Friday, December 13, 2024
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Posted by: Sierra Lindemann
Socure’s First-Party Fraud Consortium, uniting financial institutions, fintechs, merchants, and payment platforms, has aggregated data on 190 million identities and 20 billion transactions to combat First-Party Fraud—estimated at $100 billion in U.S. losses annually. With 77% of member customers having overlapping accounts across institutions, the consortium leverages shared insights to detect fraudulent disputes and payment defaults, marking a significant leap in multi-industry fraud prevention.
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