Socure Doubles Identity Verification Volume in 2024

Particularly notable was Socure’s growth in the public sector, where partnerships increased by 193 percent. The company now serves 13 U.S. states, more than 30 state agencies, over 20 higher education institutions, and two federal agencies.

In terms of performance metrics, Socure’s Sigma Fraud Suite identified 92 percent of ID fraud within the riskiest 3 percent of users, significantly outperforming the industry average of 37 percent. The company also achieved a 40 percent year-over-year reduction in false positives, with fraud detection results delivered in under 100 milliseconds.

The company’s identity verification solution, Socure Verify, reached verification rates of up to 99 percent for mainstream populations, showing particular strength in verifying younger consumers, including 92 percent of Gen Z users. The document verification solution achieved 98.2 percent true accept rates with verification speeds of 1.5 seconds.

Late in 2024, Socure acquired Effectiv, a real-time risk decisioning company, expanding its capabilities into the $200 billion enterprise fraud industry. The acquisition enhances Socure’s offerings in payments fraud, credit underwriting, and AML transaction monitoring.

“Identity is the foundation of trust in today’s digital economy,” said Johnny Ayers, Founder and CEO of Socure. “We’re not just combating increasingly sophisticated fraudsters using deepfakes, synthetic IDs, automated agents and complex injection attacks—we’re transforming how businesses verify good customers instantly, at near perfect accuracy.”

The company also strengthened its intellectual property portfolio, filing 16 new patents and receiving two patent grants for fraud prevention and document verification technology. Socure was named a Leader in the 2024 Gartner Magic Quadrant for Identity Verification.

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February 3, 2025 – by the ID Tech Editorial Team