INCLINE VILLAGE, N.V.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today announced that it has been selected as the “Best Identity Verification Solution” in the seventh annual FinTech Breakthrough Awards program. This is the second year in a row that Socure has been honored in the awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in today’s global FinTech market. Socure’s graph-defined identity verification and fraud platform, Socure ID+, won against a highly competitive field of new and legacy providers and was judged against the following criteria: innovation, impact, value, performance, and ease of use.
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe.
“Socure's breakthrough approach to identity verification sets a new standard in the FinTech industry, and we are thrilled to name them the winner of our 'Best Identity Verification Solution' award in the 2023 FinTech Breakthrough Awards," said James Johnson, Managing Director at FinTech Breakthrough. "The company’s use of advanced artificial intelligence and machine learning to verify identities in real-time is a game-changer for the financial services industry, promising to completely transform the way organizations all over the world approach identity verification."
Socure’s mission is to verify 100% of good identities and eliminate identity fraud for every applicant on the internet. Its identity verification solution delivers the most accurate results in the industry:
- Socure KYC delivers a multi-dimensional view of a customer through patented AI and ML technology that leverages automated data ingestion and cleansing from hundreds of authoritative data sources to arrive at a single best-matched entity. Socure’s proprietary database of cross-industry customer feedback data contains more than 8 billion records tied to over 1 billion known good and bad identities providing the highest assurance available. Socure delivers industry-best pass rates of up to 98% for mainstream populations, and up to 94% for hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country ensuring inclusive access for all.
- Socure’s Sigma Identity Fraud captures 85%-90% of fraud in the top 3% of riskiest users and reduces false positives by more than 13X compared to legacy solutions.
- Socure’s Sigma Synthetic Fraud model significantly outperforms any competitor by identifying more than 53% of synthetic fraud in just the riskiest 1% of users—with a false positive rate of 1:1 or better.
Socure is the essential platform for instant identity verification and fraud detection at scale. One of the largest and most influential B2B research and analyst firms in the world named Socure a Leader (only one of three) in its inaugural Forrester Wave™ Identity Verification Solutions Report, Q4 2022.
To learn more about Socure’s ID+ Platform, click here.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.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 1,500 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.