Socure, a leader in AI-powered digital identity verification and fraud prevention, has been recognized at Datos Insights’ 2024 Fraud & AML Impact Awards. The company won Best Digital Identity Verification Innovation for Sigma Identity v4 and was named Silver Medalist for Best Sanctions/Watchlist Screening Innovation.
- Sigma Identity v4 Recognition
- Award Details:
- Won the Fraud & AML Impact Award for Best Digital Identity Verification Innovation.
- Features:
- Combines advanced AI and machine learning with a comprehensive data consortium.
- Key Innovations: Entity Profiler and Integrated Behavioral Anomaly Detection.
- Performance: Captures up to 99% of ID fraud in high-risk users and reduces false positives by over 40%.
- Impact:
- Provides a 360-degree view of identities for high accuracy and rapid decision-making.
- Reduces manual reviews to under 5% and delivers decisions in under 150 milliseconds.
- Award Details:
- Global Watchlist Screening and Monitoring Solution
- Award Details:
- Received the Silver Medal for Best Sanctions/Watchlist Screening Innovation.
- Features:
- Screens and monitors customers against OFAC sanction lists, PEP databases, adverse media, and custom watchlists.
- AI-powered with a 2-stage scoring system and contextual insights.
- Impact:
- Achieves 20% higher accuracy in sanctions screening.
- Reduces false positives by 30% and manual review time by 75%, from 10 minutes to 2 ½ minutes.
- Award Details:
- Expert Opinions
- Jim Mortenson’s Commentary:
- Highlights Sigma Identity v4’s advancements in identity verification and fraud prevention.
- Becki LaPorte’s Commentary:
- Praises Socure’s Global Watchlist Screening for its transformative impact on sanctions compliance and risk management.
- Jim Mortenson’s Commentary:
- Company Perspective
- Statement from Pablo Abreu:
- Emphasizes Socure’s commitment to innovation and its role in addressing evolving identity fraud challenges through AI and ML.
- Statement from Pablo Abreu:
Socure’s recognition at the 2024 Fraud & AML Impact Awards underscores its leadership in digital identity verification and fraud prevention. With continuous advancements and a track record of innovation, Socure remains at the forefront of tackling emerging threats and improving industry standards.
