#socure

[martechnews2021]

Socure Ranked as the Fastest-Growing Identity Verification Company

Socure Ranked as the Fastest-Growing Identity Verification Company in North America on the 2021 Deloitte Technology Fast 500

[fcvoice]

How Socure and "Social Biometrics" Will Save Online Banking

By Micah Rosenbloom

The stuffy financial world is finally catching up with the internet generation. Lending Club helps consumers and institutions finance debt at low rates. Bond Street, a new marketplace, provides loans to small businesses. Even old school banks are offering new products, like AMEX’s Bluebird and Serve products. Unfortunately, this explosion of online-first financial products has created fertile ground for fraudsters and lead to ballooning costs for banks and merchants as the cost of compliance continues to rise.

Enter Socure and a concept called “social biometrics.” Basically, we all leave digital fingerprints as we browse Buzzfeed, use Uber, interact on social media and shop for tickets on SeatGeek. Socure’s technology uses open internet data to separate real, credit-worthy humans from identity thieves and ‘bots trying to game the system, all while preserving a user’s privacy.

This is particularly important for the millennial generation who may have thin credit histories, but demonstrate an endless appetite for web-friendly tools to manage a diverse portfolio of financial products—school loans, credit cards, and remittances—as well as a distaste for dealing with hacked accounts. Financial institutions using Socure’s APIs and SaaS tools are able to focus on value-added innovation without worrying about cyber-chicanery or digital double-dealing.

The founders, Sunil and Johnny are industry pros. In our first meeting, Sunil hopped up to the whiteboard and used every inch to teach us about identity fraud. They’ve already on-boarded a number of customers in the remittance, retail brokerage and online lending space and have signed up a bunch of exciting pilot customers including a number of the top 10 issuing banks, card networks, core banking providers and credit bureaus—and the number is growing quickly.

We’re thrilled to be joining ffVC and Two Sigma Ventures, and to watch Socure start stamping out fraud, save banks billions, all while protecting consumers in the process!