Socure Wins "Best Identity Verification Solution" Designation in 2024 FinTech Breakthrough Awards for the Third Consecutive Year

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Mar 19, 2024, 09:00 ET

Prestigious Annual Awards Program Recognizes Outstanding Financial Technology Products And Companies Around the World

INCLINE VILLAGE, Nev., March 19, 2024 /PRNewswire/ -- Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, today announced that it has been selected as winner of the "Best Identity Verification Solution" award for the third consecutive year in the 8^th annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today.

Socure's identity verification solution, Verify, solves the most critical issue facing digital onboarding - delivering inclusive access to financial services and seamless customer experience across all segments of the population, without compromising accuracy or compliance. Socure's solution brings unparalleled accuracy and coverage offering 20-40% higher verification rates than competitors for hard-to-verify populations. As a result, Socure customers recoup millions of dollars in revenue previously lost to inadequate population coverage or spent on legacy manual review processes.

With industry-best onboarding rates of up to 93% for 18-25 year olds, Socure is quickly closing the gap on onboarding rates of mainstream populations, currently up to 99%, as the company continues on its mission to verify 100% of good identities in real-time, and eliminating identity fraud for every applicant on the internet.

Socure's approach to verifying identities harnesses non-traditional data sources like education records, alternative credit data, and payment history combined with our patented entity resolution and clustering capabilities. Advanced technologies such as entity resolution and natural language processing, combined with a database of over 400,000 culturally diverse nicknames and market-leading accuracy on address normalization ensures accurate identification in an equitable manner.

The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and many more.

"Socure's unrivaled data coverage and technology deliver exceptional customer onboarding experiences while reducing false positives and manual reviews. Their models outperform standard techniques such as credit bureau data, and perform precise matching, even in the presence of variations or misspellings," said Steve Johansson, Managing Director, FinTech Breakthrough. "Congratulations to Socure for winning the 'Best Identity Verification Solution' award. Their friction-free onboarding allows fintechs to auto-approve more good consumers, resulting in new customer revenue, ensuring inclusion of all demographics, and driving operational efficiencies."

Socure's proprietary database of cross-industry customer feedback data contains more than eight billion records tied to over two billion known good and bad identities providing the highest assurance available in the market.

For more information visit Socure's website.

About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.

Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.

About Socure

Socure is the leading provider of digital identity verification and fraud solutions. Its AI and predictive analytics platform applies artificial intelligence 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 2,200 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 Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at socure.com.

SOURCE Socure