We are excited to announce that Socure, together with our client Public.com (a popular investing platform), has won IDC’s prestigious Future of Trust Award—the first and only identity verification and fraud prediction solution to ever do so.
The Future of Trust award had a rigorous set of criteria for winners to meet, in which IDC looked to identify “organizations that can maintain the Trust amid the evolving needs of its customers . . . focused on customer experiences and empathy at scale, enterprise and ecosystem intelligence, smart and autonomous devices, and other efforts that introduce new Trust threats, challenges, and opportunities.”
In short: IDC wanted to see transformative, trust-establishing technology that reached beyond effective risk management to also support business results, company ethics, innovative growth, and more.
A Winning Balance of Fraud Risk, Regulatory Compliance, and User Friction
Public.com chose Socure to support their goal of positively verify as many applicants’ identities as possible while staying within regulatory rules and reasonable fraud management. Socure was the only solution that could broaden Public.com’s population coverage and increase their accuracy in identifying applicants.
As IDC noted, in previous models, Public.com “had to balance a compromise between fraud risk, regulatory compliance, and friction. Socure’s identity verification and fraud platform transformed [Public.com’s] ability to positively identify and onboard applicants, resulting in a 15% increase in positive identification of applicants, which corresponds nearly perfectly to a 15% increase in enterprise value.”
Public.com also saw an enormous reduction in manual reviews of identities, with a roughly 30% reduction in manual costs associated with onboarding new applicants. They were able to significantly reduce manual effort and use those employees’ skills in more strategic ways.
A Hyper-Focus on the Public.com Mission: Inclusivity in Investing
Establishing trust through identity verification is a key component of Public.com’s success: they can’t help investors get started if they don’t have a good process for verifying identities and preventing fraudulent actors from entering the system. Socure solutions were transformative in building a culture of trust across Public.com’s customer ecosystem.
According to Public.com, “the importance of our Socure identity verification and trust DX initiative in creating a transformative future of trust culture cannot be overstated. We have a high-quality network of inclusive and supportive members, which can’t be found anywhere else and is only made possible with the frictionless and accurate identity verification that Socure provides.”
Even as Socure verifies identities and authorizes entry from the backend, Public.com’s social community users remain anonymous to each other, which creates a truly inclusive community free of common biases. Socure’s non-traditional data sourcing also further broadens inclusivity into the (sometimes intimidating) world of market investments.
Join the Future of Trust Revolution
Interested in getting results like Public.com’s 30% reduction in manual costs and 15% increase in enterprise value? Schedule a demo to come along with Socure as we continue to push boundaries and ensure we’re providing our customers with the most comprehensive solutions to solve their every identity verification challenge.
Cameron Dufty is the Senior Content Manager of Product Marketing at Socure. She has written about emerging technologies and digital transformation across different industries throughout her career.
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