First Digital Identity Verification Solution to Achieve SOC 2 Type 2 Report, New Big Data Version Boosts Fraud Capture by 300%
New York, January 19, 2016 — Socure, the leader in digital identity verification, today announced the general availability of a groundbreaking new release of its Social Biometrics™ Platform as well as its flagship ID+™ solution for consumer verification. Additionally, Socure has successfully completed the stringent Service Organization Control (SOC) 2 Type 2 audit and received the subsequent report.
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Version 2.5: The Big Data Release
Over the past several months, the Socure engineering and data science teams have been refactoring and fine-tuning the solution’s identity resolution and fraud detection services. This has expanded coverage, enhanced consumer identity resolution and improved predictive capabilities. These continue to employ advanced machine learning as well as available custom scoring models, and are surfaced via a single API call.
The company explained that its enterprise clients have already seen marked improvements. In tests with major issuing banks, version 2.5 was shown to capture over 90% of fraud at a false-positive rate below 5-to-1. They have further enjoyed expanded population coverage, with over 97% US coverage for Know Your Customer (KYC) verification.
The new version also incorporates more data than ever before, building on the company’s patented platform that resolves identities with social media data and other trusted online and offline information. Socure provides validation of all dimensions of a digital identity—intelligence on social media, email, address, phone and device. This means institutions no longer need to go to multiple service providers to build a fraud detection strategy that translates into actionable results. Already verifying identities over 180 countries, the new version is well positioned to validate a potential population of over three billion online users and seven billion mobile phone subscribers.
The ID+ solution for consumer verification returns more actionable intelligence in the form of scores, risk assessments and associated reason codes, letting Socure clients make more informed decisions on an identity's veracity, potential for fraud, and use in identity theft.
The First Digital Identity Verification Solution with SOC2
Socure concurrently announced that it is the first digital identity verification solution in the market with a completed SOC 2 Type 2 report. This means that its system and controls adhere to applicable trust services criteria that banks and other large financial institutions demand for regulatory compliance and governance requirements. Enterprises requiring this same level of compliance from their technology vendors can put their confidence in Socure.
SOC is an internationally recognized auditing standard created by The American Institute of Certified Public Accountants (AICPA). The SOC 2 Type 2 report provides a description of a service organization’s system and the suitability of design and operating effectiveness of the organization’s controls. During a rigorous period of examination, independent CPA firm O’Connor Davies assessed controls in place at Socure and determined that these controls meet the AICPA’s Trust Services Principles.
“Socure was built to super-serve the unrelenting requirements of the most challenging enterprises in the world,” said Sunil Madhu, CEO of Socure. “Our SOC 2 Type 2 report gives these institutions the assurance that Socure is ready to meet their stringent governance and compliance constraints. The new version enables them to verify identities and meet KYC and CIP requirements faster and with greater accuracy than previously possible.”
More details on the new release and the SOC 2 Type 2 report can be found on the company’s blog: www.socure.com/blog
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Socure (www.socure.com) is the leader in digital identity verification. Its technology applies machine-learning techniques with biometrics and trusted online/offline data intelligence from email, phone, IP, social media and the broader Internet to power next-generation multi-factor authentication in real-time. Socure bolsters CIP/KYC programs and AML/OFAC compliance for enterprises conducting business in over 180 countries, helping them to combat identity fraud, prevent account takeover, and increase consumer acceptance. Socure was founded in 2012 and is based in New York City.