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.
“Those connections online in these networks represent the connections between us and the people we know in the real world,” Madhu says. “So if a fraudster had to not only steal your identity, alter it, and create a fake profile, but now had to surround that profile with authentic social proof, they now have the burden to create 500 profiles on one network just to vouch for that one profile.”
Socure is the leader in Day Zero digital identity verification technology. 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 300 customers across the financial services, gaming, telecom, and eCommerce industries, including three of the top five US banks, eight of the top 10 card issuers, three of the top MSBs, the largest payroll service, the second-largest retailer in the world, and over 100 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash. Socure recently received numerous industry awards and accolades including being named “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, being named a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few. For more information visit www.socure.com.