Socure Wins Artificial Intelligence Breakthrough Award for Best AI-Based Solution for Fraud Prevention

News provided by

Jul 03, 2024, 09:00 ET

INCLINE VILLAGE, Nev., July 3, 2024 /PRNewswire/ -- Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today announced that its Socure ID+ platform has been recognized as "Best AI-based Solution for Fraud Prevention" in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today.

Socure's Sigma Fraud suite breaks new ground in moving beyond the view of identity as a single snapshot in time, instead assessing a consumer's historic behavioral patterns across institutions, geographies, and timeframes to spot anomalies that indicate risk of theft or tampering at the entity level. The Sigma Fraud suite is powered by a decade of consortium data, as well as 17 billion rows of expansive and authoritative data -- close to 100 billion inputs a month.

It also includes comprehensive digital signal, plus device fingerprint, geolocation and behavioral biometrics for an instant, single decision that drives radical accuracy.

Socure's Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the riskiest 5% of users compared to the industry average of just 37% from credit bureaus and other fraud providers. Meanwhile, it provides a greater than 40% absolute reduction in false positives, relative to Socure's prior, best-in-class Sigma ID version, allowing customers to accept more good consumers–with decisions in under 150 milliseconds.

By maintaining its industry-leading accuracy, Socure customers can consistently expect a 20x return on investment with the largest value drivers being increased revenue through false positive reduction, ID fraud losses being reduced to near zero, total cost of ownership reduction by turning off unnecessary legacy point solution providers and manual review being reduced from the industry average of 10-15% to less than 5%. This level of unmatched accuracy allows Socure's users to say yes to more good people, driving revenue and elevating the consumer experience.

The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories, including Generative AI, Computer Vision, AIOps, Deep Learning, Robotics, Natural Language Processing, industry-specific AI applications and many more. This year's program attracted more than 5,000 nominations from over 20 different countries throughout the world.

"Socure eliminates the need for limited, single-point solutions and provides a holistic view of identity with comprehensive digital identity fraud prevention in one platform. Disjointed point solutions rely on complex rules, offer inconsistent performance, and can't adapt to new evolving generative AI identity fraud attacks," said Steve Johansson, managing director, AI Breakthrough. "Socure empowers their customers to welcome more legitimate consumers and expand their business without shouldering additional risk through their innovative AI technology.'"

"Socure has invested more than a decade and spent hundreds of millions of dollars in AI research and development to produce the most precise AI/ML models, which automatically ingest internal and external data sources to differentiate legitimate identities from bad ones," said Yigit Yildirim, SVP of Data & AI at Socure. "We are honored to be recognized for our market-leading expertise in developing the industry's most accurate AI models for fraud prevention."

About Socure
Socure is the leading provider of digital identity verification and fraud solutions. Its predictive analytics platform applies AI and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. Socure is the only vertically integrated identity verification and fraud prevention platform with both IAL-2 and FedRAMP Moderate certifications, delivering advanced levels of assurance and the highest standards for security and compliance.The company has more than 2,400 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Capital One, Citi, Chime, SoFi, Green Dot, Varo, Ingo, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at socure.com.

SOURCE Socure