On Identity, Trust and Fraud: In The News

Socure Verifying Identities in more than 175 Countries with Social Biometrics Platform

Posted by Socure on Oct 27, 2015 10:00:00 AM

Global media touts innovative new technology using trusted online and social media data for authentication, showcased at Money 20/20

PRESS RELEASE

LAS VEGAS, October 27, 2015 — Socure (www.socure.com), the industry leader in real-time online identity verification solutions, today announced that financial institutions and other firms are now using its Social Biometrics Platform™ to authenticate the identity of consumers in more than 175 countries worldwide. The company said its software is being used to promote financial inclusion, bringing millions of un-banked and under-banked consumers into the financial system.

The company made its announcement at the Money20/20 convention, which begins today in Las Vegas. With more than 10,000 attendees from 75 countries around the world, Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. 

 Socure officials said the rapid adoption of Social Biometrics underscores the growing need to go beyond traditional “credit header” data, especially in countries where those conventional identity verification methods are unavailable. These countries have embraced behavior as a key element in preventing fraud and confirming identity for onboarding new online customers for services such as credit cards, money transfers and the like.

The news comes as Socure, and Perceive™, its patented facial recognition technology, continue to gain greater awareness worldwide. UK-based publications, like the Evening Standard and Daily Mail, say that Perceive “are now lining up to use the technology.” Jason Oxman, the chief executive officer at the Electronic Transactions Association, is quoted in TechCrunch as saying, “Perceive works with the click of a front-facing camera on any smartphone, instantly proving who you are by recognizing facial features.” And the Daily Caller says Socure “has developed a program that uses social media accounts and a cell phone camera to minimize instances of identity fraud.”

“There is a global need to include more people in formal banking systems,” said Sunil Madhu, Socure President and CEO. “The consumer information in social media networks and online repositories has tremendous value for transaction authentication and identity verification. Socure has found a way to make that consumable for financial institutions.”

Financial inclusion seeks to bring the millions of individuals who have very little credit history into the banking system. This is often associated with “Millennials” in the US and elsewhere, those generally aged between 18-34, who have not embraced conventional financial institutions the way previous generations did. A global issue, the World Bank estimates in a recent report that two billion adults worldwide are un-banked, with nearly half a billion of them living in the East Asia/Pacific region alone.

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