Socure

🏈 The NFL season kicked off last week, and with it comes the usual surge in online betting. This year, legal wagers are expected to push $35 billion — a 30% increase over last season’s estimates — according to the American Gaming Association. But with all that wagering inevitably comes fraud, in the form of abusing loyalty programs or game day incentives, committing first-party fraud, or using stolen identities to create accounts. Socure is helping gaming companies tackle this challenge. Click through below to see how we helped a leading online gaming company revolutionize its KYC process and strike the perfect balance between user experience and compliance. The results looked like:  ✅ 61% of previously rejected applications now auto-approved 📈 Auto-acceptance rates soared from 84.5% to 91.3% 🚀 ~200,000 additional successful applications annually ✂️ Manual review rates slashed by 55% 💰 $12M increase in potential customer lifetime value In an industry where every user counts, Socure can help online gaming companies expand their reach with harder-to-verify populations such as #GenZ. Read the full story here: https://lnkd.in/e5VwuNtk #OnlineGaming #FinTech #CustomerAcquisition

Liminal's latest Link Index Report named Socure as a leading vendor for ATO Prevention in Banking, highlighting the strengths of Socure’s ID+ Platform. The Link Index Report reveals that financial institutions with limited ATO protection experience more than 45,000 successful fraud attacks each year, resulting in $6-$13,000 in losses per incident. After extensive market research and rigorous vendor analysis, Socure was identified as a leader in the ATO fraud prevention space and is uniquely positioned to address this growing threat with a multi-layered approach that includes: 🌟 Dynamic PII risk and correlation scoring 🌟 Advanced behavioral analytics to detect anomalies in real time Read the report here: https://bit.ly/4ece0kk

🎉 We’re proud to share that Socure has won the 2024 Finovate Award for Best Generative AI Solution in Fintech! Our Sigma Identity v4 solution was recognized for its innovative use of AI in digital identity verification and fraud prevention. This award highlights our commitment to turning the tables on fraudsters by leveraging cutting-edge generative AI techniques. Key highlights: 🔒Sigma Identity v4 detects unusual real-time user behavior patterns, offering unparalleled protection against sophisticated, high-volume fraud attacks 🔒Captures up to 99% of third-party identity fraud in the riskiest 5% of applications 🔒Reduces false positives by 40% and manual reviews to under 5% We're also proud to be named a finalist for Most Impactful AI-Based Solution for our Socure Verify product. As financial crime continues to evolve, so do we. We're dedicated to helping our customers harness the power of AI to stay ahead of attacks, protect users, and ensure a fair financial marketplace. A big thank you to our team, customers, and partners who made this possible! Read the news here: https://bit.ly/3zo2yTo

🇺🇸 It was a great few days at #IdentityWeekAmerica in Washington, D.C.! Thanks to all who stopped by our booth to discuss building a more inclusive future of digital identity. The Socure team was out in full force. VP and GM of Public Sector Jordan Burris spoke on the National Identity Initiatives panel about designing an SSO that works across government boundaries. Then he and Senior Director of Government Relations Jennifer Kerber spent valuable time meeting with policy makers on Capitol Hill about identity fraud, AI, and digital inclusion. 🙌🏾 Director of Product Deepanker Saxena also led two interesting sessions on deepfakes, synthetic fraud, and mitigation techniques. Check out a few highlights below!

Imagine a sector of the U.S. economy as large as the entire lodging and food services industry. Now imagine that this sector, instead of contributing to growth, actively drains resources and undermines public trust. This is the reality of financial crime in America today. Financial crime, including fraud and money laundering, significantly hinders U.S. economic growth and disproportionately impacts vulnerable communities, affecting millions of households. According to recent estimates, financial crime activity accounts for a staggering 3.1% of the U.S. GDP. Nasdaq CEO Adena Friedman recently highlighted the severity of this issue, stating that annual U.S. GDP growth could have been more than 0.5 percentage points higher if fraud losses alone were reintegrated into the economy. At the heart of this crisis lies the challenge of accurate digital identity verification. 🔐 As our lives and transactions increasingly move online, cybercriminals are exploiting weaknesses in our digital identity systems. The result? An unprecedented wave of fraud, identity theft, and money laundering hitting financial institutions and government agencies. Beyond economic damage, financial crime supports horrific criminal activities like human trafficking and terrorism. 👀 Here’s our take: Government, financial institutions, businesses, and law enforcement must come together to create a fraud prevention network to identify fraud trends, share best practices, and develop standardized identity verification protocols. Addressing financial crime through global cooperation, enhanced regulation, and advanced technologies is critical to unlocking economic potential, restoring trust in financial systems, and safeguarding the most affected populations. Failure to act perpetuates economic drag and societal harm on a large scale. 💪🏾 By strengthening our digital identity ecosystem to combat financial crime, we can create a more secure, resilient, and productive economy for everyone. Read Friedman's full article here: https://bit.ly/3ZpnXpR

🚀 We're thrilled to partner with Middesk for an insightful webinar on FinCEN's proposed AML regulations. On September 26 at 2 p.m. ET, learn from industry leaders how these changes will affect financial institutions and discover cutting-edge strategies for compliance and identity verification. Key takeaways from this webinar will include: ✅ Understand FinCEN's proposed changes and their impact on financial institutions, including RIAs and ERAs ✅ Learn about new customer due diligence requirements and the January 1, 2025 deadline for beneficial ownership reporting ✅ Gain insights into how advanced identity verification solutions can streamline your compliance efforts and manage increased operational costs Don't miss this opportunity to prepare your organization for possible upcoming financial compliance challenges. Register here 👉 https://bit.ly/3XfaL4f

🏆 We’re excited to announce that Socure has been named a leading vendor in Liminal's Account Takeover (ATO) Prevention in Banking Link Index Report. The Link Index Report reveals that financial institutions with limited ATO protection experience more than 45,000 successful fraud attacks each year, resulting in up to $13,000 in losses per incident. After extensive market research and rigorous vendor analysis, Socure was identified as a leader in the ATO fraud prevention space and is uniquely positioned to leverage its identity graph to address this growing threat with a multi-layered approach that includes: 🌟 Dynamic PII risk and correlation scoring 🌟 Advanced behavioral analytics to detect anomalies in real time Thank you to Liminal for the recognition! Read the report here: https://bit.ly/3Zsdni1

🌍 Socure goes global! Today we announced the international expansion of our integrated identity verification solutions to over 190 countries across six continents! Global businesses shouldn’t have to choose between a streamlined identity verification and compliance program and meeting geographic requirements. With Socure, these organizations can scale globally and say yes to more good consumers — all while drastically reducing fraud. Key highlights: 🌐 Comprehensive coverage: All ICAO-compliant travel documents, EU national IDs, and IDs with NFCs ⚡ AI-powered verification: Industry-leading accuracy with a document verification false accept rate of just 1.2% 🗣️ Multilingual support: Address transliteration in multiple scripts including Cyrillic, Arabic, Chinese, and more 🔎 Extensive identity coverage: Up to 88% population coverage in the UK, 65%+ in France, and 70%+ in Italy This expansion answers the growing demand for comprehensive, cross-border digital identity verification solutions. Now, global businesses can leverage a unified strategy rather than piecing together disparate tools. Read the news: https://bit.ly/4e1JnxU

The data breach at National Public Data exposed the sensitive information of nearly 3 million Americans. That information is now reportedly for sale for upwards of $3.5 million, underscoring a growing crisis in data security and identity protection. In a recent article for SC Media, Socure's VP and GM of Public Sector Jordan Burris lays out steps we can take for a new approach to digital identity verification, including: 🔐 Treat digital identities as critical infrastructure 📱 Advance government-issued digital credentials 🤝 Create a strong fraud prevention network This event must serve as a wake-up call to businesspeople, policymakers, and government leaders on the need to address our nation's larger identity challenge before the next attack happens. Read the full article here: https://bit.ly/4ecswsl

Great day at the Florida Cybersecurity Summit, representing Socure alongside Frank! We’re excited to share how Socure is revolutionizing identity verification with industry-leading accuracy. If you’re here, stop by our booth to learn more about how we can help your organization fight fraud and enhance compliance. #CybersecuritySummit #IdentityVerification #FraudPrevention Socure Frank Snyder