Socure Eliminates More Than 200K Synthetic Identities in 2023
INCLINE VILLAGE, Nev., Dec. 21, 2023 /PRNewswire/ -- Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, today announced that it has eliminated 204,536 synthetic identities from the U.S. economy in 2023 to date. The company's Sigma Synthetic Fraud solution has prevented more than $3 billion in fraud losses this year while doubling the company's initial 100,000 commitment signifying just how omnipresent the problem has become.
- The Deloitte Center for Financial Services projects synthetic identity fraud to generate at least $23 billion in losses in the U.S. by 2030.
- "Socure's pledge to eliminate 100,000 synthetic identities in 2023 was noble, but also ambitious," said Julie Conroy, Chief Insights Officer at Datos Insights.
- Eradicating synthetic identity fraud is a key part of why we exist," said Johnny Ayers, founder and CEO of Socure.
- Socure's Sigma Synthetic V4 is the industry's most accurate synthetic fraud solution, using advanced machine learning and diverse third-party and network feedback data to uncover anomalies and connect elaborate behavioral patterns linked to synthetic identity fraud.