Socure offers online identity verification solutions that protect enterprises against identity fraud. The company combines structured and unstructured public data from the Internet, all major social networks, and popular web and mobile applications to verify the authenticity of a customer’s identity.
Congrats to Sunil, Johnny and the Socure team.
Socure the provider of next-generation SaaS-based anti-fraud and compliance solutions, announced today the completion of its $2.5 million Series A funding round led by ff Venture Capital. The round also includes Founder Collective and Two Sigma Ventures. Socure’s patent-pending Social Biometrics solution leverages online and social behavior checks in real-time, verifying the authenticity of customer identities registered on websites and mobile applications. Enterprises using Social Biometrics APIs achieve higher user acceptance rates with reduced friction, fraud losses and manual review costs. Additionally, Social Biometrics enables a quicker path to Know Your Customer Socially (KYC+S) and Anti-Money Laundering (AML) compliance. “We empirically measure social proof and authenticity that’s hard to artificially create,” says Sunil Madhu, CEO of Socure. “By using and analyzing that social behavior, we’re changing the economics of identity theft and fraud so enterprises can conduct business online with greater assurance and security.” Companies targeting millennials who use Socure see additional benefits when on-boarding customers in this key demographic. These users, comprising approximately 51% of the world’s population, would ordinarily be rejected using only traditional offline identity verification methods. Social Biometrics can determine online entity risk and validate younger and unbanked or underbanked customers, increasing acceptance rates for this business-critical but “thin-file” audience.