How Socure Prevented Millions in Fraud Losses for Major Financial Institutions

In late 2021, a coordinated cyber fraud ring launched a high-volume application fraud campaign against two financial institutions, using “PII tumbling” to repeatedly combine changing identity details with stable contact information in an effort to find acceptable account-opening combinations. The attack, which originated through IP addresses linked to North America, Chile, and Nigeria, represented nearly half of online account applications for one business line at an affected institution and posed the risk of major financial losses. Socure states that its Sigma Identity Fraud and ID+ tools detected the activity in real time, allowing one institution to maintain its existing risk settings while another broadened its review threshold from the riskiest 1% to 3% of applicants within an hour and retrospectively reviewed earlier applications. The case emphasizes the value of consortium data, rapid adjustment of fraud controls, and analysis of multiple identity and behavioral signals—including devices, emails, phones, IP addresses, and behavior—using advanced analytics to distinguish legitimate applicants from evolving fraud attacks.

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