Socure unveils executive promotion, award win, and AIFinTech100 listing
It is an eventful time for digital identity solutions provider Socure, with the company announcing the promotion of Pablo Abreu to chief product and analytics officer. Also this week, Socure won the Aite-Novarica Group’s Impact Innovation Award in the Risk Mitigation Category and was placed on FinTech Global’s AIFinTech100 List.
Socure promotes Pablo Abreu to Chief Product and Analytics Officer
Abreu has been working for Socure for seven years, starting as a senior data scientist, quickly ascending to the rank of director of data science, then VP, SVP, and now chief product and analytics officer.
“Pablo’s promotion reflects the strategic value he has brought to Socure for many years,” commented Socure CEO, Johnny Ayers.
Following the promotion, Abreu will be responsible for the strategy and direction of Socure’s product and data science efforts, and particularly the creation and delivery of highly scalable machine learning and artificial intelligence solutions for improving trust in digital identity.
“On the commercial side of the business, he has been a partner since the company’s early days of finding market fit and he developed our first scalable and commercialized machine learning fraud models.”
Before joining Socure, Abreu served as the Lead Data Scientist at JPMorgan Chase in the Oversight and Controls Room department.
Socure wins Aite-Novarica Group’s Impact Innovation Award
Aite-Novarica Group, a global advisory firm providing insights to the financial services industry, awarded Socure its Impact Innovation Award.
Socure won the prize in the Risk Mitigation Category for its Sigma Synthetic Fraud solution, which can reportedly detect and capture 90 percent of synthetic fraud in the riskiest 3 percent of users, with an area under the curve (AUC) of 97.5 percent.
The Aite-Novarica award winners were selected by a global panel of both internal and independent experts on fraud and anti-money laundering.
“We have created the industry’s richest real-time performance data set of synthetic, third-party, account takeover, credit mule, and other fraud and non-fraud statuses contributed by our 600+ customers to constantly update and inform our Sigma Fraud and Sigma Synthetic machine-learned models,” Ayers said.
“We are honored and grateful that Aite-Novarica Group has recognized our accomplishment and market-leading performance in such a prestigious way.”
Socure features on the AIFinTech100 List
FinTech Global has named Socure one of the world’s most innovative AI solution providers on its inaugural AIFinTech100 list for 2021.
The competition saw a panel of industry experts and analysts reviewing a study of over 1,000 fintech companies.
The winners, including several biometrics providers, were recognized for their innovative use of technology to solve pressing industry problems, or to generate cost savings or efficiency improvements across the financial services value chain.
“The ability to facilitate frictionless onboarding of customers using AI is more important than ever, given the rapid digital acceleration and scale spurred by the pandemic,” Ayers explained.
“Our identity resolution [machine learning] engine analyzes over eight billion records and more than 530 million good and bad identities to achieve the industry’s most accurate and equitable view of identity possible,” said Ayers.