Socure

Business Challenge

With pandemic related fraud and synthetic identity fraud on the rise since March 2020, Socure had a responsibility to provide insight on attack patterns and warn businesses and consumers to protect themselves against fraud. Socure released its first fraud report in July, “How COVID-Era Government Aid Impacted Six Financial Services Sectors” and found:

• Fraudulent credit card applications soared during peak unemployment time by 93% between March and April 2020
• Challenger banks experienced a 200% increase in attempted demand deposit account (DDA) fraud between March and June 2020
• Money transfer attempted fraud was up 43% between March and June 2020
• Government funding of the Paycheck Protection Program led to a 65% increase in attempted fraud in small-to-medium-sized business (SMB) lending between April and June 2020

Analytics Solution

Socure’s technology applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity and the broader internet to verify identities in real time. Its predictive analytics platform, Socure ID+, allows B2C enterprises to achieve KYC auto-approval rates of up to 97%, as well as third party identity and synthetic identity fraud capture rates of up to 90% in the riskiest 3% of users. When combined with Socure’s physical document authentication solution, Socure supports fully-automated decisioning of up to 100%.

Impact

Socure has experienced annual recurring revenue growth of 80% YoY and customer count growth of 98% YoY. Our ID+ Global Watchlist Screening and Monitoring product experienced 250% growth YoY. Socure has also raised $196 million in private venture funding. Socure has more than 400 customers across the financial services, gaming, telecom and eCommerce industries, including three top five banks, seven top 10 card issuers, three top money services businesses (MSBs), multiple tier one payroll providers, the top credit bureau and more than 100 of the largest and most successful fintech companies. Marquee customers include Chime, Varo Money, Public, Stash and DraftKings.