Solving the Data Breach Vulnerability: Socure to Provide Identity Verification for Microsoft Azure Active Directory Verifiable Credentials
Socure, the digital identity verification company has announced they will provide identity verification services for remote onboarding for individuals accessing decentralized IDs as part of the new Microsoft Azure Active Directory (Azure AD) verifiable credentials feature in public preview today. Once verified, these credentials can be used to prove an identity across different organizations to accelerate onboarding of users and enable a more trustworthy credential recovery experience.
Socure’s support of the feature aligns with the company’s mission to eliminate identity fraud and ensure 100% trust on the Internet along with serving new verticals, including HR, payroll, and employment verification for remote onboarding.
A myriad of apps and services require the online submission of sensitive identity information, leaving consumers vulnerable to data breaches and financial loss. Microsoft is working to solve this problem with a new paradigm for identity sharing based on an open standard using decentralized IDs. The result is an ecosystem for issuing standards-based digitally verifiable credentials, stored within an encrypted digital hub and accessed via an individual’s digital wallet. An individual only needs to verify their information once in order to receive a credential they can use anywhere.
“We are incredibly excited to collaborate with Microsoft. As the world moves toward increasingly virtual and distributed workplaces and teams, Microsoft Azure Active Directory verifiable credentials marks a major milestone toward safely verifying and onboarding new employees,” said Johnny Ayers, CEO and Founder of Socure. “Both teams are committed to mutually aligning toward this goal as it represents important progress toward verifying every good identity in real-time while reducing friction.”
Socure has collaborated with Microsoft to provide safe, low-friction, and highly accurate identity verification for companies’ issuance of digitally verifiable credentials. Socure’s document verification solution, DocV, guides individuals through a user error-proof verification process, using their mobile phones to capture a high-quality image of their physical ID and match it to a selfie in as little as eight seconds. Through advanced analytics, DocV can quickly confirm the authenticity of almost any government-issued document in circulation, including more than 3,500 identification types from around the world. DocV’s advanced image capture technology with frame alignment, perspective fixes, and quality and liveness checks is proven to dramatically improve auto-acceptance rates.
“Our vision is to provide the platform for a digital identity in which individuals have more control over what information they share and can restrict access if needed,” said Sue Bohn, Partner Director Program Management, Identity Division at Microsoft Corp. “Collaborating with Socure empowers businesses to verify information at scale while ensuring users have greater control over their personal information.”
In addition, DocV is the only identity verification solution with a multi-dimensional view of an identity that includes checks across all identity elements, along with ensuring that the device being used to complete the verification belongs to the individual asserting the identity.
DocV is part of Socure’s comprehensive ID+ platform that features the Sigma Fraud suite, compliance suite, and modules for device, email, phone, address, and IP address risk scores.
Socure is a leader in digital identity verification technology for Day Zero and beyond. Its predictive analytics platform applies AI and ML techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 350 customers across the financial services, gaming, telecom, and eCommerce industries, including three top five banks, six top 10 card issuers, three top MSBs, multiple tier one payroll providers, the top credit bureau, and over 75 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash.
Socure recently received numerous industry awards and accolades including being named to “Forbes America’s Best Startup Employers 2021,” awarded “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, listed as a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” named to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few.