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Socure, Prove deals extend fraud protection for onboarding to digital asset markets

Socure, Prove deals extend fraud protection for onboarding to digital asset markets

U.S.-based Socure has entered a new digital ID verification and onboarding partnership with Prime Trust, a provider of financial infrastructure for fintechs.

As part of the collaboration, Prime Trust customers will be able to verify their identity and complete their onboarding process using the SocureID+ platform.

The solution provides digital identity verification and proofing services strengthened by know your customer (KYC), anti-money laundering (AML) and fraud risk prediction capabilities.

“Today’s modern financial services – from crypto exchanges to neobanks – face two often opposing but equally imperative priorities: capture new customers faster than competitors and reduce fraud while scaling rapidly,” explains Socure CEO Johnny Ayers.

“This partnership with Prime Trust gives the crypto ecosystem access to our deep understanding of the digital native fintech space with best-in-class identity verification and fraud solutions to help them achieve both rapid onboarding and fraud prevention with the highest degree of accuracy in the entire industry.”

Prime Trust’s Compliance API specializes in helping fintechs like cryptocurrency exchanges and NFT marketplaces accelerate consumer onboarding for hard-to-verify demographics.

“We believe the future of finance will be defined by digital assets,” says Prime Trust CEO Tom Pageler commenting on the news. “That’s why we partnered with Socure to prioritize accuracy, access and speed during the identity verification process for our joint customers – especially the hard-to-identify populations, including Gen Z, millennials, credit-invisible, and new-to-country.”

At the time of writing, Socure and Prime Trust have reportedly worked together with more than 50 customers to process millions of fraud checks and KYC verifications.

The companies also confirmed they will jointly attend the Bitcoin 2022 conference in Miami between April 6 and 9.

Beyond the Prime Trust’s partnership, Socure was recently mentioned in Forbes’ America’s Best Startup Employers list, days after the company signed a contract with the Florida Department of Economic Opportunity (DEO).

Prove wins NFT market customer

Prove has likewise been chosen to reduce fraud and ease customer onboarding for All Access NFT, according to a company announcement.

All Access NFT, which claims to provide premium NFT collectibles and is backed by former mixed martial arts fighter Anthony Pettis, is implementing Prove’s identity Verify solution to validate customer information and its Trust Score phone number reputation tool that can be used in digital ID verification and authentication. Prove Pre-Fill will be used to pre-populate forms with verified identity information associated with the user’s phone number.

“While the NFT market continues to be red hot, the industry is seeing high rates of fraud and inefficient customer onboarding. Prove seamlessly addresses both issues, protecting users while improving the customer experience,” said Joon Pak, Head of Crypto at Prove. “We are so excited to break into this market with All Access NFT, as they usher in a new era of digital collectibles.”

Prove says its digital identity onboarding tools are used by two of the top three cryptocurrency exchanges globally.

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