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Socure Receives Recognition and Accolades for Its AI and Fraud Solutions

September has been a busy and rewarding month for Socure, the provider of digital identity verification and fraud solutions. The company saw recognition from Fintech Global and Aite-Novarica Group, as it was named the company as one of the world’s most innovative AI solution providers on the inaugural AIFinTech100 list for 2021, and was the winner of the 2021 Impact Innovation Awards for Fraud Innovation in the Risk Mitigation Category for its industry-leading Sigma Synthetic Fraud solution, respectively. 


Fintech Global’s AIFinTech100 list identifies the top 100 companies developing AI applications in financial services that every financial institution needs to know about as they develop their digital transformation strategies.

gen z“The ability to facilitate frictionless onboarding of customers using AI is more important than ever, given the rapid digital acceleration and scale spurred by the pandemic,” said founder and CEO of Socure, Johnny Ayers. “Socure’s identity verification and fraud solution delivers an auto-approval rate of up to 98% for mainstream populations, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country. Our identity resolution ML engine analyses over eight billion records and more than 530 million good and bad identities to achieve the industry’s most accurate and equitable view of identity possible.”

The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 fintech companies undertaken by FinTech Global. The solution providers making the final list were recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.

FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations in the market to ensure they deliver competitive financial products and reach new customers.”

“The AIFinTech100 list helps senior management filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as Insurance, Banking, Investment and Trading, Lending, Customer Experience, Compliance, and Fraud Prevention,” he added.

Socure recently announced record financial results – achieving 126% annual recurring revenue growth, booking growth of 285% in the second quarter of 2021 as compared to the same quarter of 2020, and a net retention rate of 177% driven by near-zero attrition. In 2020, Socure was also named to FinTech Global’sRegTech 100 List, which recognises the world’s top 100 most innovative RegTech companies shaping the future of the compliance, risk management, and cybersecurity industries.


The 2021 Impact Innovation Awards for Fraud Innovation in the Risk Mitigation Category

podiumSocure’s Sigma Synthetic Fraud solution delivers unmatched predictiveness, detecting and capturing, on average, 90% of synthetic fraud in the riskiest 3% of users, with an AUC (accuracy in classifying good applicants from bad) of 97.5%. The solution allows financial institutions and other enterprises to combat synthetic ID fraud and eliminate astounding monetary losses by enabling intelligent decisioning, which, when paired with eCBSV, facilitates significant capture of synthetic identities. By layering in Socure’s document verification product, DocV, Socure is able to deliver a full end-to-end solution to solve for synthetic identity fraud.

“We have created the industry’s richest real-time performance data set of synthetic, third-party, account takeover, credit mule, and other fraud and non-fraud statuses contributed by our 600+ customers to constantly update and inform our Sigma Fraud and Sigma Synthetic machine learned models,” said Johnny Ayers. “We are honoured and grateful that Aite-Novarica Group has recognised our accomplishment and market-leading performance in such a prestigious way.”

In its inaugural year, the Aite-Novarica Group 2021 Fraud and AML Impact Innovation Awards looked for organisations deploying new initiatives, products, and upgraded capabilities for more effectively and efficiently countering escalating financial crime threats. The award featured submissions by quality providers and vendors who are raising fraud and anti-money laundering (AML) risk intelligence and delivering elevated and friction-right financial crime threat identification, assessment, prevention, detection, investigation, and reporting.

The award winners were selected by a global panel of both internal and independent experts on fraud and AML. When scoring each entry, the panel considered the following criteria:

  • Level of innovation and competitive advantage
  • Market needs assessment
  • Impact on customer and end-user experience
  • Impact on operational efficiency
  • Financial crime risk detection and mitigation
  • Level of scalability across the customer base
  • Future roadmap assessment

“With digital acceleration at hyper-speed, financial organisations are confronted with balancing the increasing demands for elevating customer experiences and uplifting operational efficiency against the expanding needs for building better fraud and AML control frameworks,” said Aite-Novarica Group Practice Leader Chuck Subrt. “Innovation holds the key to unlocking smarter, more efficient, and more impactful financial crime detection and prevention,” he explained.

The awards will be presented during Aite-Novarica Group’s Financial Crime Forum, taking place virtually September 14 and 15, 2021, to recognise and celebrate the industry’s leading and impactful fraud and AML innovations.

The identification of any Aite-Novarica Group award winner or finalist is not an endorsement by Aite-Novarica Group of any vendor, product, or service.


  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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