Socure’s latest innovation, the Identity Manipulation Risk Score, is a game-changer in the battle against first-party fraud. This unique tool, seamlessly integrated into Socure’s Sigma First-Party Fraud platform, is designed to specifically target repeat identity manipulation. By harnessing the power of artificial intelligence and tapping into real-time data from its extensive fraud intelligence network, Socure provides organisations with a powerful means to identify potential fraudsters not just at the point of account creation but throughout the entire customer journey.
According to a press release issued on March 6, Ori Snir, who leads product management for fraud and identity solutions at Socure, emphasised the critical role of identity manipulation in forecasting first-party fraud. He pointed out that many existing fraud prevention tools fall short in detecting this specific type of deception.
Socure’s approach is bolstered by its unique first-party fraud consortium, which aggregates fraud intelligence from a diverse array of industries. This includes insights from financial institutions, FinTech companies, payment service providers, sports betting entities, and various merchants. Such a broad network allows Socure to conduct real-time analyses involving millions of identities and billions of transactions. These analyses encompass everything from dispute histories and payment rejections to account terminations.
With this sophisticated framework in place, organisations can now proactively evaluate the risk of identity manipulation at key decision-making moments. This proactive approach is particularly crucial in combating first-party fraud, which often eludes detection because it typically involves perpetrators using their legitimate credentials.
Snir expressed strong optimism about the Identity Manipulation Risk Score’s transformative potential, stating that it empowers organizations to proactively gauge risk before incurring financial losses. By harnessing AI-driven predictive analytics, this new tool aims to thwart fraudulent activities before they can escalate, instilling hope in the fight against fraud.
In essence, Socure’s latest offering represents a pivotal step forward in enhancing fraud detection and prevention strategies, equipping businesses with the resources needed to safeguard their operations and protect themselves from the ever-evolving landscape of financial crime.
In October 2023, Socure made headlines with the introduction of its innovative Sigma First-Party Fraud initiative and the establishment of the First-Party Fraud Consortium (FPFC). This groundbreaking move aims to equip businesses with the tools needed to effectively identify and thwart first-party fraud.
At the time of the announcement, Socure elaborated on the FPFC’s objectives, emphasising its commitment to combatting first-party fraud through the examination of alternative data signals. These signals often go unnoticed in conventional credit reporting methods, providing a fresh perspective in the fight against fraudulent activities.
The First-Party Fraud Consortium (FPFC) is a testament to Socure’s commitment to collaboration. By pooling and exchanging data among its members, the FPFC is able to uncover patterns indicative of fraudulent behaviour. This collective effort allows for the detection of suspicious activities across various platforms and over extended periods, enabling companies to intervene before fraud can take root.
Fast forward to December, and Socure revealed that the FPFC had amassed an impressive wealth of data intelligence. The consortium now holds information on 190 million contributed identities, with 121 million being unique identities. Additionally, it encompasses a staggering 325 million accounts and a monumental 20 billion transactions. This remarkable achievement has been heralded as an unprecedented collaboration in the history of financial services.
In related news, Socure also unveiled a new risk score specifically designed to tackle repeat instances of first-party fraud, further demonstrating its commitment to innovation in fraud detection and prevention. Meanwhile, discussions surrounding regulatory focus in financial sectors continue to evolve, with reports highlighting Treasury Secretary Scott Bessent’s interest in ensuring that financial regulators prioritise emerging risks.
As the landscape of financial services transforms, so does dialogue around business-to-business operations
reflecting a growing acceptance of complexity within back-office functions. Amid these developments, it’s clear that Socure is at the forefront, pioneering strategies that redefine how businesses approach fraud prevention.
In a different realm, Facebook is navigating its challenges with younger audiences. While the social media giant has seen a notable decline in teenage users—dropping from 71% a decade ago to just 32% today, according to recent data from Pew Research—the platform’s Marketplace feature remains a popular choice among this demographic.
Mirka Arevalo, a Buffalo University student, shared her perspective with CNBC: “I only use Facebook for Marketplace. I go in knowing what I want, not just casually browsing.” This sentiment captures the essence of how younger users are engaging with Facebook—not as a social network but as a tool for specific needs and transactions.
As both Socure and Facebook navigate their respective challenges and opportunities, their stories reflect broader trends in technology, finance, and consumer behaviour that continue to shape our world.
A recent report has highlighted Marketplace as one of Meta’s standout achievements. With an impressive 1.1 billion users spread across 70 countries, Marketplace is positioning itself as a formidable competitor to established giants like Craigslist and eBay.
Charles Lindsay, an associate professor of marketing at the University of Buffalo, likens Marketplace to “the flea market of the internet,” emphasising its role as a vibrant hub for consumer-to-consumer transactions. He notes that an enormous volume of business takes place between everyday individuals.
In a significant development earlier this year, Facebook Marketplace announced a partnership with eBay, enabling select eBay listings to be showcased on Marketplace in the United States, Germany, and France. Analysts at CNBC anticipate that this collaboration could generate an additional $1.6 billion in sales for eBay by the end of the year.
Jasmine Enberg, the vice president and principal analyst at eMarketer, remarked on the advantages of this partnership, stating, “It increases the pool of both buyers and sellers.” She also pointed out that it might help alleviate some of the trust concerns associated with Marketplace.
The report further indicated that although Marketplace does not serve as a primary revenue generator for Facebook, it plays a crucial role in maintaining user engagement. Enberg noted, “It’s one of the least monetised aspects of Facebook. However, it fosters engagement, which advertisers highly value.”
In the ever-evolving retail landscape, a striking observation emerges: while approximately 30% of online shoppers from various age demographics engage in similar buying behaviours, the distinct preferences of Generation Z stand out. This generation has embraced the digital realm with open arms, finding solace and ease in the world of online shopping. Their adeptness with technology empowers them to navigate eCommerce platforms, social media, and virtual retail spaces with remarkable fluidity.
The ease of exploring products, perusing reviews, and enjoying the comforts of home shopping resonates perfectly with their tech-savvy way of life. Social media plays a pivotal role in shaping Gen Z’s purchasing decisions, as platforms like Instagram, TikTok, and YouTube serve as powerful catalysts for consumer trends. Influencers and content creators on these sites wield significant influence, guiding the tastes and preferences of this digitally native generation.
Thus, in a world where convenience reigns supreme and technology intertwines with daily life, Gen Z forges a unique path in the shopping experience—one that reflects their values and lifestyles in every click and scroll.
Secure browsing
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