July 20, 2023

Why You Should Take the Socure Identity Challenge

Why should the public settle for less when it comes to digital identity? Across America, we’ve seen existing approaches based on credit reporting systems fail repeatedly. Because of inadequate security controls from data breaches and a lack of coverage for underserved communities, digital identity has become a patchwork system that allows for huge amounts of fraud – as much as $280 billion by a recent AP News estimate – while harming the citizen experience.

We believe it’s time for a change in the status quo. As stated in the most recent National Cybersecurity Strategy, we need to have a strong digital identity ecosystem to give Americans secure access to government services. Socure ID+ is the best identity verification solution on the market, and we’d be happy to prove it to you. Put Socure head-to-head against any other identity verification provider and we’ll win on accuracy, ease of use, and fraud prevention.

“Digital identity is critical infrastructure for America, and Americans deserve the best,” said Matt Thompson, Senior Vice President and General Manger, Public Sector Solutions. “As more services become digitized, government agencies need to reevaluate legacy approaches, which too often let fraudsters in while creating barriers and unnecessary burdens for those eligible for benefits.”

Socure is ready to lead the way and deliver better results. For one state agency, Socure estimates its solution could deliver $908K annually in value by increasing the agency’s ability to automatically approve applicants by 25.2 percent, based on an estimated 20,000 per month in transaction volume.

With Socure, government agencies get a solution that comfortably leads the market.

• 98% of applicants are verified automatically without the need for document upload or manual review. Socure leverages best-in-class AI/ML technologies with trusted online and offline data sources.
• Credit-invisible populations such as Gen Z, immigrants, and the underbanked will see substantial increases in successful verification rates.
• Socure reduces manual review rates by more than 80%, saving agencies time and money.
• Socure captures 35-45% more fraud than legacy providers.
• Our new DocV 3.0 solution gives partners 26% more automatic approvals compared to the industry standard, and captures 27% more fraud in the process. It also delivers results in 4 seconds or less.
• Socure is certified by the Kantara Initiative at NIST IAL2 standards.

In Florida, Socure worked with the Department of Economic Opportunity (DEO) and completed identity verification for 100% of applicants. 95% were onboarded in less than a second through auto-approvals, reducing manual reviews and saving valuable time and money. We are also working with other agencies at the state and federal level. But don’t just take our word for it, let us run a test and prove we are the best. Take the challenge and see for yourself.