Socure, the leading provider of digital identity verification and fraud solutions, announced that it has been chosen as the “Best Decision Intelligence Company” in the 5th annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies, and products in the global Artificial Intelligence (AI) market today. Socure won against a highly competitive field of new and legacy providers and was recognized for its innovation, product design, user-experience, and overall technological advancement.

Socure is the market leader and highest valued company in the identity verification space. Its graph-defined identity verification and fraud platform combines advanced machine learning and AI with all core elements of a consumer’s identity including device and behavioral biometrics to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the industry.

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The company has more than 1,000 customers across the financial services, government, online gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs.

Its customers rely on the platform’s ability to not only provide the most precise identity fraud classification model in the industry, but to also deliver unparalleled accuracy with auto-approval rates of up to 98% for mainstream demographics, and up to 94% for the hard-to-identify populations such as Gen Z, millennials, credit invisible, thin-file, and new-to-country. This dramatically reduces false positives, manual reviews, and customer friction, while onboarding more good consumers quickly, and safely.

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“Millions of people who are underbanked, credit-invisible, or otherwise excluded from commercial offerings and even government programs due to inaccurate, legacy identity verification solutions are unable to access services and benefits online. Unfortunately, solving for both fraud protection and revenue generation has been a largely unaddressed challenge,” said James Johnson, managing director, AI Breakthrough. “Socure’s predictive analytics platform uses breakthrough AI and ML techniques with trusted online and offline data sources to accurately verify identities in real time – a true breakthrough in decision intelligence that we are thrilled to recognize in our 2022 AI Breakthrough Awards program.”

The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories, including AI platforms, Deep Learning, Smart Robotics, Business Intelligence, Natural Language Processing, industry specific AI applications and many more. This year’s program attracted more than 2,950 nominations from over 18 different countries throughout the world.