Socure launches Sigma Synthetic Fraud v4, as ID+ added to FedRAMP marketplace

Socure has announced the release of Sigma Synthetic Fraud v4, as well the addition of the ID+ Platform to the Federal Risk and Authorization Management Program Marketplace.

Latest version of Sigma Synthetic Fraud released

Socure says Sigma Synthetic Fraud v4 can be used to identify signs of synthetic fraud.

Synthetic fraud is projected to generate at least $23 billion in losses by 2030, according to Deloitte Insights. Moreover, Socure estimates that 1 to 3 percent of open accounts at financial institutions in the U.S. are made with synthetic digital identities.

Fraudsters commit synthetic fraud by blending genuine information from a stolen identity with false information to apply for loans or credit, as well as to commit money laundering. Synthetic fraud is the fastest growing financial crime in the U.S. and can cost 10 times more than third-party identity fraud.

Sigma Synthetic Fraud v4 uses “proof of life” data sources such as property records, IDs, and educational data to verify identities even when individuals have a more limited digital footprint, such as in the cases of younger and immigrant demographics.

The improved verification software can assess the likelihood of fraud based on punctuation in emails. It also utilizes data from Socure’s database of 2 billion known good and bad identities and Risk Insights Network of more than 1,900 global organizations to find correlations between PII and weed out synthetic identities that are linked to multiple organizations within the network.

Socure ID+ platform now on FedRAMP Marketplace

Socure’s ID+ platform has received the “In Process” designation from the Federal Risk and Authorization Management Program (FedRAMP) for the public sector. The biometric platform can now be found on the FedRAMP Marketplace.

As more government services move online as part of a broader shift to the U.S. National Cybersecurity Strategy, federal agencies need access to secure identity proofing. The FedRAMP certification allows for federal agencies to surpass an arduous authorization process before adopting cloud services.

Socure previously announced its platform was added to the StateRAMP “Progressing” Product List.

Article Topics

biometrics  |  digital ID  |  financial services  |  fraud prevention  |  Socure  |  synthetic identity fraud  |  U.S. Government