Brings Expertise in Digital Identity Verification to Help Industry Consortium
NEW YORK, February 18, 2016 — Socure, the leader in digital identity verification, today announced that it has joined the FIDO (Fast IDentity Online) Alliance, a non-profit, industry consortium developing open, scalable and interoperable authentication standards to reduce the reliance on passwords to securely authenticate users of online services, and to reduce the risks of online identity theft and fraud.
As a leader in digital identity verification and a sponsor member of the FIDO Alliance, Socure will contribute its expertise in digital identity verification via Social Biometrics™ to the group’s work to create industry-accepted, open specifications to enhance the authentication process.
“Today, more accounts are created and used almost exclusively in a ‘not-present’ manner than ever before—and the trend is accelerating,” said Nash Ali, vice president of products and data science at Socure. “Assuring trust in digital identity is a cornerstone of transacting business online.”
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The FIDO Alliance is focused on transforming online authentication by developing more secure specifications to authenticate users and is working to ensure worldwide adoption of new specifications and standards. As a member of FIDO, Socure joins other industry leaders such as MasterCard, Bank of America, and Wells Fargo in pursuit of the common goal. The Alliance’s specifications make authentication simpler yet stronger.
“We welcome Socure and their history in driving innovation in identity solutions to the FIDO Alliance. The expertise and experience the company has working with some of the world’s leading financial institutions will be a valuable asset to the FIDO ecosystem,” said Brett McDowell, executive director of the FIDO Alliance. “We look forward to contributions from Socure that further the mission of the FIDO Alliance for more secure and simultaneously easier-to-use online authentication.”
ID+™, the Socure solution for online consumer verification, and the patented Social Biometrics platform on which it is built, help institutions resolve identities using social media data and other trusted online and offline information. Socure provides validation of all dimensions of a consumer’s digital identity, such as intelligence on social profiles and connections, email, address, phone, and device IP.
In addition, Socure recently became the first digital identity verification solution in the market with a completed SOC 2 Type 1 report, an internationally recognized auditing standard created by The American Institute of Certified Public Accountants (AICPA). Compliance with SOC 2 Type 1 ensures that Socure is ready to meet the stringent governance and compliance constraints of financial institutions worldwide, more quickly and with faster and with greater accuracy than previously possible.
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Socure (www.socure.com) is the leader in digital identity verification. Its technology applies machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure bolsters CIP/KYC programs and AML/OFAC compliance for enterprises in the US, and powers financial inclusion verifying identities in over 180 countries, helping them to combat identity fraud, increase consumer acceptance, and to reduce compliance and manual review costs. Socure was founded in 2012 and is based in New York City.