The Real Identity Blog

As the premier outlet for vendors and customers in the financial services industry, Money20/20 is THE place to see the latest products in fintech, as well as learn about future trends. But like with Gartner Conferences or Oracle OpenWorld or the Identity Summit, you still have a measure of vendors who seem to be saying similar things. How can every vendor truly be the best? It takes a lot to rise above the noise and differentiate. We like to think Socure did that very thing this year. We were loud and fun, but we also proved that we’re three steps ahead when it comes to identity fraud prevention and auto-acceptance.

Socure Founder and Chief Strategy Officer Sunil Madhu joined Arif Ahmed, SVP of emerging payments and technological innovation at U.S. Bank, and Frank Villavicencio, CPO for access and identity at ADP, onstage at this year’s Money20/20 to discuss AI’s role and future in identity verification and customer experience. The panel was moderated by Dan Rosen, founder and general partner of Commerce Ventures.

How can we secure identities online? In a brief video interview with Yale Insights, Socure’s Co-Founder and Chief Strategy Officer Sunhil Madhu discusses the current state of affairs when it comes to data breaches and fraud (spoiler alert: it’s safe to assume everyone’s data has been stolen several times over); the ways in which current tokenization efforts are not enough; and how social networks and connections are the wave of the future (and the present) when it comes to verifying and securing identity.

In today’s digital world, identity verification is becoming increasingly important as the threat of identity fraud continues to grow. In 2017, there were more than 1,200 data breaches, with more than 2 billion separate identities stolen. Already in the first half of 2018, identity theft and synthetic identity attacks have more than doubled from Q4 of 2017. Traditional identity verification uses static rules and linear models applied to credit bureau data, which is often stale and easily accessible to fraudsters because, if we’re being honest, your birthday, Social Security number, and mother’s maiden name have already most likely been leaked in some previous data breach. So with these kinds of numbers, it’s clear that companies must rethink how best to originate user accounts online and develop new approaches for verifying their users.