Socure Wins “Best AI-Based Solution for Fraud Prevention” at AI Breakthrough Awards 2024

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1. Socure’s Award-Winning Solution

AI Breakthrough Awards: Socure’s Sigma Fraud suite has been recognized as the “Best AI-Based Solution for Fraud Prevention” in the 2024 AI Breakthrough Awards.
Program Overview: The AI Breakthrough Awards celebrate top companies and technologies in the global AI market. This year’s competition attracted over 5,000 nominations from more than 20 countries.

2. Innovations in Socure’s Sigma Fraud Suite

Historical Behavioral Analysis: Unlike traditional fraud prevention methods, Socure’s Sigma Fraud suite assesses a consumer’s historical behavioral patterns across institutions, geographies, and timeframes to identify anomalies that indicate potential fraud.
Data and Technology: The suite leverages a decade of consortium data and 17 billion rows of authoritative data—processing close to 100 billion inputs monthly.
Advanced Features: It includes comprehensive digital signals, device fingerprinting, geolocation, and behavioral biometrics for making accurate fraud prevention decisions in under 150 milliseconds.

3. Achieving Industry-Leading Accuracy and ROI

Fraud Detection Efficiency: Socure’s Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the riskiest 5% of users, compared to the industry average of just 37% from traditional methods.
Reduction in False Positives: The solution offers over 40% absolute reduction in false positives compared to previous versions, allowing more legitimate customers to be accepted and reducing manual review from 10-15% to less than 5%.
ROI and Value: Socure’s AI solutions deliver a 20x return on investment, with significant benefits including increased revenue through false positive reduction, near-zero ID fraud losses, and reduced total cost of ownership.

4. The Mission Behind the AI Breakthrough Awards

Honoring Excellence: The AI Breakthrough Awards recognize innovation and success across various AI and machine learning categories, from Generative AI to Natural Language Processing.
Recognition of Socure’s Efforts: Steve Johansson, Managing Director of AI Breakthrough, praised Socure for eliminating the need for single-point solutions and providing a comprehensive, adaptable fraud prevention platform.

5. Socure’s Commitment to AI Research and Development

1. Socure’s Award-Winning Solution

AI Breakthrough Awards: Socure’s Sigma Fraud suite has been recognized as the “Best AI-Based Solution for Fraud Prevention” in the 2024 AI Breakthrough Awards.
Program Overview: The AI Breakthrough Awards celebrate top companies and technologies in the global AI market. This year’s competition attracted over 5,000 nominations from more than 20 countries.

2. Innovations in Socure’s Sigma Fraud Suite

Historical Behavioral Analysis: Unlike traditional fraud prevention methods, Socure’s Sigma Fraud suite assesses a consumer’s historical behavioral patterns across institutions, geographies, and timeframes to identify anomalies that indicate potential fraud.
Data and Technology: The suite leverages a decade of consortium data and 17 billion rows of authoritative data—processing close to 100 billion inputs monthly.
Advanced Features: It includes comprehensive digital signals, device fingerprinting, geolocation, and behavioral biometrics for making accurate fraud prevention decisions in under 150 milliseconds.

3. Achieving Industry-Leading Accuracy and ROI

Fraud Detection Efficiency: Socure’s Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the riskiest 5% of users, compared to the industry average of just 37% from traditional methods.
Reduction in False Positives: The solution offers over 40% absolute reduction in false positives compared to previous versions, allowing more legitimate customers to be accepted and reducing manual review from 10-15% to less than 5%.
ROI and Value: Socure’s AI solutions deliver a 20x return on investment, with significant benefits including increased revenue through false positive reduction, near-zero ID fraud losses, and reduced total cost of ownership.

4. The Mission Behind the AI Breakthrough Awards

Honoring Excellence: The AI Breakthrough Awards recognize innovation and success across various AI and machine learning categories, from Generative AI to Natural Language Processing.
Recognition of Socure’s Efforts: Steve Johansson, Managing Director of AI Breakthrough, praised Socure for eliminating the need for single-point solutions and providing a comprehensive, adaptable fraud prevention platform.

5. Socure’s Commitment to AI Research and Development

1. Socure’s Award-Winning Solution

AI Breakthrough Awards: Socure’s Sigma Fraud suite has been recognized as the “Best AI-Based Solution for Fraud Prevention” in the 2024 AI Breakthrough Awards.
Program Overview: The AI Breakthrough Awards celebrate top companies and technologies in the global AI market. This year’s competition attracted over 5,000 nominations from more than 20 countries.

2. Innovations in Socure’s Sigma Fraud Suite

Historical Behavioral Analysis: Unlike traditional fraud prevention methods, Socure’s Sigma Fraud suite assesses a consumer’s historical behavioral patterns across institutions, geographies, and timeframes to identify anomalies that indicate potential fraud.
Data and Technology: The suite leverages a decade of consortium data and 17 billion rows of authoritative data—processing close to 100 billion inputs monthly.
Advanced Features: It includes comprehensive digital signals, device fingerprinting, geolocation, and behavioral biometrics for making accurate fraud prevention decisions in under 150 milliseconds.

3. Achieving Industry-Leading Accuracy and ROI

Fraud Detection Efficiency: Socure’s Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the riskiest 5% of users, compared to the industry average of just 37% from traditional methods.
Reduction in False Positives: The solution offers over 40% absolute reduction in false positives compared to previous versions, allowing more legitimate customers to be accepted and reducing manual review from 10-15% to less than 5%.
ROI and Value: Socure’s AI solutions deliver a 20x return on investment, with significant benefits including increased revenue through false positive reduction, near-zero ID fraud losses, and reduced total cost of ownership.

4. The Mission Behind the AI Breakthrough Awards

Honoring Excellence: The AI Breakthrough Awards recognize innovation and success across various AI and machine learning categories, from Generative AI to Natural Language Processing.
Recognition of Socure’s Efforts: Steve Johansson, Managing Director of AI Breakthrough, praised Socure for eliminating the need for single-point solutions and providing a comprehensive, adaptable fraud prevention platform.

5. Socure’s Commitment to AI Research and Development

1. Socure’s Award-Winning Solution

AI Breakthrough Awards: Socure’s Sigma Fraud suite has been recognized as the “Best AI-Based Solution for Fraud Prevention” in the 2024 AI Breakthrough Awards.
Program Overview: The AI Breakthrough Awards celebrate top companies and technologies in the global AI market. This year’s competition attracted over 5,000 nominations from more than 20 countries.

2. Innovations in Socure’s Sigma Fraud Suite

Historical Behavioral Analysis: Unlike traditional fraud prevention methods, Socure’s Sigma Fraud suite assesses a consumer’s historical behavioral patterns across institutions, geographies, and timeframes to identify anomalies that indicate potential fraud.
Data and Technology: The suite leverages a decade of consortium data and 17 billion rows of authoritative data—processing close to 100 billion inputs monthly.
Advanced Features: It includes comprehensive digital signals, device fingerprinting, geolocation, and behavioral biometrics for making accurate fraud prevention decisions in under 150 milliseconds.

3. Achieving Industry-Leading Accuracy and ROI

Fraud Detection Efficiency: Socure’s Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the riskiest 5% of users, compared to the industry average of just 37% from traditional methods.
Reduction in False Positives: The solution offers over 40% absolute reduction in false positives compared to previous versions, allowing more legitimate customers to be accepted and reducing manual review from 10-15% to less than 5%.
ROI and Value: Socure’s AI solutions deliver a 20x return on investment, with significant benefits including increased revenue through false positive reduction, near-zero ID fraud losses, and reduced total cost of ownership.

4. The Mission Behind the AI Breakthrough Awards

Honoring Excellence: The AI Breakthrough Awards recognize innovation and success across various AI and machine learning categories, from Generative AI to Natural Language Processing.
Recognition of Socure’s Efforts: Steve Johansson, Managing Director of AI Breakthrough, praised Socure for eliminating the need for single-point solutions and providing a comprehensive, adaptable fraud prevention platform.

5. Socure’s Commitment to AI Research and Development

1. Socure’s Award-Winning Solution

AI Breakthrough Awards: Socure’s Sigma Fraud suite has been recognized as the “Best AI-Based Solution for Fraud Prevention” in the 2024 AI Breakthrough Awards.
Program Overview: The AI Breakthrough Awards celebrate top companies and technologies in the global AI market. This year’s competition attracted over 5,000 nominations from more than 20 countries.

2. Innovations in Socure’s Sigma Fraud Suite

Historical Behavioral Analysis: Unlike traditional fraud prevention methods, Socure’s Sigma Fraud suite assesses a consumer’s historical behavioral patterns across institutions, geographies, and timeframes to identify anomalies that indicate potential fraud.
Data and Technology: The suite leverages a decade of consortium data and 17 billion rows of authoritative data—processing close to 100 billion inputs monthly.
Advanced Features: It includes comprehensive digital signals, device fingerprinting, geolocation, and behavioral biometrics for making accurate fraud prevention decisions in under 150 milliseconds.

3. Achieving Industry-Leading Accuracy and ROI

Fraud Detection Efficiency: Socure’s Sigma Identity Fraud V4 solution captures up to 99% of all ID fraud in the riskiest 5% of users, compared to the industry average of just 37% from traditional methods.
Reduction in False Positives: The solution offers over 40% absolute reduction in false positives compared to previous versions, allowing more legitimate customers to be accepted and reducing manual review from 10-15% to less than 5%.
ROI and Value: Socure’s AI solutions deliver a 20x return on investment, with significant benefits including increased revenue through false positive reduction, near-zero ID fraud losses, and reduced total cost of ownership.

4. The Mission Behind the AI Breakthrough Awards

Honoring Excellence: The AI Breakthrough Awards recognize innovation and success across various AI and machine learning categories, from Generative AI to Natural Language Processing.
Recognition of Socure’s Efforts: Steve Johansson, Managing Director of AI Breakthrough, praised Socure for eliminating the need for single-point solutions and providing a comprehensive, adaptable fraud prevention platform.

5. Socure’s Commitment to AI Research and Development

Investment in Innovation: Socure has invested over a decade and hundreds of millions of dollars in developing the most precise AI/ML models for fraud prevention.
Future Goals: Yigit Yildirim, SVP of Data & AI at Socure, expressed honor in the recognition and highlighted the company’s ongoing commitment to advancing AI technology for better fraud prevention.