INCLINE VILLAGE, NEVADA — September 7, 2023 – Socure, the leading provider of digital identity verification and fraud solutions, today announced that PrizePicks, the largest skill-based fantasy gaming operator, has successfully implemented Socure’s identity technology into their popular skill-based fantasy sports platform. Socure’s robust approach has enabled PrizePicks to experience double-digit growth in new member approvals, reduce fraud losses, and drive massive growth in customer lifetime value.
Socure’s platform gives PrizePicks a unified approach to verifying new player identities in real time with a proven, trusted, end-to-end platform, including KYC verification and identity fraud identification. By applying analytics models that track and correlate identity attributes, the Socure platform produces reliable, consistent and accurate determinations on the legitimacy of an identity. Socure’s KYC solution delivers industry-best pass rates of up to 98% for mainstream populations and its Sigma Identity Fraud models achieve the highest fraud capture rates along with the lowest false positive rates in the industry, consistently capturing fraud in the riskiest 3% population by up to 90%.
Prospective members that fail initial checks are escalated to Socure’s Predictive DocV to digitally verify the authenticity of identity documents, along with selfie analyses to verify biometric and physical identification card matches. Its Predictive DocV solution sets a new bar in accuracy, speed, user experience, and fraud reduction, far outpacing market competitors.
“Capturing fraud at the top of the funnel was a big ticket item for us at PrizePicks,” said Jay Deuskar, co-founder and CTO at PrizePicks.
“Socure’s integrated capabilities for KYC, fraud and document verification are impressive and have helped us implement a powerful verification workflow in a single solution.”
PrizePicks customers are sports fans who want a sleek and intuitive experience, Socure optimizes the account onboarding experience, making sure potential members don’t drop out of the process due to unnecessary friction. With Socure, PrizePicks has gained a frictionless, highly-accurate solution that delivers a solid foundation of reliable identification and protection in an easy to use format that further enables rapid growth.
As the company continues to expand, PrizePicks is committed to providing consumers responsible gaming tools and resources.
PrizePicks is the largest skill-based fantasy sports operator in North America and the fastest-growing sports company in North America according to the 2023 Inc. 5000 rankings. The company was recognized as the Fantasy Sports Business of the Year by the Fantasy Sports & Gaming Association and as the Fantasy/DFS Operator of the Year by EGR North America. Current strategic team and league partnerships include NASCAR, the Atlanta Braves, Big3, Atlanta United and the North Carolina Courage. PrizePicks is a fun, fast and simple version of daily fantasy sports, covering a wide variety of traditional sports leagues from the NFL and NBA to esports titles League of Legends & Counter-Strike. Founded and headquartered in Atlanta, GA, the PrizePicks workforce has grown to over 300 in the past year, with the company recently being recognized as a Top Workplace by the Atlanta Journal Constitution. For more information, visit www.prizepicks.com.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,700 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 400 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, State of California, and Florida’s Homeowner Assistance Fund. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.