Case Study: Large U.S. Bank achieves detection of synthetic identities and money mules with Socure

How a Top Five U.S. Bank Rooted Out Mules & Synthetics from its Customer Accounts

Large U.S. Bank faced rising synthetic identity and money‑mule threats and lacked visibility into risk within its existing customer portfolio. To close that gap the bank engaged Socure, using its Portfolio Scrub and identity verification suite (including Sigma Identity Fraud, Sigma Synthetic Fraud and KYC+) to assess deposit and credit card accounts originating from digital and non‑digital onboarding.

Socure analyzed ~2 million records and identified ~2% of open accounts as high risk for KYC compliance or identity fraud and roughly 30,000 accounts opened by manipulated or fabricated synthetic identities. Socure’s findings (invalid emails/phones, commercial reshipper addresses, problematic SSNs) led to targeted remediations—additional account monitoring, step‑up authentication such as eCBSV, and DocV document/selfie validation—reducing the bank’s fraud and compliance exposure.