NEW YORK--(BUSINESS WIRE)--Socure, the leading provider of identity verification and fraud prevention services, today announced that its ID+™ digital identity verification platform was selected from over 3,500 nominations to receive the Innovation Award for Transaction Security in the 2019 FinTech Breakthrough Awards. Judged by an independent panel of experts in the financial services and technology industries, these annual awards recognize the top “breakthrough” companies, technologies, and products in the global FinTech market. This year’s winners list is posted online at: https://fintechbreakthrough.com/winners/.
“We are honored to be recognized for our innovations in this year’s FinTech Breakthrough Awards,” said Tom Thimot, CEO of Socure. “Our customers in banking, payments and ecommerce expect real-time answers on whether a user is who they say they are. The Socure ID+ platform uses machine learning and AI to validate digital identities in seconds and forms the cornerstone of anti-fraud and KYC/CIP programs at some of the world’s leading organizations.”
Socure’s solutions continue to displace legacy identity verification systems at consumer-facing organizations across the US. In 2018, revenue grew more than 300% year-over-year fueled by growing demand for its analytics-based platform which dramatically reduces the need for human intervention associated with traditional digital identity verification techniques. Customers include 2 of the top 5 US banks, 7 of the top 10 US card issuers, 3 of the top 5 global remittance providers, a top 3 online retailer as well as many of the top digital banks, lenders and insurers.
“From dramatically improved customer experiences to increased operational efficiencies, the FinTech industry accomplished a stellar year and we are proud to recognize the innovators and leaders in this space,” said James Johnson, Managing Director, FinTech Breakthrough while announcing the winners. “Congratulations to our 2019 FinTech Breakthrough Award winners.”
About Socure ID+
Socure ID+ uses patented machine learning (ML) & artificial intelligence (AI) technologies to establish trust in online transactions. The platform provides an instant, multidimensional view of customers and potential customers so that financial services organizations can automatically approve digital transactions. Socure ID+ combines AI, ML and clustering algorithms to continuously ingest, normalize and evaluate data from hundreds of online and offline data sources including credit bureaus, email history, phone records, IP addresses, social networks and more. This allows for real-time analysis of massive datasets at machine speed to achieve results far beyond the capabilities of humans and rules-based approaches. Socure ID+ applies predictive analytics to real-time transactions and assigns a risk score to identities, and this is used to determine whether a request should be auto-accepted or flagged for manual review by a fraud analyst.
Socure is the leader in high-assurance digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also reduces fraud for online new account opening by up to 90 percent, lowers manually reviewed knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives. Socure was founded in 2012 and is based in New York City.