85 percent of respondents cite identifying risk as their primary goal
November 01, 2019 10:55 AM Pacific Daylight Time
LAS VEGAS--(BUSINESS WIRE)--Socure, the leader in high-assurance digital identity verification, today announced findings from an on-site survey conducted at this week’s Money 20/20 conference. Among those who use an identity verification solution at their company, 85 percent say the primary goal is to better identify risk, followed by auto approval of more customers (45 percent).
“Not surprisingly, digital authentication and accuracy concerns drove the majority of the conversations at the conference this year as the rapid transformation from in-person interactions to mobile continues”
“Not surprisingly, digital authentication and accuracy concerns drove the majority of the conversations at the conference this year as the rapid transformation from in-person interactions to mobile continues,” said Johnny Ayers, co-founder and SVP of Socure. “We conducted the survey to get a better sense of the specific issues that our customers, prospects and partners find most challenging to solve for in 2020.”
Key findings include:
- Addressing risk: Just one-third of survey participants employ AI in their organization for the purpose of addressing risk (38 percent) and fraud (35 percent).
- Types of fraud: Following third-party fraud risk (69 percent), respondents are also concerned about new account fraud (65 percent) and first-party fraud (62 percent).
- Identity Verification Use: Slightly more than half of respondents use an identity verification solution to capture fraud during the customer verification process (56 percent).
- Fraud impact: Nine in 10 respondents are concerned about the ability to reduce fraud and increase approvals of new customers, and among those who use an ID verification solution at their company, 85 percent say the primary goal is to identify risk, followed by auto approval of more customers (45 percent).
- Fraud outlook: Most respondents are skeptical about the elimination of identity fraud concerns in their industry: three in four (75 percent) feel identity fraud concerns will never be eliminated in their industry given its complexity.
“It was expected that many respondents were skeptical about the elimination of identity fraud as it is an incredibly difficult and complex math problem, one that Socure is on-track to solve for in 2020 and finally eliminate completely,” Ayers continued. “Today, our customers are already experiencing over 80 percent reductions in identity fraud in using our machine learning model, and as much as a 90 percent reduction in the need for manual reviews. This type of accuracy in the market is delivering enormous zero to one jumps over the legacy solution providers that have dominated the market for the past 20+ years.”
Separately, Socure also announced product enhancements to its ID+ Identity Verification Platform (v. 3.0), which features three of the highest-performing products in the industry to date. This includes:
- Sigma fraud score – Achieve unmatched accuracy through advanced machine learning and AI, reducing fraud and manual review time by as much as 90 percent – and completely eliminating KBA.
- Document verification – Through one simple step of identity proofing with a selfie and liveness detection, this sophisticated product adds an additional layer of authentication for customers, eliminating KBA fraud and maximizing approval rates in real-time.
- KYC/CIP – Setting a new standard for identity verification, this enhanced product outperforms all legacy providers with greater than 90 percent auto-approval rates thanks to proprietary ML techniques to aggregate identities across heterogeneous data.
Socure was recently named to Forbes’ AI 50 list as one of America’s most promising AI companies, and is a recent winner of API World’s Best Data API. Socure’s technology applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, address, phone, IP, social media and the broader Internet to verify identities in real-time. Customers include three of the top five U.S. banks, seven of the top 10 U.S. card issuers, as well as the majority of leading digital banks, lenders and insurers across the U.S.
For more information about Socure, visit www.socure.com.
About the Survey
Socure Inc. created this on-site survey in partnership with Echo Research LLC, an independent communication, brand, and reputation research company. Brand Ambassadors administered the study at the 2019 Money20/20 event in Las Vegas, NV, interviewing 52 expo attendees from various companies and industries.
Socure is the leader in high-assurance 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, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also reduces fraud for online new account opening by up to 90 percent, lowers manually reviewed knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives. Socure was founded in 2012 and is based in New York City.
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Topics: Press Release