Socure Achieves FedRAMP Moderate "In Process" Status

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Nov 20, 2023, 11:06 ET

Company is another step closer to making secure, accurate, and inclusive digital identity verification widely available to federal agencies focused on fighting fraud and improving online services

INCLINE VILLAGE, Nev., Nov. 20, 2023 /PRNewswire/ -- Socure, the leading provider of Artificial Intelligence for digital identity verification, sanction screening and fraud prevention, announced its Socure ID+ platform has achieved the "In Process'' designation from the Federal Risk and Authorization Management Program (FedRAMP) and is now listed on the FedRAMP Marketplace.

Socure's ID+ Platform is an industry-leading digital identity verification and fraud prevention solution that combines AI and ML to analyze every element of identity, maximize accuracy and inclusivity, and protect against identity fraud. The platform helps public sector agencies deliver simple and secure access to vital services with minimal friction and best-in-class fraud prevention.

This important milestone underscores Socure's commitment to scaling federal adoption of accurate digital identity verification that combats fraud and keeps federal information secure. Socure will continue its work to meet the strict cybersecurity requirements of a trusted and secure cloud technology for federal and public sector agencies with the goal of reaching full authorization.

"Socure is well on our way to meeting the high bar established by the FedRAMP Moderate standard as a result of a company-wide commitment across our Product and Engineering, Operations, and Security teams," said Chad Kalmes, Chief Information Security Officer at Socure. "We look forward to partnering with federal and public sector customers in the near future to safeguard their constituents' identities, improve service delivery, and prevent fraud."

Socure ID+ offers public sector agencies:

Auto-approval of more eligible individuals (98% for mainstream populations, and up to 94% for hard-to-identify populations including Gen Z, millennial, and new-to-country individuals)
More effective fraud prevention, capturing 90% of third-party identity fraud in the riskiest 3% of users
Reduction of manual reviews with fully automated identity verification and fraud prevention, with a response in milliseconds
An automated document verification predictive analytics platform to process identity verification for the 2% of people who don't verify automatically.

With more government services moving online, Socure is prepared to be a critical identity verification solution for government programs. Federal agencies will soon have access to comprehensive and secure identity proofing, fulfilling the President's ambitions to create a strong digital identity ecosystem for all Americans as laid out in the National Cybersecurity Strategy.

FedRAMP certification removes the burden on federal agencies to undertake a lengthy authorization process before adopting innovative cloud services. Socure previously announced the addition of its platform to the State Risk and Authorization Management Program's (StateRAMP) "Progressing" Product List after illustrating the core regulatory and industry-defined requirements for StateRAMP compliance.

About FedRAMP

FedRAMP is a government program that promotes the adoption of secure cloud services across federal agencies. It offers a standardized approach to security authorizations for cloud service offerings. FedRAMP reduces duplicative efforts and provides a rigorous standard for cloud technologies to meet before being employed by government agencies. FedRAMP Moderate is appropriate for Cloud Service Offerings where the loss of confidentiality, integrity, and availability would result in serious negative effects on an agency's operations.

About Socure

Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real-time. The company has more than 1,800 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 400 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, the State of California, and Florida's Homeowner Assistance Fund. Socure customers have become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.

SOURCE Socure