Socure has introduced Sigma Synthetic Fraud v4. This product is designed to unveil patterns associated with the elusive synthetic identity fraud.
According to the Deloitte Center for Financial Services projections, synthetic identity fraud is anticipated to incur losses exceeding USD 23 billion by 2030.
This form of financial misconduct involves pilfering a genuine person’s information and amalgamating it with fabricated details to concoct a fictitious identity, subsequently employed for deceptive activities.
Sigma Synthetic Fraud v4 utilizes an array of “Proof of Life” data sources, such as property records, driver’s licenses, and educational data, introducing an additional layer of precision.