Socure, the provider of digital identity verification and fraud solutions, launched “The Socure Identity Challenge” to advance accurate and equitable digital identity verification in government.
Federal, state and local government agencies are invited “to take the challenge and learn how new approaches to digital identity verification reduce fraud, eliminate friction, and improve customer service, all while saving valuable time and resources.”
Participating agencies can “compare current identity verification results with results they would receive using Socure.”
Over the last few years, nation-state actors, criminal enterprises, and fraudsters have accelerated their attacks “on government programs. Recently, the Inspector General for the Small Business Administration reported $200 billion in taxpayer funds were lost or stolen during the pandemic.” At the same time, millions of Americans “struggled to access critical government programs.”
Matt Thompson, Senior Vice President and General Manager, Public Sector Solutions at Socure, said:
“Digital identity is critical infrastructure for ensuring the right benefits get to the right people, and that infrastructure clearly failed during the pandemic. As more services become digitized, government agencies need to reevaluate legacy approaches, which too often let fraudsters in while creating barriers and unnecessary burdens for those eligible for benefits. With modern technologies, we can and must do better.”
Socure uses advanced data science, machine learning, and artificial intelligence “to achieve industry-leading auto-approval rates: 98 percent of applicants are verified automatically without the need for document upload or manual review.”
Socure’s platform also “offers the most inclusive identity verification platform with substantial increases in approval rates for credit-invisible populations such as Gen Z, immigrants, and the underbanked.”
For one state agency, Socure increased its ability to automatically approve applicants by 25 percent, based on an estimated 20,000 per month transaction volume.
“The Socure Identity Challenge” is part of “a broader public-sector campaign to advance government’s adoption of best-in-class digital identity verification standards.”
Last month, Socure released “a digital playbook for state and local Chief Information Officers (CIOs), Chief Technology Officers (CTOs), and Chief Information Security Officers (CISOs) to establish effective digital identity programs for constituents and provide audit capabilities to improve oversight and ensure that fraud programs are transparent and accountable to taxpayers. The playbook outlines the need for transparent reporting of auto-approval rates by government and vendors alike.”
In Florida, Socure worked “with the Department of Economic Opportunity and completed identity verification for 100 percent of applicants. 95 percent were onboarded in less than a second through auto-approvals, reducing manual reviews and saving valuable time and money.”
The company is also “working with other agencies at the State and Federal level.”
