Socure introduces BNPL-specific identity verification and fraud detection solution
By Pavithra R
Socure, a leading Day Zero identity verification technology provider, has announced the launch of the first identity verification and fraud solution purpose-built for the Buy Now, Pay Later (BNPL) industry.
Socure developed the solution using deep identity and transaction data that enables multiple leading BNPL providers to attract new merchants, accelerate their growth by converting more qualified shoppers in real-time, and reduce loss rates. The BNPL solution is built on the Socure ID+ platform and it leverages the technology and data currently used by more than 100 top BNPL providers, fintechs, alternative payment providers, banks, and credit card issuers.
“Buy Now, Pay Later is rapidly becoming a key driver for conversions and growth for merchants. It represents a huge opportunity as well as a unique challenge that requires instant and accurate onboarding, a frictionless customer experience, and fraud protection. Socure’s industry-first BNPL-specific solution is used by many of the leading BNPL providers to power growth and deliver a seamless consumer purchase experience,” said Johnny Ayers, Founder and CEO of Socure.
The core of Socure’s BNPL-specific solution is strengthened with powerful identity verification capabilities combined with a fraud model fine-tuned with order- and account-specific data types that evaluate fraud signals at the point of transaction. The solution helps identify and convert new shoppers, including demographics with limited credit history and data, during onboarding while preventing fraud with unmatched accuracy.
The solution has proven to safely boost online account auto acceptance rates by up to 97% while reducing fraud related loss rates by up to 40% vs legacy strategies that combine various individual point solutions across email, device, behavioral, phone, and velocity, which result in unnecessarily high false-positive rates.
“The growing popularity of BNPL over the past couple of years has attracted the attention of fraudsters as well. This increases the urgency for a BNPL fraud solution that can accurately verify identities and detect anomalies while not putting barriers in front of good prospective customers,” said Julie Conroy, Research Director at Aite Group.
Founded in 2012, Socure’s mission is to be the single source of trusted identity for every business-to-consumer transaction, eliminating identity fraud while fueling growth.
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