Digital identity and fraud solutions specialist Socure has announced a high profile executive appointment: Matt Thompson has joined the company as its General Manager of Public Sector Solutions. Thompson is the third new executive to join Socure in as many months, and comes to the firm at a time of growth, the company having announced its 750-customer milestone earlier this week.
“The entire Socure team is excited to partner with Matt to build the deep and long-lasting government partnerships that are required to solve the identity verification and fraud challenges that are rampant in the public sector today,” said Johnny Ayers, founder and CEO, Socure.
Thompson is a recognized thought leader in the identity industry. The co-founder of identity proofing and authentication company ID.me, he most recently served as the head of IDEMIA’s civil identity business in North America. His work at IDEMIA helped pioneer mobile driver’s license technology in the United States, effectively helping set the stage for the major influx of mobile ID solutions we are beginning to see in the market. He also currently serves as President of the Board of Directors for the Kantara Initiative – an international ethics-based industry commons dedicated to the goal of growing and fulfilling the market for trustworthy use of identity.
“I believe that identity is the driver of government digital transformation,” said Thompson. “The public sector continues to move more interactions online, while the proportion of those interactions that are risky is increasing and has been exacerbated by the pandemic. This isn’t a cresting wave — it is a rising flood of interactions, and the legacy ways of determining who is on the other end of an interaction for fraud prevention and inclusion aren’t sufficient.”
The legacy methods Thompson referenced have proven costly during the coronavirus pandemic, which rapidly accelerated the shift to digital channels for government services and, in turn, expanded the opportunity for bad actors to commit fraud. In a press release announcing the Thompson’s appointment, Socure highlighted the alarming statistic of pandemic-era unemployment fraud, which cost the US government $400 billion. The company’s technology – a comprehensive identity verification platform that leverages biometrics, document verification, and automated machine learning – is a solution for this type of fraud, and it has seen commercial success, counting four of the five largest banks among its clients.
“My goal is to replicate the success Socure has had in the commercial space into the public sector, because we have the industry’s most accurate and inclusive identity verification and fraud detection platform in the market to answer that need,” Thompson said.
Thompson’s appointment comes amid a massive uptick in interest in mobile onboarding solutions, a market trend that helped the privately held company achieve 126 percent year-over-year growth in recurring revenues for Q2 of 2021.
October 6, 2021 – by Peter Counter