviews.
“This type of accuracy in the market is delivering enormous zero to one jumps over the legacy solution providers, he claimed.
Socure’s technology applies Artificial Intelligence and Machine Learning techniques with trusted online/offline data intelligence from email, address, phone, IP, social media and the broader Internet to verify identities in real-time. Customers include three of the top five US banks, seven of the top 10 US card issuers, as well as the majority of leading digital banks, lenders and insurers across the U.S.
Read more: Payment Fraud Essentials and Prevention Checklist
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