Socure Showcases Social Biometrics Authentication at Money20/20 (Oct. 29, 2015)

Written by FinTech Futures
29th October 2015

Socure, a real-time online identity verification provider, announced this week at Money20/20 in Las Vegas that financial institutions and other firms are using its Social Biometrics Platform to authenticate consumers—including those with no credit histories—in more than 175 countries. With a combination of social data, such as social media profiles and online shopping histories, as well as facial recognition, Socure is dramatically reducing fraud and false positives, Vice President of Marketing Michael Hiskey tells Paybefore.

Last month Socure introduced its Perceive system, which compares the face of a person with trusted online and social media profile data to confirm that users are who they say they are. Perceive technology, which can detect masks, photos or even whether the person being scanned is alive, provides the capability to use the front-facing camera on standard smartphones to instantly recognize that person’s facial features. Socure scans 7,200 online platforms, and Hiskey notes that the number of people—typically older consumers—with no online presence is getting smaller every day. Such a user—if there are no other red flags—would receive a neutral fraud score, he explains.

The adoption of Social Biometrics underscores the growing need to go beyond traditional credit data, especially in countries where those conventional identity verification methods are unavailable, the company suggests. Issuing banks, online lenders and online gaming companies are among the clients using Socure.

New York City-based Socure was founded in 2012 and international venture capital fund Flint Capital joined its latest $2.5 million funding round in August.