NEW YORK--(BUSINESS WIRE)--Socure, a leading provider of predictive analytics for digital identity verification, today announced it was named an IDC Innovator for identity proofing by research firm International Data Corporation (IDC). The Socure ID+ platform was cited for helping financial institutions reduce fraud, increase auto acceptance in the onboarding process, and cut costs associated with manual review.
Socure was profiled in the report, IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018 (IDC #US43054918).
According to the IDC analysts, verifying the legitimacy of new identities is a key step in the customer onboarding process. However, identity verification often involves considerable amounts of manual effort that can produce high rates of false positives and are unable to distinguish synthetic identities, putting firms in a position of higher compliance and fraud risk.
Socure was named an IDC Innovator for its advanced predictive analytics platform that uses deep learning technologies to produce highly accurate assessments and validations of digital identities in online channels. The Secure ID+ Platform was cited for its unique use of AI to simultaneously run hundreds of models in a “champion challenger” process to identify those that are most efficient and accurate based on each customer’s requirements.
“Being named an IDC Innovator provides further validation that Socure has developed the most advanced AI platform for online identity proofing in the financial services industry,” said Tom Thimot, CEO for Socure. “In addition to helping banks increase their auto acceptance rates by up to 60%, the explainability of our models enables them to meet regulatory requirements.”
Socure ID+ Platform
The patented Socure ID+ predictive
analytics platform verifies whether digital identities are authentic,
synthetic, or stolen. The company’s deep learning technology establishes
an unprecedented level of trust and certainty for online transactions.
The ID+ platform applies advanced data science techniques to hundreds of
sources of consented online, social, mobile, and offline data to
validate the authenticity of digital identities in real-time.
Resources
ID+: https://www.socure.com/id-plus
Use
Cases: https://www.socure.com/use-cases
Digital
ID Verification: https://www.socure.com/resources
Socure
Privacy Policy: https://www.socure.com/privacy
About IDC
International Data Corporation (IDC) is the
premier global provider of market intelligence, advisory services, and
events for the information technology, telecommunications, and consumer
technology markets. With more than 1,100 analysts worldwide, IDC offers
global, regional, and local expertise on technology and industry
opportunities and trends in over 110 countries. IDC's analysis and
insight helps IT professionals, business executives, and the investment
community to make fact-based technology decisions and to achieve their
key business objectives. Founded in 1964, IDC is a wholly-owned
subsidiary of International Data Group (IDG),
the world's leading media, data and marketing services company that
activates and engages the most influential technology buyers. To learn
more about IDC, please visit www.idc.com.
Follow IDC on Twitter at @IDC and LinkedIn.
About Socure
Socure is
the leader in high-assurance digital identity verification. The
company’s predictive analytics platform applies artificial intelligence
and machine learning to trusted online/offline sources including email,
phone, address, IP address, social media and traditional GLBA/DPPA data
to authenticate identities in real-time. The Socure ID+ platform reduces
fraud by up to 90 percent, lowers manual review/knowledge-based
authentication (KBA) rates by as much as 80 percent, and automates
Customer Identification Program (CIP) for over 90% of the US adult
population. For more information visit www.socure.com.
