Data breaches happen every day. Astonishingly, over nine times the population of the United States’ data was stolen in 2016 alone. Data breaches affect not only merchants but large-scale financial institutions like banks, credit card companies and credit bureaus that store a lot of information about consumers. It now costs about $4 on average to buy someone’s stolen identity data and mere hours of trolling people’s social media exhaust to learn enough to commit fraud. Fraud costs trillions of dollars to world economies annually. For consumers whose identity data has been stolen, the impact on their lives can vary from being a nuisance to financial and emotional trauma.
Socure is pleased to offer the first Digital Identity Verification Solution that is compliant with SOC 2.
SOC is an internationally recognized auditing standard created by The American Institute of Certified Public Accountants (AICPA). The SOC 2 report provides a description of a service organization’s system and the suitability of design and operating effectiveness of the organization’s controls.
The online dashboard used for reviewing identity verification transactions, to administer users, configuration and manually run transactions has been completely redesigned for ease of use, self-service and with a new look that ID+ clients are raving about!
Reacting to the kerfuffle between Admiral UK Insurance and Facebook, Socure CEO Sunil Madhu wrote in Payments Source about the broader implication for using Social Media data. While privacy concerns abound, there are many benefits to consumers who may obtain better rates, coverage and services.
Generation Y is a key target demographic for financial institutions, but what can they do to appeal to skeptical millennials. (originally posted in TechCrunch)
Blog: Christian Ring-Knudsen, who worked for Socure as an intern this past summer, talks about the experience. From taking part in the Work-Bench Community, to dealing with the unique challenges of start-up life, it was a challenge for a classically-banking-trained European. Christian took to the task with zeal, and made a positive impact on Socure!
The August edition of the Digital Identity Tracker brings with it a revised scoring and ranking model, as well as a host of updates that better focus our monthly collaboration with PYMNTS.com.
You can download it for youself from pymnts.com; this blog talks a bit more about the process and what's coming next!
Continuing regular product updates to the current version 2.5 of the Socure ID+ solution for consumer verification, August brings enhancements that make ID+ more predictive of valid identities, more robust in information output, and more specific in detailed responses.
This blog outlines some of those updates, and shows you where you can find more information about each area of feature enhancement in ID+!
A rising number of Financial Institutions are leveraging mobile transaction opportunities, but the technology also presents challenges to organizations unprepared for fraud. How can they protect their operations and consumers?
We're often asked why we started Socure. While you can find some of that in a short video explaining Socure (see below), it seemed more than time we shared it here in our blog!
Socure started with the idea that Social Media could be brought to bear (Social + Security = Socure), our offerings have grown to include a breadth of online and offline data that builds a complete picture of an individual's digital identity.