October 28, 2015 -
Socure announced at the Money 20/20 convention that its Social Biometrics Platform is being used by financial institutions and other firms to authenticate the identity of consumers in more than 175 countries worldwide.
Social biometrics platform verifies the authenticity of customer identities registered on websites and mobile applications in an effort to prevent financial fraud.
Enterprises using Social Biometrics APIs achieve higher user acceptance rates with lower friction, fraud losses and manual review costs, said Socure.
The company said the software is being used to encourage financial inclusion, adding millions of consumers who are either un-banked and under-banked to the financial system.
According to Socure, the rapid adoption of Social Biometrics signals the growing need to move beyond basic credit report information, particularly in countries where these kinds of conventional identity verification methods are unavailable.
These countries have adopted behavior as a key component of preventing fraud and verifying identity for registering new online customers for various financial services such as credit cards and money transfers.
“There is a global need to include more people in formal banking systems,” said Sunil Madhu, Socure president and CEO. “The consumer information in social media networks and online repositories has tremendous value for transaction authentication and identity verification. Socure has found a way to make that consumable for financial institutions.”
Previously reported, Socure introduced Perceive, a new solution designed to curb potential online financial fraud by using facial recognition to confirm a person’s identity.