Socure launches payment screening as fintechs seek streamlined IDV, risk checks

Although fraud has been rising – Australia reported financial losses of US$1.4 billion due to scams – companies such as Socure and Plaid are launching new products and making new deals to prevent fraudsters from accessing their users’ money.

​Identity verification firm Socure has launched a new payment AML screening product that avoids fragmentation by integrating real-time sanctions and watchlist monitoring into the payment flow.

Organizations can evaluate transactions for sanctions risk through a single, orchestrated API call, including senders, beneficiaries, intermediary banks, and payment identifiers such as BICs and blockchain addresses, the company says in a release.

The payment screening solution is part of its anti-fraud platform, RiskOS, and relies on matching identities on a watchlist to a persistent identity within Socure’s Identity Graph. The matches are based on identity similarities rather than just name matches, reducing false-positive alerts.

Socure recently announced the expansion of its Bank Account Verification coverage to more than 30 countries outside of the U.S. and Canada. The product builds on the RiskOS platform.

Finix integrates Plaid’s authentication for bank account verification

Bank account verification is one of the most critical steps in payments. This is why payment processor Finix integrated Plaid’s authentication and identity software to support fast bank account verification during merchant onboarding, payouts and payment management.

San Francisco-based Finix helps businesses accept and send payments online and in-store. The integration with Plaid will enable businesses to connect, verify, and update bank accounts, reduce onboarding delays, mitigate fraud risk and streamline compliance workflows, the firm says.

As a data network that serves as the financial services analytics layer, Plaid has been adding capabilities to help banks and other financial institutions reduce fraud risk during remote customer onboarding. Last year, the company upgraded its identity verification tools, including adding DMV-backed identity verification.

OneID promotes privacy-by-design IDV

UK identity service OneID believes that one of the biggest challenges for identity verification in the financial services is verifying users without creating unnecessary privacy risk. Companies often err on the side of caution, gathering more data and asking users to upload documents, submit selfie biometrics and additional information – even though they don’t need it.

OneID says that’s not necessary. It doesn’t require users to download any apps or scan documents, but verifies age through digital IDs, bank-backed identity and telecom-verified data.​

“Start with the minimum data required for the decision in front of you, then use a trusted verification method that gives you strong assurance without over-collecting,” the company says in its latest blog post. “For customer onboarding, that can mean verifying core identity attributes through authoritative sources instead of defaulting to document upload.”

OneID crossed over the 10 million user threshold for its age verification service in 2025 and is rolling out its services in the U.S. and several European markets.

Australians were scammed out of $1.4B in 2025

Australians reported more than AU$2.1 billion ($1.4 billion) in financial losses due to scams in 2025, according to the National Anti-Scam Centre.

Although the financial losses were 7.8 percent higher year-on-year, the 2025 figure represents a slowdown from the 2022 record of AU$3.1 billion ($2.1 billion) in losses. Overall, the organization counted more than 481,000 scam reports, of which over 274,000 resulted in financial losses.

The most lucrative scams for fraudsters were investment scams, followed by payment redirection, romance, phishing and remote access scams.

The data was collected from Scamwatch, run by the Australian Competition and Consumer Commission (ACCC); the government cybercrime portal ReportCyber; the Australian Financial Crimes Exchange (AFCX); identity theft support organization IDCARE; and the Australian Securities and Investments Commission (ASIC).

Article Topics

AML  |  Australia  |  digital ID  |  digital payments  |  fraud prevention  |  identity verification  |  OneID  |  Plaid  |  Socure