ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Here's how 3 Innovative Firms are Collaborating to Curb Identity Theft in the Digital Space

Explore Socure's victory and Scienaptic AI with SentiLink's collaboration in the fight against synthetic identity fraud.
PUBLISHED JAN 23, 2024
Cover Image Source: Pexels | Photo by Nikita Belokhonov
Cover Image Source: Pexels | Photo by Nikita Belokhonov

As identity fraud continues to plague the online space, a firm called Socure has achieved a much-needed victory against fraudsters, by successfully eliminating a staggering 204,536 synthetic digital identities from the U.S. economy in 2023. It pulled this off through the Sigma Synthetic Fraud product, and has effectively prevented more than $3 billion in potential losses.

Pexels | Photo by Tima Miroshnichenko
Pexels | Photo by Tima Miroshnichenko

Socure attributes its success to the cutting-edge Sigma Synthetic V4, a product that harnesses the power of third-party and network feedback data to unveil patterns linked to synthetic identity fraud. The newest model incorporates "proof of life" data sources, including property records, driver’s licenses, and educational data.

Synthetic identity fraud, a nefarious combination of stolen, altered, and fabricated Personally Identifiable Information (PII), poses a significant threat to sectors including the gig economy, small business banking, telecom, cryptocurrency, and challenger banks.

Pexels | Photo by Pixabay
Pexels | Photo by Pixabay

In a collaborative effort to combat synthetic identity fraud in digital lending for credit unions, Scienaptic AI and SentiLink have introduced a groundbreaking product. Research from SentiLink indicates that as many as 1.8 million consumer credit accounts may have been compromised by synthetic identity fraud in 2023 alone. Over 30 percent of these accounts were at risk of major delinquency or charge-offs, with average losses ranging from $8,000 to $10,000 per incident. The tools developed by Scienaptic AI and SentiLink play a crucial role in helping credit unions identify fraudulent applications, thereby preserving the integrity of the lending process. These tools also offer a unique solution for existing members to re-verify their identities when changes in Personally Identifiable Information (PII) occur on already existing accounts.

This collaboration not only enhances the safety of financial institutions but also streamlines the onboarding process by approving more members securely, without introducing unnecessary friction.

Pexels | Photo by cottonbro studio
Pexels | Photo by cottonbro studio

As synthetic identity fraud continues to evolve, these innovative solutions from Socure, Scienaptic AI, and SentiLink serve as a beacon of hope for industries grappling with the increasing sophistication of fraudulent activities. The collaboration between Scienaptic AI and SentiLink, specifically tailored for credit unions, demonstrates a strategic approach to addressing the unique challenges faced by financial institutions. The year 2023 has highlighted the urgency of adopting advanced technologies to safeguard against synthetic identity fraud. Socure's proven track record in eliminating digital identities, paired up with the synergistic efforts of Scienaptic AI and SentiLink, helps the financial landscape to be better equipped to carry out identity verification in a hassle-free but at the same time secure manner.

As these technological advancements pave the way for a more secure future, the collective efforts of Socure, Scienaptic AI, and SentiLink underscore the importance of collaboration and innovation in the ongoing fight against synthetic identity fraud. The battleground may be changing constantly, but with these cutting-edge tools and solutions, the finance sector is better prepared to deal with any new tactic that fraudsters deploy to carry out identity theft.

MORE ON MARKET REALIST
The old painting turned out to be an early piece from the renowned artist David Hockney.
8 hours ago
The player aced the tricky game of 'Gas Money' and, needless to say, she celebrated in style.
11 hours ago
Fans were shocked to see how the player couldn't solve one of the easiest puzzles in the show's history.
12 hours ago
The company, Scholly, entered the Shark Tank Hall of Fame as it gave a 60x return years later.
13 hours ago
After the contestant, Drew Carey broke the board further while trying to fix it...
1 day ago
As it so turned out, a crucial ruling from the judges led to a BIG win for the player.
1 day ago
When a guest brought a precious Charles Rohlfs chair, expert John Sollo confessed that he was nervous to appraise it.
1 day ago
The guest had no idea about the item being a Tiffany product and being embedded with a rare gem.
2 days ago
The host was baffled by the goof up that the contestant made between two words.
2 days ago
Carey showed that he has got the weapon of sarcasm, and he isn't afraid to use it.
2 days ago
Whatever the host was expecting, it was far away from what the contestant said on national TV.
2 days ago
The guest was surprised to learn more about the item he had actually found on the street for free.
2 days ago
After going through everything on the board, the player left Harvey in hysterics with his answer.
3 days ago
As it so turned out, the weird-looking floor lamp was a piece from a very famous studio.
3 days ago
Most contestants were consistently getting the answers wrong, and Harvey was worried about what was next.
4 days ago
Some claimed that they got the puzzle despite English being their second language.
4 days ago
The letter was written to a columnist in response to a piece taking a swipe at Sinatra.
4 days ago
In a special episode of Celebrity Family Feud, a WWE star decided to go for the one thing Harvey is known for.
4 days ago
Luck was shining for her as she was off to a flying start and won the car with a single card.
4 days ago
Sajak had a witty reply for the contestant who was fanboying over White during the game.
7 days ago