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.
“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 high-assurance digital identity verification. The company’s predictive analytics platform applies artificial intelligence and machine learning to trusted online/offline sources including email, phone, address, IP address, social media and traditional GLBA/DPPA data to authenticate identities in real-time. The Socure ID+ platform reduces fraud by up to 90 percent, lowers manual review/knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives.