Socure has become one of the first companies to win an Aite-Novarica Group Impact Innovation Award for Fraud Innovation. The company was specifically recognized for its Sigma Synthetic Fraud solution, which took the top prize in the Risk Mitigation Category.
As the name would suggest, the Sigma Synthetic Fraud solution analyzes financial transactions to watch for signs of synthetic fraud. The solution performs particularly well for high-risk users, and is able to spot roughly 90 percent of the synthetic fraud attempts amongst the three percent of users who are most likely to be engaged in such activity. It is also able to sort good from bad actors more generally, and is 97.5 percent accurate when sorting fraudsters from legitimate customers.
The goal, of course, is to help financial institutions mitigate the losses that result from synthetic fraud. In that regard, Sigma Synthetic Fraud can be supplemented with Socure’s DocV document verification to provide enterprises with greater assurances about their user base.
The Aite-Novarica Group’s Impact Innovation Awards are in their inaugural year, and were set up to highlight solutions that can effectively guard against rising levels of cybercrime. The winners were chosen by a group of international and Aite-Novarica Group experts, and will be honored during an awards presentation during the Aite-Novarica Group’s Financial Crime Forum virtual event, which is scheduled for September 14 and 15.
“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.”
“We are honored that Aite-Novarica Group has recognized our accomplishment and market-leading performance in such a prestigious way,” added Socure Founder and CEO Johnny Ayers.
Socure was recently valued at $1.3 billion after receiving a substantial investment from Capital One. The company has experienced surging demand for its identity verification technology during the COVID-19 pandemic, and is currently looking to build on that growth after hiring a new VP of Commercialization in August.
September 13, 2021 – by Eric Weiss