Money20/20 this year is pretty huge–with nearly twice the attendance as last year. The Socure booth is the first one inside the entrance, which has meant a crazy amount of traffic and conversations. The crowd and the opportunities they represent are exciting, especially given the current uneven economic environment. We all know this will pass, and we’re gearing up for what the near future will bring and how we’ll all get there together.
But you know what I hate about crowds? Escalators. People don’t get this whole thing of standing to the right so others can pass you on the left. You get stuck behind folks who are in no hurry to get anywhere. And this has always, always confused me. Why would you want to lose a minute of your life just letting mechanical stairs slowly steal your time?
Fighting fraud is urgent
I always want to get places, get things done, reach my destination as quickly as possible. Our whole company is pretty much that way. Fraud happens at the speed of evil, and the most sophisticated fraudsters are always evolving their vectors to access other people’s money. This is why we’ve spent years and millions of dollars building an automated platform that ingests, cleanses, and leverages millions of known outcomes, which is the feedback data from our vast consortium of customers and partners. All of this perpetually refines our fraud-fighting models and helps us achieve greater accuracy with each passing quarter. This is in contrast to competitors who try to do it all with guesswork and manual labor.
There’s a lot of brainpower and innovation on display at Money20/20. But a lot of the vendors only target very specific use cases or functionality. Our approach is to provide a holistic platform for identifying the wide variety of fraud attacks that our customers face on an hourly basis. The aim is to mitigate identity hurdles across the entire financial ecosystem. Ours is a progressive approach: are you a real person? If you are, are you the right real person? And even if it’s really you, do I want to do business with you?
Identity starts here…and fraud stops here
But why do we work so hard to keep out the bad guys? To grease the tracks for the good ones. We want that escalator to be open for them to get to where they want to be. Enable them to interact, to achieve credit, to establish themselves and their financial posture. The other fringe benefit is to starve the fraudsters, and allow them as little leverage as possible.
Our CEO, Johnny Ayers, appeared onstage yesterday with Mariana van Zeller, the host of National Geographic’s “Trafficked,” to discuss, among other things, the way dark money is generated and leveraged for the worst possible crimes. Not only does illicit cash fund additional criminal activity, that activity makes it harder for legit applicants to be approved because they have to navigate a maze of rules designed to catch crooks but which often trip up honest consumers. By persistently increasing our accuracy, we filter out the bads, shoving them to the other side of the escalator, and enable the goods to climb the stairs and achieve economic opportunity.
Do you want to bypass the friction of the jungle of rules, the people with bad intentions, and the folks who don’t want to keep up with you? Come see Socure at the very first booth inside the entrance at Money20/20. You won’t even need to walk the whole floor, because there we are, right up front, with the only answer you’ll ever need for identity verification. We’ll even make you a custom t-shirt, and we can do that pretty fast too.
Jeff Scheidel is a technologist with 38 years in software, including 26 years in security solution design. He is the author of numerous white papers on security and regulatory compliance, as well as a McGraw-Hill book on identity, access, database, and application protection. Jeff is an expert on compliance requirements across a number of industries, and has presented at a wide variety of security events.
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