Identity verification specialist Socure has announced the availability of its Socure ID+ KYC identity verification platform to digital gaming operators in eleven US states, including Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.
The KYC (“Know Your Customer”) platform is able to passively authenticate the identities of qualified online player, reducing drop off rates for firms and allowing for the potential for a significant growth in revenue.
“The online gaming industry is experiencing unprecedented growth, with an increasing number of states allowing, or planning to allow, sports betting and casino expansions,” said founder and CEO Johnny Ayers. “Considering the critical compliance requirements these operators face, our technology ensures that meeting those requirements does not mean slowing down business growth. Socure has a talented, dedicated team in place to support the online gaming industry and the massive growth anticipated over the next several years.”
Socure enjoyed a strong 2020 as the COVID-19 pandemic has led to a dramatic rise in the demand for passive remote authentication solutions, since a record number of people have been forced into online channels by the various physical distancing measures put into place to help slow the spread of the virus.
In August of 2020, the company announced that it had raised $35 million in a new funding round, noting that the money would go towards enhancing its machine learning capabilities and furthering its mission to eliminate identity fraud.
The Socure ID+ platform boasts auto-approval ratings as high as 90 percent for digital gaming operators, with exact date of birth and address matching that meets compliance requirements. The system’s methodology includes the use of input data along with multi-dimensional queries with multiple data sources, advanced clustering, and intelligent rank decision outputs.
(Originally posted on FindBiometrics)