Company Also Earns Silver Medal for Best
Sanctions/Watchlist Screening Solution
INCLINE
VILLAGE, Nev., Aug. 28,
2024 /PRNewswire/ -- Socure, the leading
provider of artificial intelligence for digital identity
verification, sanctions screening, and fraud
prevention, today announced that it has won Datos Insights' 2024
Fraud & AML Impact Award for Best Digital Identity
Verification Innovation for its Sigma Identity v4 solution.
Additionally, Socure has been named the Silver Medalist in the
category of Best Sanctions/Watchlist Screening Innovation for its
Global Watchlist Screening and Monitoring solution. These awards
recognize and celebrate the industry's leading and most impactful
fraud and anti-money laundering (AML) innovations.
The Datos Insights' Fraud & AML Impact Awards
program identifies the vendors whose new and disruptive financial
crime solutions more effectively and efficiently counter escalating
financial crime threats.
"Socure's Sigma Identity v4 represents a step forward in the
field of digital identity verification and fraud
prevention. By combining advanced AI and machine learning
techniques with a substantial consortium network of data, Socure
has created a solution that addresses many of the key challenges
facing the industry today," said Jim
Mortenson, Strategic Advisor, Fraud & AML
at Datos Insights. "The introduction of Entity Profiler and
Integrated Behavioral Anomaly Detection sets Sigma Identity v4
apart, offering a more dynamic and comprehensive approach to
identity verification. These features, combined with the solution's
ability to deliver near-instant decisions with high accuracy,
position Socure as a leader in the fight against dynamic
fraud threats, including those posed by generative
AI."
Socure's Sigma Identity v4 is the only solution that brings
every element of the identity into a single score for optimum false
positive reduction, while leading to high fraud
capture rates. It is an AI-powered solution that provides a
360-degree view of identities, from PII to device intelligence, to
behavioral analytics, based on a consortium of over a decade of
transactions from nearly 2,500 customers. Socure's identity graph
combines explicit and behavioral data, allowing the company to
perform real-time anomaly detection at the individual, company,
industry, and network level.
Sigma Identity v4 captures up to 99% of all ID
fraud in the top 5% of riskiest users
while providing reductions in false positives exceeding 40%
for some users. The solution also delivers decisions in under 150
milliseconds and can reduce manual reviews to less than 5% of
volume.
Socure Global Watchlist Monitoring Solution
In the sanctions compliance category, Socure's Global Watchlist
Screening with Monitoring solution was awarded the Silver Medal.
The solution enables financial institutions to accurately screen,
monitor, and assess new and existing customers against the Office
of Foreign Assets Control (OFAC) sanction lists and politically
exposed persons (PEP) databases, adverse media, and custom
watchlists.
Traditional approaches are reliant on basic name matching
techniques that result in a high volume of false positives and
costly manual reviews. Socure has transformed the sanctions
screening process by harnessing the power of AI and machine
learning to allow organizations to scale sanctions screening with
unmatched precision and efficiency.
With the industry's first 2-stage scoring system, contextual
insights in PEP and adverse media assessments, and audit-ready
decision explainability, Socure leads the market with a 20% boost
in sanctions screening accuracy, a 30% reduction in false
positives, and a game-changing 75% cut in manual review time—from
an industry average of 10 minutes to just 2 ½ minutes.
"In an era of heightened regulatory scrutiny and dynamic
compliance requirements, Socure's Global Watchlist Screening with
Monitoring solution stands out as a game-changer in the field of
sanctions compliance and risk management," said Becki LaPorte, Strategic Advisor,
Fraud & AML at Datos Insights. "By harnessing the
power of AI and machine learning, Socure has addressed critical
pain points that have long plagued compliance professionals using
legacy watchlist tools."
"We are honored to be recognized once again by Datos Insights
for our continued innovation and leadership in digital identity
verification and fraud prevention," said Pablo Abreu, Chief Product and Analytics Officer
at Socure. "These awards reflect our significant R&D
investments in cutting-edge AI and ML technology that enable our
products to anticipate and address the industry's evolving identity
fraud challenges. As fraud tactics grow
more sophisticated, Socure remains committed to staying ahead of
the curve, empowering our clients to protect their organizations
and customers from emerging threats."
This is the third time Socure's solutions have won the
Fraud & AML Impact Awards being recognized for
their unrivaled innovation and the ability to meet and exceed the
needs of the market.
About Datos Insights Awards
Now in its fourth year, the Fraud & AML Impact
Awards program recipients and their innovations are bringing the
financial services industry one step closer to triumphing over
fraud, money laundering, and other illicit activities.
This year's awards program was highly competitive, with a wide
range of strong submissions from leading industry vendors.
The award winners and finalists were selected based on the
following criteria, which were considered when scoring each
entry:
- Level of innovation
- Competitive advantage
- Market need
- Financial crime risk mitigation
- Impact on customer experience and operational efficiency
- Integration and scalability
- Future roadmap
About Datos Insights
Datos Insights delivers the most comprehensive and
industry-specific data and advice to the companies trusted to
protect and grow the world's assets, and to the technology
and service providers who support them. Staffed by
experienced industry executives, researchers, and
consultants, we support the world's most progressive banks,
insurers, investment firms, and technology companies through
a mix of insights and advisory subscriptions, data services,
custom projects and consulting, conferences, and executive
councils. Visit datos-insights.com to learn more.
For a copy of the Best Identity Verification Innovation case
study click here.
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 2,500 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.
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SOURCE Socure