Socure to enhance synthetic identity and fraud detection as part of Defend, a new product by Proof to secure every critical agreement and customer interaction.
Proof, the market leader for remote online notarization and identity-secured transactions and Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today announced a new partnership. The two companies will help businesses combat fraud in the agreements and forms that consumers rely on, which is a $200 trillion market opportunity.
According to FINCEN’s most recent report from 2021, false records and forgery cause more than $45B in fraudulent activity every year, a risk even greater than the $18B associated with money laundering and other identity related risks.
Industries are fighting an ever-increasing risk of fraud across their entire customer lifecycle. Businesses are susceptible to fraud from the moment an account is opened, to every form, authorization, loan, and transfer that customers perform. These interactions occur through documents that are approved, signed and notarized. Companies are exposed to the growing risks of fraud, impersonation, and forgery caused by artificial intelligence (AI) and the skyrocketing use of deepfakes, synthetic identities, and falsified records.
Proof’s Defend leverages more than 100 behavioral and data signals to combat fraud in the execution of its customers’ critical agreements. With the addition of Socure, Proof brings its market leading anti-fraud and identity verification capabilities to the real estate, mortgage, auto, retirement, banking, legal services, and countless other industries.
Socure’s Sigma Fraud suite breaks new ground in moving beyond the view of identity as a single snapshot in time. Instead, the platform assesses a consumer’s historic behavioral patterns across institutions, geographies, and timeframes to spot anomalies that indicate risk of theft or tampering at the identity level. The Sigma Fraud suite is further powered by a decade of powerful, rich consortium data from the Socure Risk Insights Network. This network draws from nearly 2,400 customers including the nation’s largest banks and fintechs, gaming services, payment platforms, and payroll providers.
“With the explosion of new fraud vectors, our mission at Socure remains steadfast: use AI to deliver the most accurate anti-fraud and identity verification solutions in the industry,” said Johnny Ayers, founder and CEO of Socure. “Partnering with Proof allows us to uniquely ensure identity-assured transactions for contracts, authorizations, forms, and high-risk financial events across various sectors. Our strategic visions are perfectly aligned, and together, we’re poised to redefine the standards of what’s possible.”
Proof and Socure’s combined proprietary identity and fraud capabilities will combat every single dimension of a potential attack. This technology makes it prohibitively expensive, time-consuming, and ultimately impossible for the fraudsters to evade detection – all in less than 2 seconds and with no impact to the end user experience. This multi-layered defense approach analyzes 30,000 signals in real-time, across a signer’s PII and their documents. Businesses gain a broader view of the identity risk because the platform analyzes PII, barcode data, device and behavioral intelligence, geolocation, and biometric signals. Proof’s Defend product, bolstered by this partnership with Socure, ensures that increasingly complex fraudulent attacks cannot circumvent the system and leads to market-leading accuracy and automation.
“Fraud is an increasingly serious problem across all industries, and companies need multi-layered defenses to help prevent billions of dollars in losses,” said Pat Kinsel, CEO of Proof. “Adding Socure’s digital identity verification capabilities to Defend, our fraud detection and prevention product, allows customers to secure transactions at every stage, quickly and accurately. We can’t think of a better partner and are excited to introduce Socure to Defend clients.”
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