01/18/2024

Biometrics could be a fix for the growing headache of synthetic ID fraud

Biometric Update

Biometrics and digital ID firms are responding to a significant uptick in synthetic identity fraud, which uses generative AI and a combination of stolen and falsified information to create a potent attack vector. As the problem grows, more emphasis will fall on biometric liveness detection.

Socure reframes identity capture to address synthetic identity fraud

Socure has launched its new Sigma Fraud suite, which aims to tackle identity fraud by reframing digital identity as a holistic continuum of data rather than a single snapshot in time. A release says the Identity Fraud V4 system assesses personal identifiable information (PII) validated by thousands of real-time network and anomaly detection data sources, as well as digital and behavioral risk signals, for “instant and near 100 percent accurate identity fraud decisions in less than 150 milliseconds.”

Socure created the tool with a growing list of digital identity fraud threats in mind; it believes the sophistication of generative AI-based and synthetic identities demands an approach that takes into account the “rich historical context” of a consumer’s behavioral patterns across institutions, locations and time frames. This context is provided in large part by consortium data from the Socure Risk Insights Network, which incorporates data from nearly 2,000 entities including major banks and fintechs, gaming services, payment platforms, and payroll providers.

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