insight brief

Protecting Pensions from Fraud with Next-Gen Identity Verification

As state government pension programs transition into the digital era, the conveniences of technology bring with them a new and alarming challenge – the prevalence of digital identity fraud.

According to the FBI, elder fraud cases, which include pension fraud, increased by 84% in 2022, with total losses valued in the tens of billions of dollars. Pensions are particularly vulnerable to fraud and the impacts on retiree quality of life can be severe.

Preemptive identity verification acts as the first line of defense, ensuring that benefits reach their rightful recipients and are not diverted to fraudulent recipients.

Socure's AI and machine learning-powered solutions provide a robust defense by accurately cross-referencing personal information in real-time against extensive data sources. This includes not just traditional death records, but also non-traditional data like online behavior and biometric markers, verifying identities before transactions are approved. This offers pension operators a proactive, comprehensive approach to detecting and preventing fraud.

The impact of Socure's technology on pension fraud prevention is profound:

• 98% auto-approval rates for legitimate transactions.
  
• A dramatic reduction in false positives and manual reviews.
• A substantial decrease in identity fraud.

Download our Insight Brief “Protecting Pensions from Fraud with Next-Gen Identity Verification” to learn more about how Socure is supporting State governments with this challenge.