Socure wins 2020 Finovate Award for best use of AI/ML

Socure, the leader in Day Zero identity verification, today announced it has won the 2020 Finovate Award for Best Use of AI/ML. The Finovate awards were created to recognize excellence in the fintech community both on the part of companies who are driving innovation and the individuals who are bringing new ideas to life.

The Best Use of AI/ML award is given to a bank, FI, or fintech company that is using artificial intelligence/machine-learning technology to the greatest effect, creating new capabilities that are only possible through AI/ML.

“We are extremely proud to be recognized by Finovate for the Best Use of AI/ML,” said Johnny Ayers, Founder & Chief Product Officer of Socure. “From the beginning, our goal has always been to apply predictive analytics in the most innovative and creative way possible in solving for the classification problem that is identity verification and fraud prediction. This award validates our team’s efforts and dedication to becoming the single trusted source for verifiable identities on the internet as we expect to reach the limits of perfect accuracy in 2021, and completely eliminate identity fraud.”

Since Socure was founded in 2012, its team has focused on AI/ML innovation in both go-to-market and product while filing four patents, the two most recently for its Machine-learning Fraud and KYC pipelines. The company’s innovations have altered the industry by changing how fintechs, banks and issuers test, buy, and decision off of ML-driven identity solutions.

Ayers continued, “Our team has worked tirelessly and gained the trust of an industry by offering rigorous POC regression testing, providing extensive data-driven reports on fraud capture, false positive reduction and increased acquisition, while easily quantifying returns on investment — a rarity in enterprise software.”

Socure recently announced the launch of “Intelligent KYC,” unlocking scale and speed in customer acquisition, industry-leading auto-approval rates, and fewer manual reviews. The new solution is a central pillar of a holistic identity strategy. It incorporates a wealth of data sources along with advanced graph analytics and unsupervised ML to produce more expansive, and actionable insights. Businesses leveraging Intelligent KYC from Socure can achieve up to 20% higher auto-approvals vs. legacy IDV systems.