Socure Praises Digital Identity, Late CHIPS Standards Draft, and Science Law

The CHIPS and Science Act, signed last week in the United States, is a huge victory for the global technology industry, both because of the investment in the manufacture of microchips, but also for the support it brings to research and development in digital identity technologies, according to a new blog post from Socure.

The law comes after more than three years of intense lobbying for domestic investment to reduce reliance on Chinese semiconductor suppliers, the post says, but also supports other areas that Socure says are just as vital to national interests.

A new technology directorate being created at the National Science Foundation and new authorities for NIST can help strengthen the state of the art in machine learning and identity verification, respectively. Socure says it helped NIST include new requirements to help reduce fraud against government programs.

NIST standards for trusted online transactions with digital identity are long overdue, and the focus on attribute validation services could help move beyond legacy models that can hold up to 20% of people in the United States, said Socure vice president of government relations, Brendan Peter. writing.

“Identity verification and proofing mechanisms are specifically referenced in the legislation, and Congress has recognized that proofing systems must be risk-based and adapt to ever-changing fraud patterns to ensure the trust and security,” says Peter. “One-size-fits-all approaches that rely on static rules have not met market needs for years. The new NIST requirement will accelerate the adoption of new risk and identity verification approaches like Socure’s Graph-Defined Identity Verification, which is designed to combat the growing synthetic and third-party fraud vectors that fraud rings use to steal money and take control of legitimate users. “identities”.

The message praises the law for its potential to generate inclusiveness gains and says data-driven approaches should be used to confirm digital identity, rather than controversial technologies like facial recognition. The new parts of NIST’s biometric testing mandate could help identify these approaches.

Listed among cloud leaders, fast-growing private companies

Socure also appeared on the Elite Forbes Cloud 100 and Inc. 5000 2022 list.

The company says it is the only biometric identity verification company on the Elite Forbes Cloud 100, which ranks the best private cloud companies in the world. Socure was also on the 2021 edition of the list.

The Inc. 5000 recognizes the fastest growing private companies in America. Socure came in at number 1,397 on this year’s list.

Article topics

biometrics | CHIPS and Science Act | digital identity | identity verification | legislation | NIST | research and development | sosure | standards

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