The global crackdown on first-party fraud: Join the fight, or become the target.

First-party fraud involves real individuals who exploit legitimate identities to make false claims, stack loans, or conduct “bust-out” schemes, creating risks that conventional identity verification alone may not detect. Socure argues that cross-institution intelligence sharing is needed to identify behavioral patterns across organizations, and describes its First-Party Fraud Consortium, launched in 2023, as a network spanning banks, fintechs, BNPL firms, payment providers, marketplaces, gaming platforms, and other sectors. The company reports that the consortium contains more than 620 million accounts, 178 million unique identities, and billions of transactions, enabling members to assess potential fraudulent intent before losses occur. Examples cited include a BNPL provider that reportedly identified 77% of confirmed bust-out cases through the network and saved about $21.5 million annually, an investment platform that combined bank-account verification with fraud signals to manage payment risk, and a credit union that used consortium data to prioritize suspicious dispute claims. Socure presents the initiative as a way to reduce losses and operational burdens while minimizing friction for legitimate customers.

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