NEW YORK--(BUSINESS WIRE)--Socure, the leading platform for digital identity verification and trust, today announced the introduction of the first identity verification and fraud solution purpose-built for the Buy Now, Pay Later (BNPL) industry. The solution leverages the technology and data currently used by more than 100 top BNPL providers, alternative payment providers, fintechs, banks, and credit card issuers. Socure developed the solution using deep identity and transaction data that enables multiple leading BNPL providers to attract new merchants, power their growth by converting more qualified shoppers in real time, and reduce loss rates.
At the core of Socure’s BNPL-specific solution are 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 to identify and convert more new shoppers, including demographics with limited credit history and data during onboarding, while preventing fraud with unmatched accuracy. The Socure 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, phone, device, behavioral, and velocity, which result in unnecessarily high false-positive rates.
“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,” said Johnny Ayers, Founder and CEO of Socure. “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.”
The BNPL solution is built on the Socure ID+ platform, which achieves industry-leading accuracy and breadth of coverage of good and bad identities and models continuously updated with performance feedback data from Socure’s vast network of customers.
“The growing popularity of BNPL over the past couple of years has attracted the attention of fraudsters as well,” said Julie Conroy, Research Director at Aite Group. “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.”
Socure’s BNPL-specific identity verification and fraud detection solution is available now. Visit www.socure.com/bnpl to learn more.
About Socure
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 400 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later provider, and over 100 of the largest FinTechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to Forbes’ Fintech 50 List 2021, Forbes’ America’s Best Startup Employers 2021, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The FinTech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.
