NEW YORK, NY - September 16, 2020 - Socure, the leader in Day Zero identity verification, today announced it has won the 2020 Finovate Award for Best Use of AI/ML. The Finovate awards were created to recognize excellence in the fintech community both on the part of companies who are driving innovation and the individuals who are bringing new ideas to life.
The Best Use of AI/ML award is given to a bank, FI, or fintech company that is using artificial intelligence/machine-learning technology to the greatest effect, creating new capabilities that are only possible through AI/ML.
“We are extremely proud to be recognized by Finovate for the Best Use of AI/ML,” said Johnny Ayers, Founder & Chief Product Officer of Socure. “From the beginning, our goal has always been to apply predictive analytics in the most innovative and creative way possible in solving for the classification problem that is identity verification and fraud prediction. This award validates our team’s efforts and dedication to becoming the single trusted source for verifiable identities on the internet as we expect to reach the limits of perfect accuracy in 2021, and completely eliminate identity fraud.”
Since Socure was founded in 2012, its team has focused on AI/ML innovation in both go-to-market and product while filing four patents, the two most recently for its Machine-learning Fraud and KYC pipelines. The company’s innovations have altered the industry by changing how fintechs, banks and issuers test, buy, and decision off of ML-driven identity solutions.
Ayers continued, “Our team has worked tirelessly and gained the trust of an industry by offering rigorous POC regression testing, providing extensive data-driven reports on fraud capture, false positive reduction and increased acquisition, while easily quantifying returns on investment -- a rarity in enterprise software.”
Socure recently announced the launch of “Intelligent KYC,” unlocking scale and speed in customer acquisition, industry-leading auto-approval rates, and fewer manual reviews. The new solution is a central pillar of a holistic identity strategy. It incorporates a wealth of data sources along with advanced graph analytics and unsupervised ML to produce more expansive, and actionable insights. Businesses leveraging Intelligent KYC from Socure can achieve up to 20% higher auto-approvals vs. legacy IDV systems.
The company’s identity fraud suite for solving for Day Zero identity is based on its Sigma Identity Fraud and Sigma Synthetic Fraud models for credit cards, lending deposits, and money transfers; individual data element risk scores using over 50 variables specific to device, email, phone and address; returned with detailed reason codes and Socure’s proprietary list of bad actors. Its compliance suite pulls from more than 7 billion records, 250 million entities, 800 million utilities records, over 1100 watchlists globally and 6000 PEP lists. Clients benefit from proprietary match analytics for higher accuracy, adjusted match criteria to their risk tolerances, match assessments returned with reason codes, 3 levels of service for compliance requirements and continuous on-going monitoring with customer status changes alerts. The company also has an end-to-end Document Authentication service utilizing ML Computer Version to verify 3500 government issued documents globally through its API and SDKs.
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.
Topics: Press Release