Digital identity platform Socure has launched its Sigma Synthetic Fraud solution to help combat the risks of synthetic identity fraud.
The RegTech company believes synthetic ID fraud, which uses fictitious identities, represents the next wave of complex fraud and online fraudulent theft..
Its new tool claims to be capable of auto-capturing more than 90% of synthetic ID fraud in just the riskiest 3% of users
To create the new solution, the RegTech has invested heavily into feature engineering and data source analysis, and uses both supervised and unsupervised machine learning models to derive a common definition of synthetic identity fraud.
Socure founder and chief product officer Johnny Ayers said, “As the volume of online applications for accounts and credit has grown exponentially, so has the opportunity for synthetic ID fraudsters who prey on the fact that this is a victimless crime and is extremely difficult to detect using conventional, 3rd party fraud detection methods.
“Tackling this growing problem requires a highly sophisticated machine-learning platform that is easy to deploy, easy to manage, and a team that is maniacally focused in eradicating identity fraud from the internet.”
The RegTech recently raised $35m in its funding round, which was led by Sorenson Ventures and supported by Commerce Ventures, Scale Venture Partners and Flint Capital.
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