Socure’s Sigma Synthetic Fraud Solution Wins Aite-Novarica Group’s Impact Innovation Award in the Risk Mitigation Category

SecurityNewsRegulation and Compliance Managment

By AIT News Desk On Sep 8, 2021

Sigma Synthetic Fraud Delivers Unmatched Accuracy Detecting and Capturing 90% of Synthetic Fraud in the Riskiest 3% of the Population

Socure, the leading provider of digital identity verification and fraud solutions, has been recognized by Aite-Novarica Group, a global advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to the financial services industry, as the winner of the 2021 Impact Innovation Awards for Fraud Innovation in the Risk Mitigation Category for its industry-leading Sigma Synthetic Fraud solution.

“We are honored and grateful that Aite-Novarica Group has recognized our accomplishment and market-leading performance in such a prestigious way.”

“We have created the industry’s richest real-time performance data set of synthetic, third-party, account takeover, credit mule, and other fraud and non-fraud statuses contributed by our 600+ customers to constantly update and inform our Sigma Fraud and Sigma Synthetic machine learned models,” said Johnny Ayers, founder and CEO of Socure. “We are honored and grateful that Aite-Novarica Group has recognized our accomplishment and market-leading performance in such a prestigious way.”

Socure’s Sigma Synthetic Fraud solution delivers unmatched predictiveness, detecting and capturing, on average, 90% of synthetic fraud in the riskiest 3% of users, with an AUC (accuracy in classifying good applicants from bad) of 97.5%. The solution allows financial institutions and other enterprises to combat synthetic ID fraud and eliminate astounding monetary losses by enabling intelligent decisioning, which, when paired with eCBSV, facilitates significant capture of synthetic identities. By layering in Socure’s document verification product, DocV, Socure is able to deliver a full end-to-end solution to solve for synthetic identity fraud.

In its inaugural year, the Aite-Novarica Group 2021 Fraud & AML Impact Innovation Awards looked for organizations deploying new initiatives, products, and upgraded capabilities for more effectively and efficiently countering escalating financial crime threats. The award featured submissions by quality providers and vendors who are raising fraud and anti-money laundering (AML) risk intelligence and delivering elevated and friction-right financial crime threat identification, assessment, prevention, detection, investigation, and reporting.

The award winners were selected by a global panel of both internal and independent experts on fraud and AML. When scoring each entry, the panel considered the following criteria:

Level of innovation and competitive advantage
Market needs assessment
Impact on customer and end-user experience
Impact on operational efficiency
Financial crime risk detection and mitigation
Level of scalability across customer base
Future roadmap assessment

“With digital acceleration at hyper-speed, financial organizations are confronted with balancing the increasing demands for elevating customer experiences and uplifting operational efficiency against the expanding needs for building better fraud and AML control frameworks,” said Aite-Novarica Group Practice Leader Chuck Subrt. “Innovation holds the key to unlocking smarter, more efficient, and more impactful financial crime detection and prevention,” he explained.