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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/socure-wins-artificial-intelligence-breakthrough-award-for-best-ai-based-solution-for-fraud-prevention-302188538.html
SOURCE Socure