Company Name: Socure

Address: 330 7th Ave Ste 201 New York, NY 10001 

Phone: 866-932-9013 

Website:  www.Socure.com/

Key contact: Frank Snyder

Director SLED East

Email: frank.snyder@Socure.com

Identity Validation and Authentication Solutions

Brief history and description of business including years established, services offered, how your service(s) or products(s) differentiate your company in the marketplace or in relationship to your competitors.

We added “Identity Verification and Authentication” to mitigate the risks of AI-driven deepfake attacks by selecting Socure’s technology that can prove genuine human presence by implementing additional measures to prevent account takeover.

Socure provides digital identity verification, fraud detection, and fraud prevention solutions, including document verification, risk detection for user device, email, phone, and address, in addition to age and address verification. Solutions are fully automated — accessible via a single, RESTful API and can be implemented to serve online, call center, and in-person operations.

Socure helps modernize and secure identity enrollment for claims, benefits, taxes, funding, grants, and public sign-in systems to gauge whether an identity is real and belongs to the person applying with an equitable and inclusive approach. As a result, Socure reduces manual reviews, user friction, wait times, and costs, and improves program integrity.

Socure’s platform is the gold standard for more than 2,100 clients across government (including California, Florida, Texas, New York, Ohio and more), healthcare, online gaming, telecom, e-commerce, FinTech,, and financial services including banks, credit bureaus, card issuers, money services, and payroll providers. Socure can scale up or down to meet each customer’s needs.

Socure has a demonstrated history of supporting the largest companies with the highest volumes in the world as well as smaller, earlier-stage companies. Each client’s volumes range from thousands of transactions a year to tens of millions. Founded in 2012, Socure has a decade of experience with the most powerful platform available and have received numerous industry awards and accolades as proof of our experience with contemporary technology:

• Finovate Award – Best RegTech Solution & Executive of the Year (2022)
• Inc. Magazine’s 5000 (2022)
• IDC Future Enterprise – Best in Future of Trust North America Awards Winner (2022)
• FinTech Breakthrough Awards – Best Identity Verification Solution (2022)
• Forbes America’s Best Startup Employers (2022, 2021, 2020)
• Forbes Cloud 100 (2022, 2021)
• Forbes Fintech 50 List (2021)
• Deloitte Technology Fast 500™ (2021, 2020)
• Aite-Novarica’s Global Document Identification & Verification Impact Report: #1 Best-in-class
• Circle (2021)
• Forbes Top 25 Machine Learning Startups to Watch (2020)
• Finovate’s Award for Best Use of AI/ML (2020) API World Award for Best in Data APIs (2019)

Socure’s mission is to verify 100% of identities in real time and completely eliminate identity fraud on the internet. In order to achieve this, Socure has developed industry-leading solutions including third-party, first-party and synthetic fraud models, the highest performing identity verification KYC             product on the market (Socure Verify), device and behavioral biometric SKDs, the most robust and accurate document verification and liveness solutions, and our Global Watchlist and monitoring products. These are all bundled into a single API endpoint which is utilized across government organizations, traditional financial institutions, ecommerce, lending, banking, gaming, crypto, and myriad other industries. These solutions make up their DNA.

Socure’s public sector leadership team collectively has over 50 years of IDV experience and more importantly, the Socure Public Sector team has extensive knowledge of the diverse populations served by government agencies. This dedicated team of experts represent the 400+ other Socureans, who are singularly focused on eliminating identity fraud for 100% of applications on the internet.

Socure’s solutions are driven by lessons learned from both private and public sector fraud intelligence providing our clients with over 12 years and 2,100+ clients worth of fraud signals, analytical capabilities and risk analysis.

Socure experience includes provided best in class identity verification and risk services to:

• 14 of 15 Top Banks
• 13 of 15 Top Credit Card Issuers
• 4 of 5 Top Money Service Businesses
• 400+ Largest Fintechs
• The Largest Payroll Service
• The Largest Prepaid Issuer
• 3 of the Top 4 Gaming Operators
• 4 of 4 Largest States

Socure’s company culture is based around inclusivity, innovation and a want to be the first to verify 100% of good identities and completely eliminate ID fraud on the internet.

Founded by an immigrant and a thin-file Millennial, Socure was specifically built to allow

underrepresented populations to participate in financial services. To that end they provide the most inclusive solution on the market, covering more gen-z and new-to-country individuals than any other.

Socure is focused on quality, execution, and delivering the best possible solutions for their customers. In order to achieve this, Socure’s culture requires high quality, dedicated, and driven individuals that want to be the absolute best in the world.

Socure’s offering is provided through our Identity Verification Platform (ID+) which includes the following functionality:

“Socure Verify” searches and correlates data ingested from authoritative sources such as mobile network operators, credit header and credit application data, public records, energy records, tax records, utility databases, student records, and telephone port data to return the best-matched identity. Their proprietary set of U.S. data sources enables us to uniquely resolve more than 95% of the U.S. population. Socure’s platform provides comprehensive population coverage with 9 billion records, using complementary and redundant data sources. Additionally, Socure’s proprietary search function leverages 25+ fuzzy matching algorithms to facilitate:

• Advanced name matching to drive inclusive access to services for gender neutrality, ethnic variations, and nicknames;
• Social Security Number (SSN) matching for mistakes and typos, SSNs issued post-randomization, and Individual Taxpayer Identification Number support;
• Date of Birth matching for date variations in format or number order; and
• Address normalization to match the format approved by the official mailing body.

Market differentiator: Socure’s proprietary set of U.S. data sources and entity resolution patented capabilities enables us to uniquely resolve more than 95% of the

U.S. population

Market differentiator: Socure has market-leading verification of up to 92% of Gen Z individuals, with 70% verification of 18 year old individuals

“Electronic Consent-based Social Security Number Verification (eCBSV)” is a verification service providing a “source of truth” for businesses conducting financial transactions to determine whether critical aspects of an identity correlate authoritatively. Socure is a certified provider of the Social Security Administration’s (SSA) eCBSV service.

“Global Watchlist” identifies compliance and reputational risk by matching person and non-person entities against sanctions and enforcement lists, as well as Politically Exposed Persons (PEP) and adverse media registries worldwide. Individuals and businesses are screened to identify if they are either sanctioned or have been flagged by enforcement authorities.

“Sigma Identity Fraud Module” employs a Machine Learning (“ML”) and an Artificial Intelligence (“AI”) Natural Language Processing (“NLP”) model trained with 3500+ predictors to detect the likelihood of third-party identity fraud. The model analyzes individual identity dimensions—name, email, phone, address, date of birth, SSN, IP, device, velocity, network and behavioral intelligence, and more—to quantify the risk and then evaluate the strength of the relationship with the identity. The Sigma Identity Module outputs a score that ranges from .00 to .99, with the higher scores in the .99 to .97 reflecting the highest risk of identity fraud. Additionally, the Sigma Identity Fraud Module delivers along with the score, a set of Reason Codes (“RC”) that provide additional detail as to why the score is high (or low), along with the Email, Address and Phone RiskScore and Correlation Value, discussed below. These additional signals can be used by our customers to further tune their fraud strategies. On average, our clients have seen:

• Up to 85-90% fraud capture in the top 3% of riskiest users
• Reduction in the number of false positives (good applicants rejected for wrong reasons) with up to 14 times better accuracy compared to legacy solutions.

Market Differentiator: Socure can capture >35% more 3rd party identity fraud at the same applicant review rate with almost 4-6x more accuracy when compared to credit bureau and other leading providers.

Market Differentiator: The Sigma Identity Fraud Module has been tuned using organized fraud attack behavior identified using our fraud attack technology and helps ensure accurate fraud scoring is realized even under an acute fraud attack. This technology is key in identifying organized fraud attacks in near real-time and provides our customers with the peace-of-mind that Socure is diligently protecting them from organized fraud attacks.

“Sigma Synthetic Fraud” is purpose-built and trained with consortium data based on the Fed’s definition of a synthetic ID to tackle manipulated and fabricated synthetic ID fraud patterns to produce highly accurate, real-time, actionable risk scores ranging from .00 to .99 and RCs, with up to 90% fraud capture of synthetic ID fraud in just the riskiest 3% of users. Synthetic fraud is an intractable fraud vector that attacks every industry and government program.

Market Differentiator: Socure can capture >45% more synthetic ID fraud at the same review rate with 4-6x more accuracy than a top credit bureau vendor.

“Email RiskScore and Correlation Value” predicts the risk of an email and its correlation to an identity considering hundreds of data elements. Email addresses are analyzed with a user’s name to establish the prior history and patterns using advanced analytics. Predictive factors include deliverability, legitimacy of host, age of the email, and evaluation as possibly being auto generated by a bot. Email RiskScore and Correlation Values can be used at origination to develop more targeted fraud strategies and during account lifecycles to identify Account Takeover (ATO) attempts, validate One-Time Passwords (OTP) and determine the riskiness of Peer-to-Peer payment credentials.

Market Differentiator: Socure has been proven to give a 10% absolute lift in coverage over a top email age based vendor, leveraging 700M labeled good and bad email addresses. Email RiskScore provides correlation, provenance, and an overall risk score unique in the industry for both coverage and fraud prediction accuracy. Socure has advanced features that can identify email pattern based fraud attacks like gibberish emails, alias emails, email tumbling, invalid domains, etc.

“Phone RiskScore and Correlation Value” predicts the risk of a phone and its correlation to an identity considering hundreds of data elements. Phones are correlated with a user’s name to establish prior history and patterns using advanced analytics. Predictive factors include carrier legitimacy and velocity, phone number validity, and length of time a number has been linked to an identity. Phone RiskScore and Correlation Values can be used at origination to develop more targeted fraud strategies and during account lifecycles to identify Account Takeover (ATO) attempts, validate One-Time Passwords (OTP) and determine the riskiness of Peer-to-Peer payment credentials.

Market Differentiator: Socure can verify >28% more phone numbers than the leading phone finder providers and provide insight from our 70+ reason codes that are specific to the risk level of the phone number provided. Socure’s Phone intelligence can provide insights on carrier type, VOIP phones, phone porting, SIM swaps, etc.

“Address RiskScore and Correlation Value” predicts the risk of a physical address and its correlation to an identity considering hundreds of data elements. Addresses are correlated to a user’s name to establish residency. Predictive factors include distance from phone area code, distance from IP address, and evaluation of commercial versus residential address. Address RiskScore and Correlation Values can be used at origination to develop more targeted fraud strategies and during account lifecycles to identify Account Takeover (ATO) attempts.

Market Differentiator: Socure can verify 15-20% more addresses than a leading credit bureau-based vendor, combined with the address risk insights from our 1700+ clients.

“Digital Intelligence” provides device and behavioral data associated with the connecting device, its network connection, and user interactions. The Device Intelligence layer captures device attributes such as IP, geolocation, device type, hardware details and device software. Additionally, the Device Intelligence solution provides velocity insights when multiple names, emails or phones are used with the same device. The Behavioral Analytics layer observes user behavior including session duration, user form events, field engagement, and risky activity such as copy/pasting information. Collectively, the observations help provide data to combat application fraud and validate customer logins.

Market Differentiator: Socure’s Device Intelligence and behavioral solution allow for online device, network and behavioral characteristics to be considered in risk assessments. Behavioral analytics is key to identifying sophisticated fraud attacks where the bad actor has been able to gain access to an individual’s device and emulate that device on a server such that it appears to be the same or very similar device as the individual’s. This provides an additional layer of data that can be used in the decision process, where other providers rely on offline data sources resulting in higher false positives.

“Socure’s Predictive Document Verification (DocV)” solution digitally verifies the authenticity of thousands of global identity document types from over 180 countries. When combined with a self portrait, it can also verify that the biometric and identification card photos match.

Market Differentiator: Socure performs verifications real-time at each step of the identity verification flow, so users never have to restart the process or wait for the results. Socure delivers the highest true accepts, the highest first time auto-decision rates, and the lowest false rejects in the industry. And Socure does this all in less than 3.5 seconds vs the industry norm of 10 seconds to 4+ hours. Socure helps to keep users in the loop about where they are in the verification process, decreasing confusion and improving engagement. This results in 94% conclusive responses, avoiding frustrating resubmission requests or lengthy manual reviews.

“Socure Account Intelligence (SAI)” enables California EDD to assess account status and ownership of bank accounts and determine payment risk before funds disbursements are made. This establishes a critical link in the disbursement process, allowing you in real-time to ensure that the ownership of any target bank account matches the desired party and that the account is open and able to receive the funds.

Market Differentiator: Socure can provide 15-20% higher account coverage than the legacy providers and promotes a more streamlined user experience as opposed to individual permissioned solutions for account validation. Socure is constantly adding new data sources to it’s Account Intelligence solution, with recent evaluations resulting in up to 92% account availability coverage and up to 72% account ownership coverage, depending on the client’s book of business.

“Decision Module” provides a seamless way to orchestrate Socure’s risk scores, PII verification, Document Verification decisions and reason codes all into a single final decision. Through a no-code controls interface, risk and compliance teams have the ability to configure, review and manage customer onboarding decision flows to ensure decision-making processes are transparent, consistent, and aligned with their internal compliance scorecard, policies, and procedures. The Decision Module also features an industry-first simulation engine to model the impacts of potential logic changes using past customer transaction data before deployed live to ensure intended results while avoiding inadvertent adverse impacts. Full audit and reporting capabilities provide explainability for a regulatory exam.

“Alert List” provides an expansive collection of known fraudulent users and specific identifying traits, as reported by Socure and its customers. Submitted data is checked against this list according to variable matching logic and processing. Any potentially matching fields are displayed in the JSON response, along with associated reason codes.

Using these modules we provide a configurable system to gauge if an identity is real and whether it belongs to the person applying for access or benefits. Socure modernizes eligibility, claim, benefit, tax, and sign-on systems by:

• Improving automated identity decisions (typically auto-accepting applicants at a rate of well over 90%.
• Reducing or eliminating manual reviews and wait times
• Improving program integrity by protecting government funds from fraud
• Reducing bias-driven user friction for underrepresented populations
• Improving customer experience
• Providing a toolset enabling rapid response to fraud attacks and risks within minutes rather than sprints

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