Socure to Provide Biometric Onboarding Tech for DraftKings

Socure has secured a multi-year contract to provide customer verification technology for DraftKings, the company has announced.

Founded in 2012, DraftKings is a fantasy sports betting platform that revolves around a mobile app on which players can win cash prizes. The company went public last year through a reverse merger with Diamond Eagle Acquisition Corp, a Special Purpose Acquisition Company, or SPAC.

DraftKings is now poised to benefit from Socure’s Intelligent KYC solution, which features the use of biometrics for customer onboarding; as well as its Global Watchlist with Monitoring. In a statement announcing the deal, Socure explained that it was selected as DraftKings’ KYC vendor “after a lengthy evaluation process” in which Socure’s technology enabled “a frictionless auto-approval rate” of 4.5 percent while reducing manual reviews by 14 percent.

“Socure’s Intelligent KYC passively verifies the identities of qualified players online quickly and accurately, while increasing new player conversions and reducing drop-off rates,” explained Socure CEO Johnny Ayers. “Our Global Watchlist solution works alongside our Intelligent KYC product to deliver true continuous monitoring of player eligibility, resulting in uninterrupted compliance with Anti-Money Laundering (AML) and KYC regulations for online gaming providers.”

The deal comes after Socure’s announcement in January that its Socure ID+ KYC platform had become available to support digital gaming in the states of Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia. At that time, Ayers noted that the online gaming industry was “experiencing unprecedented growth” as more states moved to legalize online sports betting.

The DraftKings announcement also comes after the news that former Auth0 engineering head Rong Cao had signed on as Socure’s new Senior Vice President of Technology, underscoring the company’s growth trajectory.

–

April 9, 2021 – by Alex Perala

Related News

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

Related News

Footer

Follow Us