Socure Wins Prestigious 2019 FinTech Breakthrough Award
Summary
NEW YORK--( BUSINESS WIRE )-- Socure , the leading provider of identity verification and fraud prevention services, today announced that its ID+™ digital identity verification platform was selected from over 3,500 nominations to receive the Innovation Award for Transaction Security in the 2019 FinTech Breakthrough Awards. The Socure ID+ platform uses machine learning and AI to validate digital identities in seconds and forms the cornerstone of anti-fraud and KYC/CIP programs at some of the world’s leading organizations.” In 2018, revenue grew more than 300% year-over-year fueled by growing demand for its analytics-based platform which dramatically reduces the need for human intervention associated with traditional digital identity verification techniques. Socure ID+ combines AI, ML and clustering algorithms to continuously ingest, normalize and evaluate data from hundreds of online and offline data sources including credit bureaus, email history, phone records, IP addresses, social networks and more. Socure ID+ applies predictive analytics to real-time transactions and assigns a risk score to identities, and this is used to determine whether a request should be auto-accepted or flagged for manual review by a fraud analyst.