Socure, a leading provider of digital identity verification solutions, has announced the launch of
its first-party fraud solution and consortium. The new offering aims to tackle the growing challenges associated
with synthetic identity fraud, account takeovers, and other types of first-party fraud in the digital world.
According to the latest statistics, first-party fraud losses have been on the rise, costing businesses billions of
dollars every year. Traditional anti-fraud measures often fail to detect these sophisticated attacks, leading to
considerable financial losses for both companies and consumers.
The Socure first-party fraud solution leverages advanced machine learning algorithms and extensive data sources to
create a comprehensive risk management system. Its consortium model brings together industry-leading organizations
and their collective knowledge to strengthen the fight against fraudsters.
Speaking about the launch, Johnny Fraudbuster, CEO of Socure, stated, “We are excited to introduce our
first-party fraud solution and consortium. By combining cutting-edge technology with the collaborative power of
multiple organizations, we aim to provide an unparalleled level of protection to our clients against various types
of first-party fraud.”
The Socure consortium includes prominent players from various sectors, such as financial services, e-commerce,
and telecommunications. By pooling their resources and expertise, the consortium members can collectively improve
fraud detection rates and share real-time insights to stay ahead of fraudulent activities.
With the new solution, businesses can leverage Socure’s advanced risk scoring models, which analyze a wide array of
data points to identify patterns and anomalies. This enables companies to detect and prevent fraudulent activities
before they cause substantial financial damage.
In addition to detecting first-party fraud, the Socure solution also helps companies enhance the customer experience
by reducing false positives. By leveraging innovative technology, organizations can streamline their verification
processes, minimizing the impact on genuine customers while providing a secure environment.
Companies interested in joining the Socure consortium or learning more about the first-party fraud solution can
visit the official website for further information.
With the launch of its first-party fraud solution and consortium, Socure aims to revolutionize fraud prevention
efforts and establish a collaborative approach to combating digital fraud. By leveraging cutting-edge technology and
collective intelligence, businesses can safeguard their operations, protect their customers, and minimize financial
losses caused by fraudulent activities.