How Socure Helps Brokerages Stop Pre-arranged Trading Fraud
Blog post from Socure
Socure describes how an institutional investment brokerage used its Phone RiskScore solution to detect and prevent pre-arranged trading fraud conducted by organized fraud rings. The scheme involved collusive securities trades intended to manipulate prices, followed by attempts to transfer illicit proceeds to another financial institution. By analyzing whether phone numbers were likely fraudulent and whether they were genuinely associated with the stated users, along with explanatory reason codes, the brokerage identified suspicious transfer destinations and blocked fund transfers. Socure positions its RiskScore products, which assess phone, email, and address signals, as tools used throughout the customer lifecycle to address application fraud, account takeover, marketplace fraud, and other financial crime risks.
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