First fraud report released by Socure supports that the lure of “free money” drove new account fraud attacks while mapping the timeline of COVID-era market events to spikes
Socure, the leader in Day Zero digital identity verification announced the release of its first fraud report, “How COVID-Era Government Aid Impacted Six Financial Services Sectors,” showing a 134% increase in new account fraud attempts since the beginning of the COVID-19 Pandemic.
“How COVID-Era Government Aid Impacted Six Financial Services Sectors”
Highlights of the findings include:
- Fraudulent credit card applications soared during the peak unemployment time to 93% (3/24-4/23)
- Challenger banks experienced a 200% increase in attempted DDA fraud between March and June (3/1-6/22)
- Money transfer attempted fraud was up 43% (3/15-6/22)
- Government funding of the Paycheck Protection Program led to a 65% increase in attempted fraud in SMB lending (4/30-6/22)
Socure’s Co-founder & SVP of Sales Johnny Ayers is available to discuss the report’s key takeaways and provide suggestions on how businesses and consumers can protect themselves against fraud.
Socure is the leader in Day Zero digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity and the broader internet to verify identities in real-time. Socure powers financial inclusion—approving as much as 40% more millennial and other thin-file consumers. It also reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, and cuts manual review rates by as much as 90%. Socure was founded in 2012 by Johnn
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