INCLINE VILLAGE, NV– Feb. 3, 2022 – Socure, the leading provider of digital identity verification and fraud solutions, announced today the Kantara Initiative has certified Socure’s identity verification and fraud platform as meeting National Institute of Standards and Technology (NIST) Identity Assurance Level 2 (IAL2) requirements for federal agencies implementing high assurance digital identity services. The Kantara Initiative is the global trust community that promotes adherence to data and privacy standards by identity system providers. Federal agencies will now have access to the most accurate identity verification and fraud platform on the market.
This certification validates the robustness of the Socure platform and demonstrates Socure’s commitment to providing trustworthy services aligned to U.S. government standards. The Kantara Initiative’s Board of Directors approved Socure as a Component Service, in compliance with the requirements of NIST SP 800-63 rev.3 Class of Approval, at IAL2. Kantara’s Trust Mark is provided as part of their leading global consortium dedicated to improving trustworthy use of identity and personal data through innovation, standardization, and good practice.
“Socure brings industry-leading expertise in identity verification and fraud prediction for regulated industries and government agencies, with particular emphasis on the inclusion of ‘hard to identify’ consumers,” said Kay Chopard, Executive Director of Kantara Initiative. “We will be working together to ensure that the industry standards we champion continue to reflect best of breed solutions and provide equitable access to services for all citizens.”
As the clear market leader, more than 1,000 top enterprises across all industries, including four of the top five banks and 12 of the top 15 credit card issuers have standardized on Socure as their preferred identity verification platform. Socure customers rely on the platform’s ability to not only provide the most precise identity fraud classification model in the industry, but to deliver unparalleled accuracy with auto-approval rates of up to 98% for mainstream demographics, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country.
“Our goal is to dramatically raise the government's expectations of identity verification accuracy and prove that more inclusive access and fraud reduction don't need to be a trade off,” said Johnny Ayers, founder and CEO of Socure. “This important certification from the Kantara Initiative provides further validation of our platform’s ability to enable agencies to securely deliver fast, streamlined access to benefits and services for qualified constituents while significantly reducing losses, and ensuring equitable and inclusive treatment for all.”
Socure provides digital identity verification and proofing for customers such as banks, lenders, investment platforms, more than 250 fintechs, top e-commerce marketplaces, and government agencies. The company’s graph-centric identity verification and fraud platform combines advanced machine learning and artificial intelligence with all elements of a consumer's identity to deliver the most accurate and robust identity verification and fraud risk prediction solutions in the market.
About Kantara Initiative
Kantara Initiative is the leading global community commons improving trustworthy use of identity and personal data through innovation, standardization and good practice. Kantara nurtures ground-breaking R&D, develops specifications and operates conformity assessment programs for the digital identity and personal data ecosystems. Kantara provides its coveted eID assisting Identity Assurance Trust Mark and ground-breaking specifications for User Managed Access, and the privacy enabling Consent Receipt. More information is available at https://kantarainitiative.org/.
