<p><strong>INCLINE VILLAGE, NEVADA — May 15, 2024 &#8211;</strong> Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today released a new report titled, “<a href="https://papers.govtech.com/The-State-of-Digital-Identity-in-2024-142939.html">The State of Digital Identity in 2024</a>”, in partnership with The Center for Digital Government.</p>
<p>According to the <a href="https://www.gao.gov/products/gao-24-105833">Government Accountability Office</a>, the federal government loses an estimated $233 billion to $521 billion to fraud annually. State agencies, tasked with distributing federal funds, face challenges when providing seamless digital identity verification for constituents while defending against sophisticated bad actors, including fraudsters, crime rings, and nation-state attacks.</p>
<p>State agency leaders surveyed cited regulatory and policy challenges, privacy concerns, and the complexity of integrating digital identity verification solutions with legacy systems among the top identity-related pain points. The data also highlighted the need for state technology leaders to modernize digital identity verification systems to fight fraud and improve the constituent experience. According to the report, 63% of constituents surveyed want to conduct all or most transactions with state agencies online, yet only 13% felt very confident state agencies can detect and prevent identity fraud. And more than half of the state leaders surveyed said they rely on knowledge-based authentication as a method of verification, despite the National Institute of Standards and Technology no longer recognizing it as a valid method of verifying identities.</p>
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<h3>“State governments play a pivotal role in ensuring critical services reach the right people in an efficient and equitable manner,” said Matt Thompson, senior vice president and general manager of the public sector at Socure.</h3>
<h3>“As fraud techniques evolve, state technology leaders will continue to face new challenges when verifying identity online. We are committed to providing our government partners with the resources, tools, and services needed to combat fraud and deliver a frictionless experience for their constituents.”</h3>
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<p>The report also includes best practices for creating a modern identity system with insight from industry experts including:</p>
<ul>
<li><strong>Deploy a proactive, layered approach to prevent fraud: </strong>Apply a layered strategy with multiple verification techniques and authentication technologies for detecting anomalies and distinguishing between normal interactions and deliberate fraud attempts.</li>
<li><strong>Put metrics and key performance indicators to work: </strong>Continuously measure to document and improve effectiveness and equity.</li>
<li><strong>Fight friction using AI:</strong> Advancements in AI models and automation tools means strong identity verification no longer equates to poor user experience.</li>
</ul>
<p>A <a href="https://www.socure.com/resources/casestudies/socure-idv-platform-part-of-nation-leading-homeowner-assistance-fund-program-in-florida">case study</a> from the Florida Department of Economic Opportunity (DEO) demonstrates how states can remove friction from identity verification and speed assistance to applicants. Using Socure’s platform that leverages advanced AI and machine learning (ML), the DEO saw 95 percent of applicants to Florida’s Homeowner Assistance Fund automatically approved in less than one second. The department also saw a 15-40 percent increase in customer approval rates compared to its previous identity verification providers. Automatic claim rejections have fallen below 1 percent.</p>
<p>The report is based on two national surveys that polled 2,008 constituents and 125 state government leaders on issues related to online identity verification and fraud prevention as well as qualitative interviews with technology leaders in 21 states.</p>
<p>To download the full report, click <a href="https://papers.govtech.com/The-State-of-Digital-Identity-in-2024-142939.html">here</a>.</p>
<h3 style="margin: 30px 0;">About the Center for Digital Government</h3>
<p>The Center for Digital Government, a division of e.Republic, is a national research and advisory institute on information technology policies and best practices in state and local government. Through its diverse and dynamic programs and services, the Center provides public- and private-sector leaders with decision support, knowledge and opportunities to help them effectively incorporate new technologies in the 21st century.</p>
<h3 style="margin: 30px 0;">About Socure</h3>
<p>Socure is the leading provider of digital identity verification and fraud solutions. Its predictive analytics platform applies AI and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. The company has more than 2,300 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Capital One, Citi, Chime, SoFi, Green Dot, Varo, Ingo, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at socure.com.</p>
<h3 style="margin: 30px 0;">Media Contact</h3>
<p>Kate Fogarty<br />
Vrge Strategies<br />
<a href="mailto:kate@vrge.us">kate@vrge.us </a></p>


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