Update Enhances Analytics for Better KYC, AML Compliance, Optimizes Manual Review Processes
LAS VEGAS, NV – October 25, 2016 – Socure, a pioneer in digital identity verification, today announced a momentous redesign of its digital identity dashboard service to better equip organizations with a powerful new way to understand the complete online and offline persona of a consumer. The news comes on the heels of a series of exciting developments at the company, including several industry partnerships, and a marked increase in year-on-year growth.
The ID+ product suite enables manual review teams to automate the traditionally laborious process of quickly decisioning new consumers, better assess risks and prevent fraud and identity theft. It has been particularly useful for confirming the identities of those outside of traditional credit systems, including ‘millennials’ (persons generally between the ages of 18 and 34), and other ‘thin-file’ consumers.
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The announcement brings a host of enhanced analytical capabilities to augment onboarding teams' understanding of trends that indicate where fraud attacks are occurring, the identities that are being used, and a host of powerful data points that can be interrogated and analyzed.
“While the majority of our clients consume the intelligence ID+ delivers into an automated decisioning system, many of them still need to provide manual review teams with a faster, easier way to get insight into digital identity in real-time,” said Johnny Ayers, SVP & Co-Founder of Socure. "They will gain more complete insights and further drive down costs in their digital identity verification process."
Socure will be demonstrating these new capabilities at Money 20/20, the world’s largest conference for payments and financial services innovation this week in Las Vegas, where they are a sponsor.
The company confirmed that some of the most innovative financial organizations, including digital banking firms, online lending platforms, and digital wealth management companies are using Socure to streamline their digital identity and KYC verification processes.
“Socure has already transformed the way financial institutions look at digital identity by crunching social, mobile, and internet-based data through AI and Machine Learning, said Sunil Madhu, CEO and founder of Socure. “Our team’s strong focus remains on developing and delivering innovative tools that help financial institutions achieve reduced fraud rates and increased acceptance rates."
Socure confirmed that all of the same great features and benefits of the original Socure ID+ product suite have been maintained, but navigation has improved with fewer clicks, more dynamic menus and enhanced drill-down in the updated interface. Socure clients using the current version (2.5) of the ID+ product suite will be able to leverage the new dashboard in the coming weeks.
Socure is a pioneer in digital identity verification. Its Social Biometrics™ technology applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40% for Millennials and other thin-file consumers. It also bolsters CIP/KYC programs and AML compliance for enterprises in the US, helping them to reduce fraud up to 80%, lower manual review costs as much as 90%. Socure was founded in 2012 and is based in New York City.
About Money 20/20Money20/20 is the world's biggest, boldest and best event covering payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000 CEOs, from 3,000 companies and 75 countries, expected at our 2016 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow