Socure
Ensuring Equitable Identity Verification for Every Citizen

Digital security necessitates prioritizing digital identity. However, conventional methods relying on credit reports and public records are outdated, creating fertile ground for fraud. This flawed system not only enables widespread fraud but also neglects the verification of millions, especially those from disadvantaged backgrounds. The surge in identity fraud, intensified by COVID-19-related data breaches, underscores the critical nature of this issue in the domain of digital security.

While substantial investments are directed towards safeguarding internal systems, there is a noticeable gap in addressing the security of customers and residents accessing online services. A paradigm shift is imperative to rectify this imbalance.

Addressing this pervasive issue requires a robust identity verification solution. Socure has emerged as a frontrunner in this domain.

“From a pragmatic standpoint, the primary challenge confronting our clients is the escalating threat of identity fraud. The transition of services to online platforms has witnessed a staggering rise in identity theft and fraud. Our predictive analytics platform leverages advanced AI/ML tools, superior data sources, and an improved data model, demonstrating unparalleled accuracy and effectiveness in reducing fraud,” says Brian Chidester, Head of Public Sector Marketing at Socure.

Reports from the Federal Trade Commission (FTC) indicate a 30 percent surge in financial fraud from 2021 to 2022. Since 2020, various forms of fraud, encompassing basic check or wire fraud to unemployment insurance fraud, have been on the rise. Contributing factors include data breaches leading to third-party fraud, the emergence of synthetic identity theft involving entirely fabricated identities, and an estimated $100 billion in losses due to first-party fraud.

Socure’s ID+ platform sets a new standard for identity verification by providing real-time predictive analytics through a comprehensive API. The platform identifies 90 percent of all fraud among the riskiest three percent of users and verifies 90-95 percent of individuals using the service, surpassing industry benchmarks.

An all-encompassing solution, Socure eliminates the need for separate fraud and identity verification platforms, streamlining operations. Organizations gain control over their identity verification settings through Socure’s Decision Module. The platform is effective in reducing fraud-related costs and cuts down on false positives, reducing the need for manual reviews and conserving valuable resources.

For instance, when a top five U.S. bank wanted to identify customer accounts that could cause financial or reputational harm to their organization, it turned to Socure. In partnership with Socure, the bank tested 2 million customer records through advanced analytics. Approximately 2 percent of active accounts were flagged for high KYC compliance or identity fraud risks, showing anomalies such as invalid emails and addresses linked to fraud. Notably, 30,000 accounts were opened with fabricated synthetic identities, associated with higher financial losses. Socure’s analysis revealed 0.76 percent of SSNs were invalid or linked to deceased individuals, and 25 percent of addresses were either invalid or tied to commercial, dual-purpose, or prison locations.

Our predictive analytics platform leverages advanced AI/ ML tools, superior data sources, and an improved data model, demonstrating unparalleled accuracy and effectiveness in reducing fraud

Armed with real insights into the risk of its existing portfolio, the bank worked with Socure to implement custom remediations such as additional account monitoring or step-up authentication such as eCBSV, as well as using Socure’s DocV solution for document capture.

Socure found similar success when working with the Florida Homeowner Assistance Fund. The platform was able to verify 100 percent of applicants, with 95 percent approved in less than a second. Fraud levels dropped significantly, and the state was able to eliminate costly manual reviews for identity verification.

In May, for the first time ever, Socure and the Identity Theft Resource Center (ITRC) will bring together the financial world and the public sector in a monumental summit aimed at sharing groundbreaking ideas and strategies to combat identity theft. These two factions will explore the layers of identity protection and engage in discussions and workshops that will reshape the landscape of identity security.

A safe, secure, and reliable digital identity is pivotal to encouraging widespread usage of online services and instilling confidence in users. This lesson extends beyond the public sector–across industries, digital security is contingent upon robust digital identity practices. Socure has emerged as a transformative force, reshaping the landscape of identity verification and fortifying the foundations of digital security.