The FIDO (Fast IDentity Online) Alliance is a cross-industry coalition that develops open, interoperable authentication standards to enable identity verification in an easy, private, and secure manner, while simultaneously reducing the usage of passwords that are unreliable.
Based on the information provided in the announcement, Socure has a commitment to advancing identity verification standards that simplify online identity verification and protect against identity fraud across industries. The company’s mission is that of verifying 100% of good identities in real-time and of eliminating identity fraud for each applicant in the online space.
Its offering includes a graph-defined platform that combines advanced machine learning and artificial intelligence with all elements of a consumer’s identity, looking to deliver increasingly accurate and comprehensive identity verification and proofing, know your customer (KYC), and fraud risk prediction solutions.
Socure officials stated in the press release that the company’s identity verification and fraud detection platform is both accurate and inclusive, enabling consumers to have their identities verified whenever engaging in online services. Furthermore, they advised that their goal is that of identifying good consumers in a quick manner and with minimal friction, while also strengthening identity assurance throughout the authentication ecosystem.
By joining the FIDO Alliance, Socure will collaborate for the development of industry standards that strengthen the overall identity lifecycle to create online verification experiences that are simple and secure for everyone.
FIDO Alliance representatives added that Socure’s ‘innovative’ approach and commitment to identity verification and fraud prevention is aligned with their mission and comes as a ‘great’ addition to their active membership. Following this announcement, the collaboration is set to continue driving the efforts towards reducing dependence on weak authentication and identity verification.
The press release also details that as part of its mission, the FIDO Alliance is working towards:
Developing technical specifications that help define a set of mechanisms that are open, scalable and interoperable and can reduce the reliance on passwords for the authentication of users;
Operating industry certification programmes aiming to ensure successful worldwide adoption of said specifications;
Submitting ‘mature’ technical specifications to recognised standards development organisations for formal standardisation.
Being a sponsor of the FIDO Alliance, Socure is also set to partner with other global technology companies across industries, looking to deliver on this shared mission.
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