Socure and Leading Public Sector Integrator OSaaS Partner to Help State and Local Governments Prevent Billions in Losses Due to Identity Fraud

State of California Selects Best-in-Class Identity Verification Platform to Accurately Identify Eligible Homeowners for Mortgage Relief and Prevent Fraudulent Access to Benefits

INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, announced its partnership with OSaaS, a leading national technology Solutions-as-a-Service public sector integrator. By partnering with Socure, OSaaS will offer industry-leading accuracy for identity verification and fraud prevention solutions to state and local government agencies to prevent billions in losses due to identity fraud.

Together, the two companies will deliver Socure’s graph-based identity verification platform into mission-critical projects such as the State of California verifying homeowners that are eligible for mortgage relief benefits due to distress caused by the pandemic. Fraudulent applicants will be flagged early in the application workflow to minimize staff time reviewing illegitimate applications and allow valid applications to be prioritized. Instant and accurate decisions will lower manual review queues so that agencies can speed up approving good people and expedite their benefits. This will prevent fraudulent applications from delaying the process while eliminating costly government losses. The partnership will enable consumer information to be verified in a frictionless manner while consumer privacy is protected.

“Socure is the market leader in identity verification and fraud prevention. Together, we will bring world-class, innovative strategies to accurately identify and weed out the bad actors and focus on serving our actual residents, so they will have access to benefits at the state and local government level in their time of need,” said Carlo Grifone, partner, OSaaS.

Government agencies are under siege and falling victim to identity fraud as they seek to provide much needed benefits to its citizens. In fact, the U.S. Secret Services estimates pandemic relief fund losses at a staggering $100B, and at the state level, California has fallen victim to fraud for at least $20B to criminals in the form of fraudulent unemployment benefits.

Through this partnership, government agencies will have access to Socure’s identity verification platform with key benefits including:

• Socure Sigma Identity Fraud is the most accurate in the industry and enables government agencies to dramatically increase auto-approval rates, reduce fraud losses, reduce false positives, reduce friction, and reduce costs associated with manual reviews by uniquely verifying every element of a consumer’s identity.

• Socure’s unparalleled identity verification accuracy allows government agencies to achieve friction-free auto-approval rates of up to 98% for mainstream demographics and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country that legacy credit data-based solutions can’t identify.

• In alignment with government standards, Socure’s platform meets National Institute of Standards and Technology (NIST) Identity Assurance Level 2 (IAL2) requirements for state and local agencies implementing high assurance digital identity services.

“Identity verification doesn’t need to start and end with a physical document and selfie match which many government agencies rely on today. With our graph-based identity verification platform’s advanced analytics we can automate the process and allow legitimate consumers to get the benefits they deserve and prevent fraudulent claims,” said Matt Thompson, senior vice president and general manager of Public Sector Solutions at Socure. “There is a need to treat identity verification as critical infrastructure to enable trust in American society. We can, and must do better.”

To learn more about how the public sector can deliver benefits to the right people at the right time while avoiding fraud losses, register for this free webinar hosted by Government Technology.

For more information visit www.socure.com or www.osaasllc.com.

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 1,000 customers across the financial services, gaming, healthcare, public sector, 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, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, So-Fi, Varo Money, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Flint Capital, Scale Venture Partners, Sorenson, Two Sigma Ventures, and others.