Socure announces significant gains in bookings and launches identity fraud prevention system
Offers AI to improve financial inclusion in the United States
Socure reported a 500% year-over-year increase in bookings, a 221% increase in new customers, and a 179% net retention rate for its selfie biometrics, verification, and identity and fraud. The company celebrated its growth by launching the new Sigma Identity Fraud end-to-end fraud prevention system.
The company achieved record sales for the fifth consecutive quarter and is now used by many of the largest banks and credit card issuers in the market, as well as BPL providers, crypto exchanges, e-commerce, telehealth providers and online games. operators, according to the announcement.
Highlights for the quarter include the launch of Socure Predictive DocV to go beyond selfie biometric matching by predicting whether verified identity is safe for doing business using real-time data links. Socure also called on Matt Thompson to bring its biometrics and predictive analytics platform to the public sector.
Sigma Identity Fraud solution brings together device intelligence, analysis of over 17,000 transaction features, data links and feedback data from its consortium of over 750 customers to enable more automatic approval rates. higher and lower fraud losses for businesses and government agencies, according to the announcement. . Socure says the new solution can reduce manual exams by 80% and significantly reduce false positives compared to other solution providers.
“We have created the perfect balance between detecting fraud, eliminating customer friction and reducing false positives in one solution with our latest version of Sigma Identity,” comments Johnny Ayers, Founder and CEO of Socure . “Businesses of all sizes rely on Socure not only for fraud protection, but also to grow their business. The precision of our Sigma fraud classification model has made legacy solutions focused on single identity elements, manual exams, or knowledge-based authentication a thing of the past. “
by Socure ‘Equity and inclusion of digital identityThe report argues that machine learning and artificial intelligence can be used not only to increase financial inclusion and democratize access to services in the United States, but also help eliminate stigma.
The report reviews the existing disparities in financial inclusion in the United States along racial lines and explains a direct comparison of accuracy and automatic acceptance with “a former identity verification provider.”
Socure found that its algorithms improved automatic approval rates for people under 25 by 99%, as well as increases of 46% for Asians, 36% for Hispanics, and 28% for blacks.
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