NEW YORK, July 30, 2018 -- Socure, a leading provider of predictive analytics for digital identity verification, today announced it was named an IDC Innovator for identity proofing by research firm International Data Corporation (IDC). The Socure ID+ platform was cited for helping financial institutions reduce fraud, increase auto acceptance in the onboarding process, and cut costs associated with manual review.  

Socure was profiled in the report, IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018 (IDC #US43054918).

According to the IDC analysts, verifying the legitimacy of new identities is a key step in the customer onboarding process. However, identity verification often involves considerable amounts of manual effort that can produce high rates of false positives and are unable to distinguish synthetic identities, putting firms in a position of higher compliance and fraud risk.

Socure was named an IDC Innovator for its advanced predictive analytics platform that uses deep learning technologies to produce highly accurate assessments and validations of digital identities in online channels. The Socure ID+ Platform was cited for its unique use of AI to simultaneously run hundreds of models in a “champion challenger” process to identify those that are most efficient and accurate based on each customer’s requirements.

“Being named an IDC Innovator provides further validation that Socure has developed the most advanced AI platform for online identity proofing in the financial services industry,” said Tom Thimot, CEO for Socure. “In addition to helping banks increase their auto acceptance rates by up to 60%, the explainability of our models enables them to meet regulatory requirements.”

Socure ID+ Platform

The patented Socure ID+ predictive analytics platform verifies whether digital identities are authentic, synthetic, or stolen. The company’s deep learning technology establishes an unprecedented level of trust and certainty for online transactions. The ID+ platform applies advanced data science techniques to hundreds of sources of consented online, social, mobile, and offline data to validate the authenticity of digital identities in real-time.

Resources
ID+: https://www.socure.com/id-plus
Use Cases: https://www.socure.com/use-cases
Digital ID Verification: https://www.socure.com/resources
Socure Privacy Policy: https://www.socure.com/privacy

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn.

Topics: ID+, Identity verification, Identity Proofing, Predictive Analytics

Socure

Socure

Socure is the leader in Day Zero digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 300 customers across the financial services, gaming, telecom, and eCommerce industries, including three of the top five US banks, eight of the top 10 card issuers, three of the top MSBs, the largest payroll service, the second-largest retailer in the world, and over 100 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash. Socure recently received numerous industry awards and accolades including being named “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, being named a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few. For more information visit www.socure.com.