Socure

🚨 In a recent study, Socure found that more than 50% of Gen Z and legal immigrants report difficulties verifying their identities online. Today we’re sharing our latest research on these segments of the population who we call “Digital Ghosts” – or those without enough of a financial footprint to pass identity verification checks required for accessing essential financial and government services. Digital Ghosts have little to no record of credit cards, loans, rental leases, home purchases, or mobile device plans, leaving them without the necessary credit bureau history and public records data to clear traditional identity verification systems. Here's the problem: Digital Ghosts can't easily establish the credit history demanded by conventional identity verification methods. But without gaining access to these services, building a financial footprint becomes nearly impossible. 👀 Read more about the report here: https://lnkd.in/eATiuxv4 Then download your copy here ⤵ https://lnkd.in/eiTgXvYA

Heading to the San Diego Digital #Government Summit on June 27? The Socure team will be onsite — drop by our table to learn more about the latest in fighting identity fraud. Check out the event page for more details: https://bit.ly/4cqgutX

Traditional identity verification methods have massive gaps in coverage, especially when it comes to verifying Gen Z and new-to-country individuals. That translates to customer drop off and/or high rates of costly manual reviews. Meanwhile, these solutions verify business and prison addresses and accept deceased entities at alarming rates. Socure is on a relentless mission to shatter the limitations of outdated identity verification methods. In our new Outperform blog series, we’re committed to providing semi-annual updates on our product performance stats — and we're challenging our competitors to do the same. In this edition, the numbers tell our story of solutions that finally make identity verification inclusive and open the door to the digital economy to every demographic. 🌏 Socure’s Verify+ delivers up to 99% verification rates for mainstream populations and a whopping 92% of Gen Zers. Verify+ highlights: 🌟 >30% lift in deceased coverage with a 22% lift in coverage of recent deaths vs competition 🏡 Over 15M coverage of non-USPS addresses 📉 A 40% reduction in manual reviews over legacy solutions 🔢 A rapid decline in reject rates over 2 years - from 1.7% in 2022 to 0.99% in 2024 🌍 Global coverage across 44+ countries across 6 continents Additionally, Socure’s Verify+ brings on a number of new use cases, like sports personnel coverage critical to ensure compliance within online sports betting. Read the blog from Chief Product Officer Pablo Y. Abreu here: https://lnkd.in/eUiZyfFB

This is a graph from Q1 2020 - when fraud ran rampant during the Covid-19 shut down.  What you see here is a 200% increase in new DDA attacks among challenger banks. These aligned perfectly to the stimulus and unemployment rollouts.  Meanwhile, that line you see at the bottom are traditional FI DDAs, which saw their own spikes, but were relatively consistent in comparison. Our data showed us that attackers were creating synthetic and stolen identity mule accounts en masse to capture the stimulus and unemployment funds they were pilfering from a number of different state and federal agencies. All of this unfortunately occurred before we were engaged in working within the public sector, and we didn’t have a framework in place to communicate that the agencies were under attack. So instead, we supported many of our banking customers in analyzing the data they would need to communicate with these agencies both within the payor and law enforcement. The problem? Many public sector agencies didn’t have a response plan having been instantly thrust into providing full digital services and dispersing more than $800 billion dollars across nearly 500 million payments. This chart is the reason we went head first into government service, now supporting 26 states, every civil federal agency, and the DOD in solving trusted identity online.  A business now led by the amazing Matthew Thompson, Head of our Public Sector Businesses, former founder of ID.me, and 11 year Army veteran - Someone who I encourage you all to follow as he shares his journey.

🏛️ 🌐 Let's make strides in government service delivery at the Utah Digital Government Summit on June 26. Socure will be onsite offering insights on the latest digital identity and fraud prevention solutions. Swing by our booth and let's connect! Head over to the event page for more details: https://bit.ly/4eifIAO

🎉 We’re proud to share that our Corporate Counsel and Data & Analytics teams have been nominated for OnCon Icon Top 100 Awards. These nominations highlight the work of some exceptional Socureans. Help us celebrate by voting below between now and July 5! ✅ Vote here for the Corporate Counsel team: https://bit.ly/4eajlJj ✅ Vote here for Data & Analytics team: https://bit.ly/4ejMt0O #OnConIcon2024 #OnCon2024

🧐 Social media companies are grappling with a significant issue: verifying the age of minors to ensure compliance with child safety laws and protect young people from potential harm. This article from Bloomberg delves into the complexities of age verification, exploring the current practices, challenges, and potential solutions. Here are a few of the key takeaways: ✔️ Social networks rely on self-reported birthdates, which are often inaccurate as children lie about their age to gain access. ✔️ Verifying minors' ages is particularly challenging due to the lack of government-issued IDs for most children. ✔️ Potential solutions include verifying the parent’s identity, then letting a parent confirm the age of their child. Thank you to Bloomberg and Aisha C. for shedding light on this critical issue, and including Socure’s take! Read the article here: https://bloom.bg/4cmMXkG #AgeVerification #TechPolicy #DigitalEthics

Traditional identity verification methods have massive gaps in coverage, especially when it comes to verifying Gen Z and new-to-country individuals. That translates to customer drop off and/or high rates of costly manual reviews. Meanwhile, these solutions verify business and prison addresses and accept deceased entities at alarming rates. Socure is on a relentless mission to shatter the limitations of outdated identity verification methods. In our new Outperform blog series, we’re committed to providing semi-annual updates on our product performance stats — and we challenge our competitors to do the same. In this edition, the numbers tell our story of solutions that finally make identity verification inclusive and open the door to the digital economy to every demographic. 🌏 Socure’s Verify+ delivers up to 99% verification rates for mainstream populations and a whopping 92% of Gen Zers. Key advantages of Verify+: 🌟 >30% lift in deceased coverage with a 22% lift in coverage of recent deaths vs competition 🏡 Over 15M coverage of non-USPS addresses  📉 A 40% reduction in manual reviews over legacy solutions  🔢 A rapid decline in reject rates over 2 years - from 1.7% in 2022 to 0.99% in 2024 🌍 Global coverage across 44+ countries across 6 continents Additionally, Socure’s Verify+ brings on a number of new use cases, like sports personnel coverage critical to ensure compliance within online sports betting. Read the blog from Chief Product Officer Pablo Y. Abreu here: https://lnkd.in/eUiZyfFB

🎉 Vote Socure in the #OnConIcon2024 Team Awards! We're proud to share that our Corporate Counsel and Data & Analytics teams are up for a pair of Top 100 Team Awards. Voting is open between now and July 5 - please help support below! ✅ Vote here for the Corporate Counsel team: https://bit.ly/4eajlJj ✅ Vote here for Data & Analytics team: https://bit.ly/4ejMt0O #OnConIcon2024 #OnCon2024

🚨 The next installment of our Outperform series is here! In this series, we’re showcasing the real-world benefits our customers are experiencing through continuous innovation across our product suites. In the spirit of transparency, we’re challenging the rest of the industry to do the same — while also asking our customers to poke holes and tell us where we can continue to improve. Up next is Socure Verify+. Click through below for the highlights, then get the full story here ⤵ https://lnkd.in/eUiZyfFB