Socure Announces Sigma Identity Fraud​​ The Industry’s Most Accurate Identity Fraud Solution

Sigma Identity Fraud Increases Auto-Approval Rates by up to 60%, Reduces False Positives by 13x, and Captures Fraud in the Riskiest 3% Population by up to 90%

Socure, the leading provider of digital identity verification and fraud solutions, announced the industry’s most accurate identity fraud solution, Socure Sigma Identity Fraud. Sigma Identity Fraud delivers the most precise identity fraud classification model in the industry by utilizing over 17,000 features that analyze every dimension of a consumer’s identity—name, email, phone, address, IP, device, velocity, network intelligence, and real-time consortium feedback data—all in a single product.

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Socure Sigma Identity Fraud enables enterprises and government agencies to dramatically increase auto-approval rates and reduce fraud losses, false positives, friction, and costs associated with manual reviews. Sigma Identity Fraud increases auto-approval rates by up to 60% and captures fraud in the riskiest 3% by 90%, making it the only product on the market to solve for both fraud protection and revenue generation. The solution reduces manual reviews by >80% through substantially more accurate decisioning. Sigma Identity Fraud also reduces false positives by >13x compared to legacy solution providers, enabling customers to verify the largest number of good consumers, increase the automation of the onboarding process, and also reduce fraud losses.

Sigma Identity Fraud has become a gold standard for enterprises that are increasingly reliant on digital channels to grow their business. And with that growth comes the challenge of combating identity fraud which is costly and can negatively impact the bottom line. In fact, according to Javelin Strategy & Research, identity fraud losses in the U.S. in 2020 reached a total of $56 billion. This figure represents a combined total of $13 billion for traditional identity fraud, and $43 billion for identity fraud scams. This inordinate growth can be attributed to the expansion of digital channels combined with fraudsters compromising a treasure trove of personally identifiable information (PII) that enables them to impersonate a consumer’s identity.

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“We have created the perfect balance between fraud detection, eliminating customer friction, and reducing false positives all in one solution with our latest Sigma Identity release,” said Johnny Ayers, founder and CEO of Socure. “Enterprises of all sizes rely on Socure not just for fraud protection, but for growing their business. The accuracy of our Sigma fraud classification model has made legacy solutions centered around single identity elements, manual reviews, or knowledge-based authentication a thing of the past.”

“Deploying Socure’s technology has significantly increased our ability to accurately locate identity fraud while also enabling us to auto-accept more good applicants. Our manual account reviews have also decreased dramatically. The innovations delivered by Socure help us to stay ahead of fraud trends while continuing to provide an optimal experience for our customers,” said Mark Kassardjian, director of customer operations at Betterment.

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