The number of identities exposed in the U.S. skyrocketed to 37 million in 2020.
Source: Risk Based Security
In addition to an unprecedented number of exposures, fraudsters with more private information at their disposal than ever before, continue to evolve their tactics.
Solely examining personal identifiable information (PII) is no longer sufficient, as synthetic identity fraud and device risk are now the most pernicious forms of identity fraud occurring today. You must unify and utilize all of your available data to minimize risk and optimize your decision-making.
If your systems are not evolving to meet these ever-changing threats, you will face unparalleled levels of fraud in 2021 and beyond.
Aite Group estimates that synthetic identity fraud for unsecured U.S. credit products will have reached $1.8 billion in 2020 and grow to $2.42 billion in 2023.
Source: Aite Group, 2021
How does your current solution stack up?
The opportunity cost is immeasurable, as the difference between a good solution and a great solution can mean millions of dollars for your financial institution.
The best solutions providers are taking an aggressive, yet simplified approach to identity verification, device validation, and synthetic fraud tracking and prevention. If your current provider isn’t proactively addressing these evolving threats, you are opening yourself up to immense losses.
To help you combat these threats, we've partnered with some of the industry's best, including Socure.
Bottomline's partnership with Socure
With Socure, you can simplify and optimize the identity verification process, enabling you to auto-accept more valid applications, lower manual reviews and reduce fraud rates.
Socure now offers best-in-class device risk and synthetic identification fraud prevention solutions, enabling you to seamlessly correlate device attributes to known identities and better track and determine synthetic fraud patterns as they occur.
Bottomline customers using Socure achieve impressive metrics:
60-85% reduction in application fraud
Significant false positive reduction: up to 10x more accurate
CIP auto-approval increases of up to 30-60%
50% fewer applications requiring manual review
To learn how you can immediately improve your fraud protection with new expanded capabilities, contact your Customer Success Manager today.
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