We're often asked why we started Socure. While you can find some of that in a short video explaining Socure (see below), it seemed more than time we shared it here in our blog!
Socure started with the idea that Social Media could be brought to bear (Social + Security = Socure), our offerings have grown to include a breadth of online and offline data that builds a complete picture of an individual's digital identity.
Sunil Madhu, a first-generation immigrant, thought about how hard it was to get credit in the US, even after having an established history in Europe. Having come from an information security and identity background - though multiple start-ups [e.g. Netegrity IPO (NETE) in 2003, Securent $100M exit to Cisco in 2007], he set out to explore the problem further.
Having spent 20+ years in identity and access management and ventured briefly (4 years) into an omnichannel marketing/advertising start-up, it occurred to him that online & social data has potential applications for security and identity verification.
Social network connections and interactions between connected people on the networks acts as a signal to vouch for a self-reported identity on that network. People build a profile over a long time, interactions happen over time, connections are built, statuses updated with usually irregular frequency, etc.
In this way, the networks themselves are difficult to create synthetically, even with AI systems and botnets. Distilling that signal would be a reliable way to proof an identity. Fraudsters would then find it economically infeasible to synthetically create social proof. This is the basis for the Socure Social BiometricsTM Platform.
Sunil tapped Johnny Ayers, whom he worked alongside at General Assembly - to co-found Socure and focus on building a scalable business model and partner network, to address the challenge of financial inclusion for millions of people worldwide, using online & social media data.
At that time, applications started widespread adoption of social media and O-Auth tokens. The pair talked with executives in financial institutions, who were not then using any online/social data as a part of their identity or risk engine models. The research they started there led to an understanding of the predictive power for both identity and risk mitigation of this type of data. They went to work understanding how organizations could leverage this data in their identity verification models.
Today, our mission is to put trust in digital identity. We do this to help power financial inclusion - making systems like banking available to the un-banked, and making authentication of an individual possible without the use of old-fashioned, conventional systems. This means making the trust-based applications in the online world available to millenials, immigrants like our founder, and the millions who want to interact digitally in a low-friction environment.
From that base of social media data, Socure has grown the Social Biometrics Platform to include much more. Mobile Network Operator, Phone, IP, Email, address, and a milieu of other data is integrated into our ID+ solution for consumer verification today, and the predictive power of our analytics grows ever-stronger.
It's our vision to be the leader is digital identity verification, and provide more uses for the Social Biometrics platform across multi-factor authentication, account takeover prevention and other types of verification.
Learn more about Socure in this video:
Want to see how Socure, and in particular our ID+ Solution for Consumer Verification can help in your enterprise? Email us or use the button below to set up a meeting with our relationship team: