Socure, the leading AI-driven platform for digital identity verification, fraud prevention, and sanctions screening, has officially confirmed the news of achieving unparalleled growth and performance during 2024.
According to certain reports, Socure successfully verified more than 2.7 billion identity requests last year. This represented over 370 million unique identities, double of what we saw during 2023. Furthermore, the company’s customer base expanded by 42% to over 2,800 organizations, covering industries such as financial services and fintech, government, telecom, e-commerce, insurance, and more.
Across the public sector alone, Socure’s partnerships would end up growing by an estimated 193%. The stated expansion would help the company reach 13 U.S. states, 30+ state agencies, 20+ higher education institutions, and two federal agencies.
Moving on, Socure also ended 2024 with GAAP revenue growth of 54% YoY, and at the same time, exceeded all of its other financial goals. This included achieving 108% of new bookings and 121% of adjusted operating profit plans, thus reinforcing the demand for the market’s most accurate, comprehensive and performant identity verification, AML, and fraud prevention solutions.
“At Public, our mission is to make the public markets work for all people by creating technology that makes building a multi-asset portfolio fast, secure, and frictionless. Partnering with Socure has been instrumental in achieving this goal. Their AI-driven identity verification platform enables us to onboard new members quickly, accurately, and safely ensuring a seamless customer experience while preventing fraud,” said Stephen Sikes, COO, Public. “This collaboration allows our members to invest with confidence across various assets, knowing their identity and accounts are protected from the start.”
Talk about Socure’s year on a slightly deeper level, we begin from what it did in the field of fraud prevention. In essence, the company’s Sigma Fraud Suite captured a staggering 92% of ID fraud in just the riskiest top 3% of users, as compared to an industry average of 37%. On top of that Socure also achieved a 40% YoY reduction in false positives. The stated milestone enabled customers to approve more legitimate consumers, while simultaneously improving revenue and delivering results in under 100 milliseconds.
Next up, we have the identify verification space, where Socure Verify achieved customer verification rates of up to 99% for mainstream populations, up 3% YoY, and verified 30% more 18-year-olds and 92% of Gen Z consumers, compared to competitors.
Then, there is the document verification aspect, which saw Socure’s DocV solution leading the industry with 98.2% true accept rates and completing verifications in an unparalleled 1.5 seconds (p99 speed).
Socure also made advances when it came to first-party fraud consortium. Understood to be the industry’s first and largest cross-industry consortium, Socure’s database now includes 190 million contributed identities, 325 million accounts, and 20 billion transactions, creating a unified approach to detecting and stopping first-party fraud.
Among other things, we ought to mention how the company filed for more than 16 new patents in 2024, with two patents granted for advancements in fraud prevention and document verification technology. Socure also earned a Leader position in the inaugural 2024 Gartner® Magic Quadrant™ for Identity Verification.
Apart from that, the company would go on to launch enhancements for its prefill solution to achieve first-time prefill rates of over 90%, outperforming every other competitor by 40% in absolute terms.
Hold on, there is more, considering we still haven’t touched upon how Socure addressed new identity and risk vectors for multi-factor authentication, Zelle enrollment, progressive on-boarding, sim swaps and profile change. This it did using its email and phone verification. In fact, both coverage and fraud capture beat rest of the industry by 20% and 25%, respectively.
Beyond that, the company also reduced sanctions screening review time from 15 minutes down to less than one minute using its GenAI explainability agent.
“Identity is the foundation of trust in today’s digital economy,” said Johnny Ayers, Founder and CEO of Socure. “We’re not just combating increasingly sophisticated fraudsters using deepfakes, synthetic IDs, automated agents and complex injection attacks—we’re transforming how businesses verify good customers instantly, at near perfect accuracy. Our growth reflects the massive demand for certainty in identity verification across industries.”