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