NEW YORK--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today announced the launch of its public sector business led by identity industry veteran and public sector expert Matt Thompson, who was recently named to the newly created role of General Manager of Public Sector Solutions for Socure.
Socure enables government agencies to gauge whether an identity is real and belongs to the person applying for access to government benefits and services. Socure helps agencies modernize their approach to serving citizens, providing highly accurate, fully automated decisions on identity, significantly reducing or eliminating the need for manual reviews, while improving program integrity and protecting taxpayer dollars from fraud. This is critical as online government systems are heavily reliant on the ability to remotely and accurately verify the identities of citizens. However, as the pandemic drove a surge of U.S. residents online, many of those systems failed on a massive scale with 2020 identity fraud losses in unemployment alone totaling $400B.
“Many agencies lack the industry experience required to effectively manage identity verification and reduce fraud losses in the midst of accelerated digital transformation due to the pandemic. Furthermore, the gaps within legacy identity solutions were exposed leaving numerous eligible people waiting extended periods of time for their benefits while enabling fraudsters to manipulate these same benefits at an unprecedented level,” said Thompson. “We are committed to solving this challenge for government agencies. With the broadest identity coverage available in the market for every population and group, Socure’s identity verification solution is unmatched in its ability to determine with confidence the validity of any identity online.”
Unrivaled Coverage and Accuracy Powered by the Most Comprehensive ID Graph in the Industry
Socure’s patented data ingestion and cleansing technology is paired with unsupervised ML clustering capabilities, enabling the company to analyze an unparalleled breadth and depth of data that goes beyond the industry status quo. The Socure identity resolution engine analyzes over eight billion records and more than 530 million good and bad identities to achieve the most accurate view of identity possible. Socure also evaluates streaming data, credit bureau history, utility data, telecom history, higher-education records, device data, and 200+ other authoritative data sources to instantly establish the most accurate and comprehensive multi-dimensional view of any individual.
Socure’s solutions provide the broadest identity coverage available for all ages and demographics, including hard-to-verify citizens. The company’s identity verification and fraud platform ensures equity and inclusion in the assessment of identities for all individuals, including younger demographics, credit invisible consumers, new-to-country, and underrepresented groups.
Predictive Document and Identity Verification
For agencies requiring quick and accurate remote document verification, Socure’s predictive document verification quickly confirms the authenticity of any identity document in circulation, ownership of the phone, risk of the browser or device, and NIST PAD Level 2 liveness detection within the selfie. Socure’s document verification goes far beyond simply matching the selfie to an authenticated government-issued ID by checking the validity of other identity elements on the ID such as name, date of birth, and address, and ensuring all elements belong to the person presenting the ID, as well as the risk associated with the device.
Key Benefits of Socure’s Identity Verification and Fraud Platform for Government Agencies:
- Approve more eligible individuals: Auto-verification rates of 98% across all ages and demographics
- Prevent more fraud: Auto-capture up to 90% of third-party and synthetic identity fraud for the riskiest transactions
- Eliminate manual reviews: Receive fully automated decisions in seconds or just milliseconds, only reviewing in scenarios with real risk
Socure is also an Amazon Web Services (AWS) Validated Public Sector Partner, which is an elite group that government agencies rely on for best-in-breed, cloud-based solutions. As an AWS Public Sector Partner, Socure has passed the rigorous AWS Foundational Technical Review (FTR), for best practices related to security, reliability, and operational excellence for government agencies. In addition, Socure’s AWS Public Sector partnership and availability in AWS Marketplace makes the procurement process seamless and easy for agencies to acquire Socure’s industry-leading identity verification and fraud solutions.
For more information, visit our website.
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 750 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, top crypto exchanges, top Buy Now, Pay Later providers, the largest online gaming operators, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.
