Socure named best solution for identity verification in the FinTech Breakthrough Awards for the second year in a row

Socure takes honors in the Best Identity Verification Solution category as it further solidifies its identity verification market leadership

INCLINE VILLAGE, NV, March 28, 2023–(BUSINESS WIRE)–Socure, the leading provider of digital identity verification and fraud solutions, announced today that it has been selected as “Best Identity Verification Solution” in the seventh annual FinTech Breakthrough Awards program. This is the second consecutive year that Socure has been honored in the awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in today’s global FinTech market. Socure’s graph-defined identity verification and fraud platform, Socure ID+, won against a highly competitive field of new and legacy vendors and was judged against the following criteria: innovation, impact, value, performance and ease of use.

The FinTech Breakthrough Awards is the premier awards program founded to recognize FinTech innovators, leaders and visionaries from around the world across a range of categories including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from around the world.

“Socure’s pioneering approach to identity verification sets a new standard in the FinTech industry and we are thrilled to name them the winner of our ‘Best Identity Verification Solution’ award in the 2023 FinTech Breakthrough Awards,” said James Johnson, CEO of FinTech Breakthrough. “The company’s use of advanced artificial intelligence and machine learning to verify identities in real-time is a game-changer for the financial services industry, and promises to completely transform the way organizations around the world approach identity verification.”

Socure’s mission is to verify 100% of good identities and eliminate identity fraud for every searcher on the internet. The identity verification solution provides the most accurate results in the industry:

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• Socure KYC delivers a multi-dimensional view of a customer through patented AI and ML technology that leverages automated data ingestion and cleansing from hundreds of authoritative data sources to arrive at a single best-matched entity. Socure’s proprietary database of cross-industry customer feedback data contains more than 8 billion records linked to over 1 billion known good and bad identities providing the highest level of security available. Socure delivers industry-leading pass rates of up to 98% for common populations, and up to 94% for hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file and new-to-country ensuring inclusive access for all.

• Socure’s Sigma Identity Fraud catches 85%-90% of fraud among the 3% riskiest users and reduces false positives by more than 13X compared to legacy solutions.

• Socure’s Sigma Synthetic Fraud model outperforms all competitors by identifying more than 53% of synthetic fraud in just the riskiest 1% of users – with a false positive rate of 1:1 or better.

Socure is the essential platform for instant identity verification and fraud detection at scale. One of the largest and most influential B2B research and analyst firms in the world named Socure a leader (just one of three) in its first Forrester Wave™ Identity Verification Solutions Report, Q4 2022.

To learn more about Socure’s ID+ platform, click here.

About FinTech Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated 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 uses artificial intelligence and machine learning techniques with reliable online/offline data intelligence from physical government issued documents as well as email, phone, address, IP, device, speed, date of birth, SSN and the wider internet to verify identities in real time. The company has more than 1,500 customers across financial services, government, gaming, healthcare, telecom and e-commerce, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the the best credit bureau, the best online gaming operator, the best Buy Now Pay Later (BNPL) providers and over 400 of the biggest fintechs. Marquee clients include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, State of California and Florida’s Homeowner Assistance Fund. Socure clients have become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank 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.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20230328005210/en/

Contacts

Angela Griffo
Socure
917-915-8563
[email protected]