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Cloud engineering company Socure secures $35m to fight identity fraud

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Socure, cloud-based identity verification and fraud prevention startup, today, closed a $35 million funding round, led by Sorenson Ventures with participation from backers Commerce Ventures, Scale Venture Partners, and Flint Capital.

Socure made the revelation in a statement to the media where it noted that the fund was expected to bolster its R&D efforts and help it expand its customer base.

Cyber crime and attacks have been on the rise in recent years. Industry intelligence from Javelin Strategy reported that “6.64% of consumers — or about 16.7 million people — fell victim to identity fraud in 2017, up 1 million from 2016.”

According to the report, in 2018 alone, over 2.6 billion records were stolen or exposed in more than 1,100 data breaches around the world.

Speaking on the development, the cybersecurity company stated that the pandemic had made things worse. Socure’s first official fraud report this year revealed a 134% increase in attempts since March.

To this end, eight-year-old Socure is working to turn the tide, leveraging machine learning and predictive analytics techniques to authenticate people from “thousands” of email, phone, address, social media, and IP data points from over 310 sources.

After its $30 million round in February 2019, the new raiser brings New York-based Socure’s total funding to $96 million.

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