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 in remote online notarization and identity-secured transactions, has announced a new partnership with Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention. This collaboration aims to significantly enhance fraud prevention in agreements and forms, addressing a $200 trillion market opportunity.

The Growing Fraud Threat

According to FINCEN's 2021 report, false records and forgery account for over $45 billion in fraudulent activity annually, surpassing the $18 billion associated with money laundering and other identity-related risks. As businesses face increasing fraud risks across the entire customer lifecycle—from account openings to document notarization—the need for robust fraud prevention solutions is more critical than ever.

Innovative Solutions by Proof and Socure

1. Proof's Defend

   • Overview: Proof's Defend leverages over 100 behavioral and data signals to combat fraud during the execution of critical agreements.
   • Industries Served: Real estate, mortgage, auto, retirement, banking, legal services, and more.

2. Socure's Sigma Fraud Suite

   • Overview: Socure’s Sigma Fraud suite goes beyond viewing identity as a single snapshot in time. It assesses a consumer's historical behavioral patterns across institutions, geographies, and timeframes to detect anomalies indicating potential fraud.
   • Data Network: Powered by a decade of rich consortium data from the Socure Risk Insights Network, which includes data from nearly 2,400 customers across various industries such as banks, fintechs, gaming services, payment platforms, and payroll providers.

The Power of Partnership

• Enhanced Capabilities: By integrating Socure’s digital identity verification capabilities, Proof enhances its Defend product to provide multi-layered defenses against fraud. This combined solution analyzes 30,000 signals in real-time, including PII, barcode data, device and behavioral intelligence, geolocation, and biometric signals.
• Efficiency and Accuracy: The partnership ensures that fraudulent activities are detected and prevented in less than two seconds, without impacting the end-user experience. This makes it prohibitively expensive and time-consuming for fraudsters to evade detection.

Leadership Insights

• Johnny Ayers, CEO of Socure: "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. Partnering with Proof allows us to uniquely ensure identity-assured transactions across various sectors."
• Pat Kinsel, CEO of Proof: "Fraud is an increasingly serious problem across all industries, and companies need multi-layered defenses to help prevent billions of dollars in losses. Adding Socure’s digital identity verification capabilities to Defend allows customers to secure transactions at every stage, quickly and accurately."

The partnership between Proof and Socure marks a significant advancement in fraud prevention for digital transactions. By combining their proprietary technologies, the two companies offer a comprehensive, AI-powered solution that addresses every dimension of potential fraud. This collaboration not only enhances security but also ensures seamless and efficient transactions for businesses across multiple industries.