Socure Comes Out Ahead in Latest Aite-Novarica Report

Socure is boasting about its strong showing in Aite-Novarica’s latest Global Document Identification and Verification Impact Report. In the Report, Aite-Novarica evaluated identity verification and fraud prevention offerings from eight of the industry’s top vendors, and listed Socure’s ID+ Platform as the best of those eight solutions.

In that regard, Socure was the only identity verification provider that made its way into the best-in-class circle in a number of different categories. ID+ was recognized for its product features, while Socure was recognized for its strong client roster and services in addition to its stability as a vendor.

Aite-Novarica also commended Socure for its Predictive Document Verification (DocV) solution, which debuted in September and uses computer vision to analyze various elements of an identity document. The solution can estimate the age of the person in a photo, and uses optical character recognition to extract information from an ID.

The DocV platform can be integrated into a company’s app or deployed through a web browser, and analyzes transactions in real time to generate a risk score for each interaction. In doing so, it helps separate fraudsters from legitimate customers, and explains how it got those scores to help clients make more informed decisions about their user base.

“Legacy solutions aren’t accurately predicting whether or not it is safe to allow a user to enter a company’s ecosystem,” said Socure founder and CEO Johnny Ayers. “Accurate identity risk assessment reduces losses at customer onboarding and the surge in online growth has forced organizations to adopt solutions that add good customers in real time while eliminating fraud.”

Ayers noted that strong identity verification services are becoming increasingly essential in virtually every industry, from the automotive sector all the way through to healthcare, hospitality, entertainment, transportation, and finance. The Aite-Novarica news comes shortly after Socure brought in $450 million in a round of Series E funding, which raised the company’s valuation to an industry-leading $4.5 billion.

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December 14, 2021 – by Eric Weiss