Socure and Public.com Win the 2022 Best in Future of Trust Award from IDC with the Use Case of Solving for Identity Verification: Balancing Fraud Risk, Customer Friction & Compliance
IDC Recognizes Socure’s Graph-based Identity Verification and Fraud Platform as Best-in-Class for Reducing Public.com’s Manual Review Costs by 30% and Increasing Enterprise Value by 15%
INCLINE VILLAGE, Nev.–(BUSINESS WIRE)–Socure, the leading provider of digital identity verification and fraud solutions, has won IDC’s Best in Future of Trust Award, based on the transformative results that Socure provided popular investing platform Public.com in balancing fraud risk, customer friction, and regulatory compliance. Socure is the first and only identity verification and fraud solution to win this award.
IDC analysts recognized how the Socure-Public.com relationship has been a winning venture for the investment app, fueling a 30% reduction in manual review costs and an approximately 15% increase in Public.com’s enterprise value, while optimizing Public.com’s ability to auto-approve all good applicants, meet complex regulatory and legal requirements, and provide robust fraud management.
“Socure’s identity verification and fraud prediction solution is a major component of our success,” said Stephen Sikes, COO of Public.com. “Our goal was to positively verify as many applicants’ identities as possible to keep up with skyrocketing consumer demand, while staying within regulatory rules and reasonable fraud management. Socure provides industry expertise, unmatched coverage and scope of the data, and an innovative approach to the underlying logic calibration, without having to compromise between fraud mitigation, regulatory compliance, and consumer delight.”
IDC analysts gave Public.com the winning award based on how Socure transformed Public.com’s ability to positively identify and onboard applicants. According to Sikes, Socure also provided Public.com with “an enormous reduction in manual reviews of identities, with a roughly 30% reduction in manual costs associated with onboarding new applicants. We were able to save significant personnel power and use their skills in more strategic ways.”
Socure was also critical to Public.com’s mission to drive inclusivity in investing: “Socure’s role is instrumental to Public.com’s stated mission to make the public markets work for all people, and our vision to help people be better investors,” added Sikes. “Trust and verification are essential to building and empowering an inclusive, active, and diverse community of investors.”
While legacy vendors continue to be challenged with poor identity coverage, low accuracy, false rejects, manual reviews, and less than 80% customer approval rates with friction, Socure’s graph-based identity verification solution is designed for modern day challenges and demographics. It delivers up to 98% frictionless auto-approvals, unmatched coverage, and industry-leading data quality to achieve better compliance and unlock business and customer growth.
The Future of Trust award is based on outstanding results according to these criteria:
- Ability to create and implement strategies and structured approaches to building trust
- Effective risk assessment (visibility) & management
- Regulatory compliance
- Cybersecurity management
- Proactive privacy
- Ethics and social responsibility
- Environmental sustainability
- Transparency (good governance)
“The average loss from consumers who are victims of identity fraud runs in tens of billions of dollars, making robust identity verification an utmost important consideration for all organizations, especially those operating in highly regulated industries,” said Amita Potnis, Research Director, Future of Trust at IDC. “Public.com has displayed effective and efficient user verification and onboarding to improve customer loyalty. In doing so the company has made financial investments more accessible through technology for its customers.”
“Our results with Public.com are indicative of what we see across our entire customer base,” said Johnny Ayers, founder and CEO of Socure. “Enterprises of all sizes rely on Socure not just for identity verification, compliance, and fraud protection, but most importantly for growing their business. We’re excited that a premier market intelligence firm like IDC recognizes what over one thousand of our customers already know: Socure provides revenue-driving identity verification and fraud prevention results that far outpace any other vendor in the industry.”
Public.com is an investing platform that helps people be better investors. Members can build a diverse portfolio of stocks, ETFs, and crypto within a single platform. On Public, ownership unlocks an experience of content and education, contextual to their portfolio, created by a million+ strong community of investors, creators and analysts. Public puts investors first, and doesn’t sell trades to market makers or take money from Payment for Order Flow (PFOF). Open To The Public Investing is a member of FINRA and SIPC. Learn more at www.public.com.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 1,000 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 12 of the top 15 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, So-Fi, Varo Money, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Flint Capital, Scale Venture Partners, Sorenson, Two Sigma Ventures and others.
Socure has received numerous industry awards and accolades, including being ranked as the fastest-growing identity verification company in North America on the 2021 Deloitte Technology Fast 500™ for the second year in a row, being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being awarded Finovate’s Award for Best Use of AI/ML, to name a few. Founder and CEO Johnny Ayers has also been recognized by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021.