Socure Advances Florida Department of Economic Opportunity’s Mission with Best-in-Class Identity Verification and Fraud Prevention Platform

Solution Ensures That Legitimate FL Citizens Get Access to Benefits without Friction and While Preventing Identity Fraud

INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, announced today that the Florida Department of Economic Opportunity (DEO) has adopted its best-in-class platform to provide an inclusive, accurate, and seamless identity verification solution to Florida’s small businesses and citizens seeking economic relief. The DEO focuses its efforts to help Floridians rebuild their homes and lives after devastating impacts, whether they are natural disasters or incidents such as the surfside condo disaster.

“There's the start of a movement in America - no citizen should be denied access to the benefits and services due to them or put through extensive manual reviews because of outdated, legacy point solutions for identity verification,” said Matt Thompson, senior vice president, general manager of Public Sector Solutions. “Socure is helping the Florida DEO innovate and advance its greater mission by allowing them to serve Florida residents in their time of need quickly, and protecting their benefits by keeping fraud out of the system.”

The DEO assists the governor in advancing Florida’s economy by championing the state’s economic development vision and by administering state and federal programs and initiatives to help visitors, citizens, businesses, and communities. Socure’s graph-based approach to identity verification will ensure that legitimate FL citizens will get access to these benefits without friction, while preventing costly identity fraud.

Socure’s unparalleled identity verification accuracy will help the state achieve auto-approval rates of up to 98% for mainstream demographics and up to 94% for the hard-to-identify populations such as Gen Z, Millennials, credit invisible, thin-file, and new-to-country that legacy solutions can’t identify. This dramatically reduces false positives, manual reviews, and applicant onboarding friction for the DEO, driving economic opportunities for the state and its citizens. In alignment with government standards, Socure’s identity verification and fraud platform meets National Institute of Standards and Technology (NIST) Identity Assurance Level 2 (IAL2) requirements for government agencies implementing high assurance digital identity services.

“We are incredibly excited to collaborate with DEO and drive advancements in standards, equitable access, and customer experience within the state and beyond,” said Thompson. “As state and local governments across the country grapple with fraud prevention, the DEO’s leadership with Socure marks a major milestone toward automated identity verification for government services.”

The DEO is committed to mitigating the financial hardships Floridians face and the uncertainty the pandemic has caused by embracing the latest innovations in technology. Socure’s graph-based identity verification and fraud platform combines advanced analytics with all elements of a consumer's identity to deliver the most accurate and robust identity verification and proofing, identity verification, and fraud risk prediction solutions in the market.

About the DEO

The Florida Department of Economic Opportunity combines the state’s economic, workforce, and community development efforts, expediting economic development projects to fuel job creation in competitive communities and promote economic resiliency. For more information, including valuable resources for employers and job seekers, please visit www.FloridaJobs.org.

About Socure

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 email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 1,000 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, So-Fi, Varo Money, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Flint Capital, Scale Venture Partners, Sorenson, Two Sigma Ventures, and others.