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Socure reports major gains in bookings, launches Identity Fraud prevention system

Pitches AI to improve U.S. financial inclusion
Socure reports major gains in bookings, launches Identity Fraud prevention system
 

Socure has reported a 500 percent year-over-year increase in its bookings, a 221 percent spike in new customers and a net retention rate of 179 percent for its selfie biometrics, identity verification and fraud solutions. The company celebrated its growth by launching new end-to-end fraud prevention system Sigma Identity Fraud.

The company marked a record high in revenue for the fifth consecutive quarter, and is now used by many of the largest banks and credit card issuers in the market, as well as BPL providers, crypto exchanges, ecommerce marketplaces, telehealth providers, and online gaming operators, according to the announcement.

Highlights during the quarter include the launch of Socure Predictive DocV to go beyond selfie biometric matching by predicting whether the identity being verified is safe to do business with using real-time data linkages. Socure also brought in Matt Thompson to bring its biometrics and predictive analytics platform to the public sector.

The Sigma Identity Fraud solution bundles device intelligence, analysis of over 17,000 transaction features, data linkages and feedback data from its consortium of more than 750 customers to enable higher auto-approval rates and lower fraud losses for enterprises and government agencies, according to the announcement. Socure claims the new solution can reduce manual reviews by 80 percent and drastically reduce false positives compared to other solution providers.

“We have created the perfect balance between fraud detection, eliminating customer friction, and reducing false positives all in one solution with our latest Sigma Identity release,” comments Johnny Ayers, founder and CEO of Socure. “Enterprises of all sizes rely on Socure not just for fraud protection, but for growing their business. The accuracy of our Sigma fraud classification model has made legacy solutions centered around single identity elements, manual reviews, or knowledge-based authentication a thing of the past.”

Fairness report

Socure’s ‘Digital Identity Fairness and Inclusion’ report argues that machine learning and artificial intelligence can be used not only to increase financial inclusion and democratize service access in the U.S., but also help root out bias.

The report reviews existing disparities in financial inclusion in the U.S. along racial lines, and explains a head-to-head accuracy and auto-acceptance comparison to “a legacy identity verification provider.”

Socure found that its algorithms improved auto-approval rates for people under 25 years old by 99 percent, along with increases of 46 percent for Asian people, 36 percent for Hispanic people, and 28 percent for Black people.

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