Socure is Redefining Identity Verification for Financial Institutions by Reducing Fraud and Manual Reviews by 80 to 90 Percent
NEW YORK--(BUSINESS WIRE)--Socure, a leader in high-assurance digital identity verification, today announced that Forbes, a leading business publication defining the voice of entrepreneurial capitalism, has named Socure one of America’s most promising artificial intelligence companies in its Forbes’ AI 50 list. The list recognizes startups that have demonstrated leadership in the areas of artificial intelligence (AI), machine learning, natural language processing, or computer vision as a part of their core business model.
Socure’s AI-driven ID+ identity verification platform helps banks, fintechs and other financial services organizations drastically reduce third-party identity fraud by evaluating data from hundreds of online and offline data sources such as credit bureaus, carrier phone records, IP addresses, and social networks. The platform ensures highly accurate results, provides greater efficiency in account opening, and drastically reduces the need for costly manual reviews.
“We are honored to be recognized by Forbes for our commitment to use artificial intelligence to eliminate identity fraud,” said Tom Thimot, CEO at Socure. “Being part of this prestigious list is a testament to the hard work of our team over the past year. As we continue to refine our platform and expand our client base, AI and machine learning will continue to be the core of everything we do.”
Socure’s digital identity verification solutions continue to displace legacy systems at consumer-facing organizations across the U.S. In 2018, the company’s revenue grew more than 300 percent year-over-year, fueled by increasing demand for its analytics-based platform. Socure’s customers include seven of the nine largest U.S. banks, six of the top 10 U.S. card issuers, two of the top five global remittance providers, a top five online retailer, as well as leading digital banks, lenders and insurers across the U.S.
For more information about Socure ‘s ID+ platform, visit https://www.socure.com/identity-verification.
About Forbes’ AI 50 List
The inaugural Forbes’ AI 50 list spans healthcare, transportation, security, insurance and more to present a list of private, U.S.-based companies that are wielding some subset of artificial intelligence in a meaningful way and demonstrating real business potential from doing so.
About Socure ID+
Socure’s 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. 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. 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.
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