Socure, a leader in AI-driven digital identity verification, fraud prevention, and sanctions screening, achieved remarkable growth in 2024, outperforming industry expectations. As the threat landscape evolves with AI-based fraud tactics, Socure’s innovative platform has delivered enhanced solutions while competitors faced challenges in maintaining accuracy.

Key Achievements in 2024

1. Unprecedented Growth

• Verified over 2.7 billion identity requests, doubling 2023 totals.
• Expanded customer base by 42%, now serving 2,800+ organizations across multiple sectors, including financial services, telecom, insurance, and government.
• Public sector partnerships grew by 193%, covering 13 U.S. states and multiple federal agencies.

2. Financial Performance

• GAAP revenue increased by 54% YoY.
• Exceeded financial goals, achieving 108% of new bookings and 121% of adjusted operating profit plans.

3. AI-Powered Performance Excellence

• Socure's platform outpaced AI-driven fraud solutions by improving speed and accuracy.
• The Risk Insights Network Consortium enables continuous improvement, with each identity decision enhancing the platform's effectiveness.

Performance Highlights

4. Fraud Prevention

• The Sigma Fraud Suite captured 92% of ID fraud in the riskiest top 3% of users, compared to the industry average of 37%.
• Achieved a 40% YoY reduction in false positives, enabling more legitimate consumers to be approved.

5. Identity Verification

• Socure Verify achieved 99% verification rates for mainstream populations, a 3% YoY increase.
• Verified 30% more 18-year-olds and 92% of Gen Z consumers compared to competitors.

6. Document Verification

• Socure's DocV solution led the industry with a 98.2% true accept rate, completing verifications in just 1.5 seconds (p99 speed).

7. First-Party Fraud Consortium

• The industry's first and largest consortium now includes 190 million contributed identities, 325 million accounts, and 20 billion transactions, leading to better fraud detection.

New Innovations and Expanded Capabilities

8. Cutting-Edge Innovation

• Filed 16 new patents in 2024, with two patents granted for fraud prevention and document verification.
• Launched enhancements to the prefill solution, achieving first-time prefill rates of over 90%, outperforming competitors by 40%.

9. Addressing New Identity Vectors

• Expanded multi-factor authentication, Zelle enrollment, and profile change detection, with fraud capture rates exceeding industry standards by 20-25%.

10. AI-Powered Sanctions Screening

• Reduced sanctions screening review time from 15 minutes to less than 1 minute using Socure's GenAI explainability agent.

CEO Perspective

Johnny Ayers, Founder and CEO of Socure, highlights the company’s commitment to transforming how businesses verify customers in a rapidly evolving digital landscape. “Our growth reflects the massive demand for certainty in identity verification, and no one delivers the performance or value like Socure.”

Acquisition and Industry Expansion

• In late 2024, Socure acquired Effectiv, a real-time risk decisioning company, expanding into the $200 billion enterprise fraud industry.
• Customers can now access complete no-code flexibility for building and deploying fraud prevention workflows.

Socure’s breakthrough performance in 2024 underscores its leadership in identity verification, fraud prevention, and AI-driven solutions. As businesses face increasingly sophisticated fraud threats, Socure remains the trusted partner for ensuring accurate and secure customer verification.