July 20, 2015 -
Socure announced it has completed the U.S.–EU and U.S.–Switzerland Safe Harbor framework self-certification process from the U.S. Department of Commerce, proving that it handles sensitive customer and client data according to European Union and Swiss privacy standards.
“We understand and value the importance of keeping the data we process safe, secure, and private, and our Safe Harbor certification tells the world we can work with data from within the EU and Switzerland with confidence,” said Sunil Madhu, CEO of Socure.
Using online and social behavior checks in real-time, Socure’s patent-pending Social Biometrics solution verifies the authenticity of customer identities registered on websites and mobile applications.
Enterprises using Social Biometrics APIs achieve higher user acceptance rates with reduced friction, fraud losses and manual review costs, according to Socure.
Additionally, Social Biometrics speeds up the process for users in achieving Know Your Customer Socially (KYC+S) and Anti-Money Laundering (AML) compliance.
The Safe Harbor framework, which was enacted in 1998, bridges the gap between the U.S. and EU states and Switzerland when transferring private data.
By completing the framework, Socure ensures users and businesses that its services adhere to the data privacy and security controls for those countries.
“Our international customers and vendors have asked about this, and today we’re proud to say we’re officially certified,” said Ken Allen, SVP of operations at Socure. “This demonstrates our continued commitment to data integrity and privacy, no matter where that data is from.”
Previously reported, Socure completed its $2.5 million Series A funding round led by ff Venture Capital, with contributions from Founder Collective and Two Sigma Ventures.