Socure, the leader in Day Zero identity verification, today announced it has won the 2020 Finovate Award for Best Use of AI/ML. The Finovate awards were created to recognize excellence in the fintech community both on the part of companies who are driving innovation and the individuals who are bringing new ideas to life.
The Best Use of AI/ML award is given to a bank, FI, or fintech company that is using artificial intelligence/machine-learning technology to the greatest effect, creating new capabilities that are only possible through AI/ML.
“We are extremely proud to be recognized by Finovate for the Best Use of AI/ML,” said Johnny Ayers, Founder & Chief Product Officer of Socure. “From the beginning, our goal has always been to apply predictive analytics in the most innovative and creative way possible in solving for the classification problem that is identity verification and fraud prediction. This award validates our team’s efforts and dedication to becoming the single trusted source for verifiable identities on the internet as we expect to reach the limits of perfect accuracy in 2021, and completely eliminate identity fraud.”
Since Socure was founded in 2012, its team has focused on AI/ML innovation in both go-to-market and product while filing four patents, the two most recently for its Machine-learning Fraud and KYC pipelines. The company’s innovations have altered the industry by changing how fintechs, banks and issuers test, buy, and decision off of ML-driven identity solutions.
Ayers continued, “Our team has worked tirelessly and gained the trust of an industry by offering rigorous POC regression testing, providing extensive data-driven reports on fraud capture, false positive reduction and increased acquisition, while easily quantifying returns on investment — a rarity in enterprise software.”
Socure recently announced the launch of “Intelligent KYC,” unlocking scale and speed in customer acquisition, industry-leading auto-approval rates, and fewer manual reviews. The new solution is a central pillar of a holistic identity strategy. It incorporates a wealth of data sources along with advanced graph analytics and unsupervised ML to produce more expansive, and actionable insights. Businesses leveraging Intelligent KYC from Socure can achieve up to 20% higher auto-approvals vs. legacy IDV systems.
The company’s identity fraud suite for solving for Day Zero identity is based on its Sigma Identity Fraud and Sigma Synthetic Fraud models for credit cards, lending deposits, and money transfers; individual data element risk scores using over 50 variables specific to device, email, phone and address; returned with detailed reason codes and Socure’s proprietary list of bad actors. Its compliance suite pulls from more than 7 billion records, 250 million entities, 800 million utilities records, over 1100 watchlists globally and 6000 PEP lists. Clients benefit from proprietary match analytics for higher accuracy, adjusted match criteria to their risk tolerances, match assessments returned with reason codes, 3 levels of service for compliance requirements and continuous on-going monitoring with customer status changes alerts. The company also has an end-to-end Document Authentication service utilizing ML Computer Version to verify 3500 government issued documents globally through its API and SDKs.
Socure is the leader in Day Zero 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, device, velocity and the broader internet to verify identities in real-time. Socure powers financial inclusion – approving as much as 40% more millennial and other thin-file consumers. It also reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, and cuts manual review rates by as much as 90%. Socure was founded in 2012 by Johnny Ayers, Chief Product Officer, and is also led by CEO Tom Thimot. The company is based in NYC, with an office in Chennai, India.