Anti-fraud startup Socure has closed its Series A venture capital funding round, having raised $2.5 million for its Social Biometrics system.
The patent-pending system uses online social behaviour metrics to authenticate customer identities in real time, tracking them through both structured and unstructured data from major social networks, mobile apps, and other online sources. The company reports that its system provides customers with a 40 – 80 percent improvement in fraud detection, and notes that the system is particularly useful at authenticating identities in the elusive millennial demographic – users who “would ordinarily be rejected using only traditional offline identity verification methods.”
It’s a novel thread in the growing web of biometric authentication technologies riding the wave of the mobile revolution, and Socure will likely benefit from the growing securitization of mobile devices and online commerce, not to mention the increasing prevalence of apps like Apple Pay, which could be used to provide additional data for the company’s Social Biometrics authentication platform.
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