Socure has obtained NIST Identity Assurance Level 2 (IAL2) certification. The distinction indicates that the company’s identity verification technology is compliant with the NIST’s latest SP 800-63-3 requirements, and allows federal agencies to use that technology to protect their own highly sensitive operations.
The independent evaluation was carried out by the Kantara Initiative. The organization’s Board of Directors classified Socure as a Component Service, and issued the Kantara Trust Mark to indicate that it is an approved solution for highly regulated government environments. In that regard, the Initiative seeks to strengthen international security frameworks through the promotion of strong identity standards and privacy best practices.
The certification should obviously raise Socure’s prospects in the public sector. The company’s technology has already proven to be especially popular in the financial industry, where many top banks and credit card issuers have deployed it for customer identification. Socure now has more than 1,000 enterprise clients, and can achieve auto approval rates as high as 98 percent, and 94 percent for thin-file populations like immigrants and young adults.
“Our goal is to raise the government’s expectations of identity verification accuracy and prove that more inclusive access and fraud reduction don’t need to be a trade off,” said Socure Founder and CEO Johnny Ayers. “This certification provides further validation of our platform’s ability to enable agencies to securely deliver fast, streamlined access to benefits and services.”
“Socure brings industry-leading expertise in identity verification and fraud prediction for regulated industries and government agencies, with particular emphasis on the inclusion of ‘hard to identify’ consumers,” said Kantara Initiative Executive Director Kay Chopard. “We will be working together to ensure that the industry standards we champion continue to reflect best of breed solutions and provide equitable access to services for all citizens.”
Socure recently picked up IDC’s Best in Future of Trust Award, and is now valued at $4.5 billion after a recent funding round. The Kantara Initiative also listed a CLEAR moble enrollment solution as a Component Service back in November.
(Originally posted on FindBiometrics)