At the core of the solution are ID verification capabilities combined with a fraud model tuned with order- and account-specific data types that evaluate fraud signals at transaction points.
“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.”