Socure launches selfie biometrics and fraud intelligence platform for public sector
Just a week after appointing Matt Thompson as its first general manager of Public Sector Solutions, Socure has officially launched a public sector business to bring its selfie biometrics with presentation attack detection (PAD) technology and other fraud prevention tools to government agencies.
Thompson joined Socure from Idemia, and holds three patents, including IP related to mobile biometric liveness detection. He said at the time his goal was to “replicate the success Socure has had in the commercial space into the public sector.”
Socure plans to help government bodies determine if the person applying for access to benefits and services is real, and who they say they are, with automated digital identity decisions that reduce or eliminate the need for manual review, according to the announcement. The company suggest that adoption of its biometrics and analytics can improve program integrity and protect taxpayer-funded programs from fraud.
In addition to biometrics and ID document checks, Socure provides intelligence drawn from credit bureaus, utilities, telecoms, higher education records and devices, plus more than 200 other data sources.
“Many agencies lack the industry experience required to effectively manage identity verification and reduce fraud losses in the midst of accelerated digital transformation due to the pandemic. Furthermore, the gaps within legacy identity solutions were exposed leaving numerous eligible people waiting extended periods of time for their benefits while enabling fraudsters to manipulate these same benefits at an unprecedented level,” Thompson states. “We are committed to solving this challenge for government agencies. With the broadest identity coverage available in the market for every population and group, Socure’s identity verification solution is unmatched in its ability to determine with confidence the validity of any identity online.”
The key benefits of Socure’s digital identity verification and fraud prevention platform offered by the new business line for government agencies include auto-verification rates of 98 percent across different ages and demographics for approval of more eligible individuals, prevention of fraud with auto-capture of up to 90 percent of third-party and synthetic identity fraud among the riskiest transactions, and completion of fully automated decisions in seconds or milliseconds, Socure says.