INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today announced that it has been selected as the “Best Identity Verification Solution” in the sixth annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies, and products in today’s global FinTech market. Socure’s graph-defined identity verification and fraud platform won this elite recognition against a crowded field of new and legacy competitors when judged against the following criteria: innovation, impact, value, performance, and ease of use.
As the market leader, Socure’s innovative approach includes building the industry’s most comprehensive identity graph. Unlike any other company in the space, it analyzes and correlates every facet of a digital identity, utilizing over 17,000 features, 8 billion rows of data, and a continuous performance feedback loop of decision outcomes from over 1,000 customers across industries to deliver the highest-accuracy and auto-approval rates of new users in the market.
Socure customers regularly realize tens or even hundreds of millions of dollars in ROI due to the unparalleled accuracy of its platform. For example, during its first year of use, one of the nation’s largest credit card issuers reduced fraud losses by $14M and increased revenue by $22M because it could auto-approve more good customers in real time, without introducing manual review and unnecessary friction.
Socure customers include four of the five largest banks, seven of the 10 largest credit issuers, 250+ fintechs, top crypto exchanges, investment platforms, and top Buy Now, Pay Later (BNPL) providers. Its customers rely on the platform’s ability to not only provide the most precise identity fraud classification model in the industry, but to deliver unparalleled accuracy with auto-approval rates of up to 98% for mainstream demographics, and up to 94% for hard-to-identify populations such as Gen Z, millennials, credit invisible, thin-file, and new-to-country.
Socure’s platform is available through a single API designed for simplicity and ease of use.
“Identity coverage from legacy vendors often results in low accuracy, false positives, manual reviews, and customer friction. Financial institutions need a way to reduce the need for manual knowledge-based authentication, while also increasing auto-acceptance rates and reducing fraud,” said James Johnson, Managing Director, FinTech Breakthrough. “Socure has become the essential platform for instant identity verification and fraud detection at scale. Socure has emerged through the crowded fintech market with its impressive track record and continued commitment to eliminating identity fraud for every applicant on the internet. Congratulations on being our choice for ‘Best Identity Verification Solution.’”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders, and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and many more. The 2022 FinTech Breakthrough Award program attracted more than 3,950 nominations from across the globe.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information, visit FinTechBreakthrough.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, government, 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, 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, Varo, 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, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.