Socure Wins Finovate Award 2024 for Best Generative AI Solution in Fintech

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Sep 16, 2024, 09:00 ET

Leading identity verification provider also named a finalist for Most Impactful AI-Based Solution

INCLINE VILLAGE, Nev., Sept. 16, 2024 /PRNewswire/ -- Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today announced its Sigma Identity v4 solution has won a 2024 Finovate Industry Award for Best Generative AI Solution. Additionally, Socure was named a finalist in the category of Most Impactful AI-Based Solution for its Socure Verify solution.

The Finovate Awards recognize the companies and individuals driving fintech innovation and new ideas. Finovate's Best Generative AI Solution award is given to a bank, financial institution, or fintech that effectively uses generative AI to grow deposits, increase operational efficiency, improve customer satisfaction, or reduce exposure to risk.

"Financial institutions must defend against a new generation of fraud powered by generative AI," said Yigit Yildirim, SVP of Data & AI at Socure. "Socure is turning the tables on fraudsters by putting generative AI techniques to work to protect financial institutions and fintechs from new attacks like deepfakes and increasingly creative scams. Our solution excels in detecting unusual real-time user behavior patterns, offering unparalleled protection against sophisticated, high-volume fraud attacks. This recognition from Finovate validates our solution's success in defending nearly 2,600 businesses across financial services and beyond from fraud attacks while ensuring they can swiftly enable access to critical services for real customers."

Socure's Sigma Identity v4 is an integrated end-to-end identity fraud suite that fuses data from hundreds of global sources with proprietary device intelligence, behavioral activity and transactional data from over 2,600 customers to train a machine learning model that verifies identities and detect fraud risk in less than 150 milliseconds with five nines uptime. The suite evaluates how identities evolve over time and can flag changes that are high indicators of fraud—everything from using a new email address or mobile number to apply for an account, accessing the internet from a new IP address, or even using a smartphone with a different dominant hand. Sigma Identity v4 captures up to 99% of third-party identity fraud in the riskiest 5% of applications while reducing false positives by 40% and manual reviews to under 5%.

"Fraudsters never stop innovating, and neither do we," added Yildirim. "We're committed to helping our customers harness the power of generative AI to stay ahead of attacks, protect their users from today's turbulent threat landscape and ensure a seamless, fair financial marketplace."

About Socure

Socure is the leading AI 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. The company has more than 2,600 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, Dave, 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