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Socure wins Third Consecutive Best Identity Verification FinTech Award 2024

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TLDR:

  • Socure wins “Best Identity Verification Solution” in the 2024 FinTech Breakthrough Awards for the third year in a row.
  • The award recognizes Socure’s AI-driven digital identity verification platform, Verify, for its accuracy and coverage.

In the 2024 FinTech Breakthrough Awards, Socure was honored with the “Best Identity Verification Solution” designation for the third consecutive year. This prestigious award recognizes Socure’s innovative AI technology that revolutionizes digital identity verification, sanction screening, and fraud prevention.

Socure’s identity verification solution, Verify, stands out for its ability to provide inclusive access to financial services and deliver a seamless customer experience across all demographics without compromising accuracy or compliance. The platform boasts a remarkable verification rate of 20-40% higher than competitors for hard-to-verify populations, helping customers recover millions of dollars in revenue lost to inadequate population coverage or manual review processes.

One of the key strengths of Socure’s solution is its advanced use of non-traditional data sources such as education records, alternative credit data, and payment history combined with patented entity resolution and clustering capabilities. These technologies, along with natural language processing and a vast database of culturally diverse nicknames, ensure accurate identification in an equitable manner.

The FinTech Breakthrough Awards, which honor the top companies and products in the global FinTech market, commended Socure’s friction-free onboarding process that allows fintechs to auto-approve more customers, drive revenue growth, ensure demographic inclusion, and enhance operational efficiencies. Socure’s proprietary database with over eight billion records tied to two billion known identities offers the industry’s highest assurance level.

Socure’s mission is to verify 100% of good identities in real-time and eradicate identity fraud for every internet applicant. With a track record of success in the financial services, government, gaming, healthcare, telecom, and e-commerce industries, Socure continues to be a trusted partner for organizations seeking reliable identity verification and fraud prevention solutions.

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