INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today launched “The Socure Identity Challenge” to advance accurate and equitable digital identity verification in government.
Federal, state and local government agencies are invited to take the challenge and learn how new approaches to digital identity verification reduce fraud, eliminate friction, and improve customer service, all while saving valuable time and resources. Participating agencies can compare current identity verification results with results they would receive using Socure.
Over the last few years, nation-state actors, criminal enterprises, and fraudsters have accelerated their attacks on government programs. Recently, the Inspector General for the Small Business Administration reported $200 billion in taxpayer funds were lost or stolen during the pandemic. At the same time, millions of Americans struggled to access critical government programs.
“Digital identity is critical infrastructure for ensuring the right benefits get to the right people, and that infrastructure clearly failed during the pandemic,” said Matt Thompson, Senior Vice President and General Manager, Public Sector Solutions at Socure. “As more services become digitized, government agencies need to reevaluate legacy approaches, which too often let fraudsters in while creating barriers and unnecessary burdens for those eligible for benefits. With modern technologies, we can and must do better.”
Socure uses advanced data science, machine learning, and artificial intelligence to achieve industry-leading auto-approval rates: 98 percent of applicants are verified automatically without the need for document upload or manual review. Socure’s platform also offers the most inclusive identity verification platform with substantial increases in approval rates for credit-invisible populations such as Gen Z, immigrants, and the underbanked. For one state agency, Socure increased its ability to automatically approve applicants by 25 percent, based on an estimated 20,000 per month transaction volume.
“The Socure Identity Challenge” is part of a broader public-sector campaign to advance government’s adoption of best-in-class digital identity verification standards. Last month, Socure released a digital playbook for state and local Chief Information Officers (CIOs), Chief Technology Officers (CTOs), and Chief Information Security Officers (CISOs) to establish effective digital identity programs for constituents and provide audit capabilities to improve oversight and ensure that fraud programs are transparent and accountable to taxpayers. The playbook outlines the need for transparent reporting of auto-approval rates by government and vendors alike.
In Florida, Socure worked with the Department of Economic Opportunity and completed identity verification for 100 percent of applicants. 95 percent were onboarded in less than a second through auto-approvals, reducing manual reviews and saving valuable time and money. The company is also working with other agencies at the State and Federal level.
Local, state, and federal agencies interested in taking the challenge or learning more can do so by visiting: https://offers.socure.com/socure-identity-challenge.html.
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 1,800 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 250 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.