Socure to Provide DraftKings With Additional Compliance Tools
Socure’s Intelligent KYC will enhance DraftKings’ customer verification process for its Daily Fantasy Sports, Sportsbook, and iGaming Products
NEW YORK–(BUSINESS WIRE)–#dataprotection—Socure, the leader in 100% digital identity trust, today announced that it signed a multi-year agreement with DraftKings Inc. (Nasdaq: DKNG), a leader in the digital sports entertainment and gaming industry. Using Socure’s Socure ID+ identity verification suite, DraftKings furthers its robust compliance measures and will now be able to more seamlessly engage its customers across its product suite.
DraftKings selected Socure after a lengthy evaluation process, which included a robust proof-of-concept test showing a frictionless auto-approval rate increase of 4.5% for new users and a 14% decrease in manual reviews. The company plans to leverage Socure’s Intelligent KYC (Know-Your-Customer) and Global Watchlist with Monitoring products to assist in its customer verification processes across its Daily Fantasy Sports, Sportsbook, and iGaming products.
“Working with DraftKings is a privilege and underscores a significant milestone for us as we continue to expand our presence in the online gaming industry,” said Johnny Ayers, CEO of Socure. “It’s an exciting time to be working with an industry that is growing at such a tremendous pace across the country, while helping online gaming operators meet compliance requirements to ensure continued, unimpeded responsible growth.”
With an automated digital approach, Socure unlocks scale and speed in customer acquisition with industry-leading auto-approval rates. As a result, online gaming operators can grow their customer bases with confidence using Socure decisioning systems that leverage advanced logic, best-in-class depth of data, and provide actionable insights, resulting in the broadest identity data coverage available.
Ayers explained, “Socure’s Intelligent KYC passively verifies the identities of qualified players online quickly and accurately, while increasing new player conversions and reducing drop-off rates. Our Global Watchlist solution works alongside our Intelligent KYC product to deliver true continuous monitoring of player eligibility, resulting in uninterrupted compliance with Anti-Money Laundering (AML) and KYC regulations for online gaming providers.”
Socure ID+ streamlines online identity verification to minimize friction and drop off rates, and maximize new player conversions through its Intelligent KYC and Global Watchlist offerings. The platform uses numerous data sources, including proprietary data with over 290 million good identities, as well as over 7 billion records from credit, utility, telecom, and other authoritative sources to deliver market-leading matching accuracy.
Socure’s methodology includes using diverse data sources, advanced clustering, and intelligent-rank decision outputs, all with simple, actionable reason codes. This methodology allows online gaming operators to increase auto-enrollment rates, reduce manual reviews, and maintain compliance, including around age verification and OFAC.
Socure is approved to provide services to online gaming operators in Colorado, Illinois, Indiana, Iowa, Michigan, New Hampshire, Pennsylvania, Tennessee, and West Virginia. Additionally, Socure has filed for vendor status in New Jersey and Virginia.
Socure is the leader in digital identity verification technology for Day Zero and beyond. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 350 customers across the financial services, gaming, telecom, and eCommerce industries, including three top five banks, six top 10 card issuers, three top MSBs, multiple tier one payroll providers, the top credit bureau, and over 75 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash.
Socure recently received numerous industry awards and accolades including being named to “Forbes America’s Best Startup Employers 2021,” awarded “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, listed as a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” named to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few.