Since 2018 two of the Top 5 US banks (and three of the Top 10) are now using its Socure ID+ platform.

Socure replaces traditional digital identity verification methods with a machine learning platform that can predict the identity of customers entering through digital portals with unprecedented accuracy to dramatically reduce account opening fraud, increase auto-acceptance, and slash manual reviews.

Most banks continue to manually review a large portion of online applications because they simply do not trust their automated identity verification systems. Not only does this create customer friction, but it also increases customer acquisition costs and leads to lost revenue. Using Socure, one Top 5 US Bank cut its very high manual review rates by more than half,  deceased identity fraud losses by 60% and achieved a substantial reduction in false-positives.

By replacing a leading credit bureau solution with Socure’s ID+ for identity verification, another Top 5 US bank improved auto-approval rates by over 20% and reduced the need for friction-heavy out-of-wallet challenge questions. This client also saw the number of manual reviews drop with no negative impact on fraud levels.

According to one Bank executive: “After thoroughly examining and testing Socure’s ID+ solution, we were frankly astonished at the improvement in ID verification accuracy.  We almost didn’t believe it! In test after test, Socure was able to cut manual reviews in half while maintaining or improving fraud prevention. It really was quite amazing to achieve such significant results.”  

In addition to the nation’s leading banks, Socure’s growing client list includes a top 5 global money transfer agent, a top 5 US online retailer, 3 top 10 US card issuers and the majority of top consumer-facing fintech challenger banks.   

“Socure is solving the single most difficult problem in identity verification – validating a person that’s never done business with an organization before. Trying to accomplish this using traditional approaches in a mobile and digital world has been a miserable failure,” said Tom Thimot, CEO of Socure. “ We are the only identity verification company that is delivering beyond-human levels of accuracy by applying data science, analytics and proven machine learning models to hundreds of online and offline data sources.”

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.

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Original article can be found on Business Wire

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Socure is the leading platform for digital identity verification and trust. 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 500 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later provider, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.

Socure has received numerous industry awards and accolades, including being named to Forbes America’s Best Startup Employers 2021, being awarded Best New Technology Introduced over the Last 12 Months – Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The FinTech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.


Janine Savarese
Savarese Communications
(908) 461-5767