Socure fields 2.7 billion identity verification requests in 2024

Socure comes out of 2024 on a wave of “unparalleled growth and performance,” having verified more than 2.7 billion identity requests representing 370 million unique identities – double its 2023 totals.

A release from the New York-based digital identity verification, fraud prevention, and sanctions screening firm says the company’s customer base expanded by 42 percent to over 2,800 organizations across a variety of industries. Partnerships in the public sector grew 193 percent, serving agencies and institutions in 13 U.S. states.

The biometrics company ended 2024 with GAAP revenue growing 54 percent year over year, exceeding its financial goals. It filed 16 new patents last year, with two patents granted for fraud prevention and document verification tools. It won a Leader position in the inaugural 2024 Gartner Magic Quadrant for identity verification, with its Verify product achieving customer verification rates of up to 99 percent for mainstream populations. And it extended its footprint in enterprise fraud prevention by acquiring Effectiv, a real-time risk decisioning company.

‘Identity is the foundation of trust’ in era of deepfakes, injection attacks

With its Risk Insights Network Consortium working in concert with AI, Socure’s tools provide accuracy and efficiency for identity verification, AML and fraud prevention use cases. The company says the consortium learns from every identity decision, improving over time to keep pace with evolving threats from AI-based deepfakes, injection attacks, and automated bot fraud.

“Identity is the foundation of trust in today’s digital economy,” says Johnny Ayers, CEO of Socure. “We’re not just combating increasingly sophisticated fraudsters using deepfakes, synthetic IDs, automated agents and complex injection attacks – we’re transforming how businesses verify good customers instantly, at near perfect accuracy. Our growth reflects the massive demand for certainty in identity verification across industries, and we’re proving deployment after deployment that no one delivers the performance or value like Socure.”

More ‘massive moves’ planned for 2025, says CEO Ayers

In a recent blog post, Ayers says that in 2025, Socure is not just evolving, but “completely changing who we are as a company. Socure is becoming the go-to AI-powered platform for any identity, fraud, risk, or compliance challenge our customers face” in deploying identity verification, AML, payment and authentication.

Socure will build on the Effectiv acquisition with the February 12 launch of RiskOS, an AI-powered “risk decisioning platform” that Ayers says has “persistent ID at the core,” and which unifies nearly 20 of Socure’s offerings for maximum ease and efficiency. The firm is also expanding its capabilities to address the entire customer journey, “from prefill at onboarding, ACH transfers, ATO prevention and authentication, to age verification, account recovery, KYC, KYB, and more.”

Article Topics

biometrics  |  digital identity  |  identity verification  |  Socure