Socure, a leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, has taken home the “Best AI-based Solution for Fraud Prevention” award in the seventh annual AI Breakthrough Awards program. Socure’s ID+ platform, powered by its Sigma Fraud suite, has revolutionized the way identity verification and fraud prevention are approached. Unlike traditional methods that view identity as a single snapshot in time, Socure’s platform assesses a consumer’s historic behavioral patterns across institutions, geographies, and timeframes to spot anomalies that indicate risk of theft or tampering at the entity level. This approach has resulted in unmatched accuracy, with Socure’s Sigma Identity Fraud V4 solution capturing up to 99% of all ID fraud in the riskiest 5% of users. This level of accuracy allows customers to accept more good consumers, driving revenue and elevating the consumer experience.
The AI Breakthrough Awards program attracted over 5,000 nominations from 20 countries, making Socure’s win a testament to its innovative technology and commitment to excellence. Socure’s ID+ platform is a game-changer in the industry, providing a holistic view of identity with comprehensive digital identity fraud prevention in one platform. With its industry-leading accuracy, Socure’s customers can expect a 20x return on investment, driven by increased revenue, reduced ID fraud losses, and decreased total cost of ownership.
