The Transformative Value of Socure's Unified Identity Verification Solution

There are many ways with this new launch that our customers are going to derive tremendous value. One way is with each dimension of the consumer’s digital identity. We believe quantitatively that for emails, phones, IPs, devices, and PIIs, we have the best individual solution across each of them. We verify the largest number of emails with the highest email capture risk.

We verify the highest number of phones with the highest phone risk capture. Through Entity Profiler, we have a unique persistent view of a device. We have a graph where we’re tracking attacks at scale across 2,400 customers. Bringing all of these pieces together as a one-of-a-kind solution. This is really how we’re delivering over 99% identity fraud capture.

This ability to solve nearly 100% of identity fraud is an enormous revenue driver for some of the largest institutions and enterprises. As well as when we look at some of the public sector use cases at the state and federal level. This ability to deliver inclusive, unbiased approvals to the largest number of good consumers with little friction is very transformational when we look at some of the benefit programs and try to get funding to folks in need.

The second piece is by driving manual review down by driving identity fraud to a very small percentage of the population. We’re able to solve enormous amounts of identity fraud losses, wasted spend on manual review and operational processes and collapse the number of providers that folks have to use today in some convoluted waterfall, driving huge amounts of total cost of ownership reduction.

All of this in totality, we generally are targeting greater than 10, oftentimes 20 times or more ROI for the investment in Socure. And so when I look back at what this team has accomplished over the last decade, it’s iterating and iterating and iterating on the features and types of models that we’re utilizing to really solve and be the first to solve, verifying 100% of good identities and completely eliminating identity fraud.