Companies
/
Socure
Cybersecurity
Socure is a New York-based identity verification company using machine learning and a broad range of data sources to help businesses verify customer identities and detect synthetic identity fraud.
$4.92B
+$16.17
1,888.92%
30 days ago
$0.86
Create an account to view live offerings, pricing, and market activity.
Sign in to view offerings and live market activity.
Sign up with Augment to see the latest market activity.
Socure was founded in 2012 by Sunil Madhu, based on the observation that traditional identity verification methods, often relying primarily on matching basic personal information like name, address, and Social Security number against credit bureau records, had become increasingly vulnerable to sophisticated fraud techniques, including "synthetic identity fraud," in which fraudsters combine real and fabricated personal information to create an entirely fictitious identity that can pass basic verification checks but doesn't correspond to any actual real person, a growing fraud category that traditional identity verification methods focused on matching against existing real individuals' records were poorly equipped to detect. Socure's platform combines machine learning analysis of a very wide range of data sources, including traditional identity data, email and phone number risk signals, device and behavioral data, and various other digital identity signals, to generate a comprehensive risk assessment of whether a person attempting to open an account or complete a transaction represents a genuine, verified identity or a potentially fraudulent or synthetic identity, an approach the company argues can more effectively detect sophisticated fraud patterns, including synthetic identities, that simpler, more traditional identity matching methods often fail to catch. The company's technology has found particular adoption among financial institutions, fintech companies, and government agencies, where identity verification carries significant regulatory compliance weight under anti-money-laundering and know-your-customer regulations, alongside substantial fraud prevention value given the financial losses associated with successful identity fraud and account takeover attacks. Socure has expanded its offerings to include broader fraud prevention and risk decisioning tools beyond core identity verification, and has emphasized its ability to verify identities inclusively across diverse populations, including those with "thin" credit files or limited traditional financial history, such as younger consumers or recent immigrants, who traditional identity verification methods reliant heavily on credit bureau data have sometimes struggled to verify accurately. The company's customers span banks, fintech companies, and government agencies. Socure has raised very substantial venture funding from investors including Accel, Commerce Ventures, and T. Rowe Price, reaching a valuation exceeding $4.5 billion, competing with other identity verification providers including Persona and Alloy.
FOR QUALIFIED INSTITUTIONAL AND ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Institutional and Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. "Investment accounts" are not brokerage accounts and do not hold customer funds or securities. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC's Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.
