Identity fraud, whether it is third party or synthetic, is a serious and growing problem. Low auto approval rates unnecessarily increase costs and hurt your bottom line. To address these issues effectively, identity verification solutions must source live digital data and correlate thousands of online and offline data points for identity proofing that creates a true, holistic model of authentic customer identity.
With the broader data coverage of our identity verification system, you will see auto approval rates soar to 85-92% (vs. 60-65% with your legacy provider).
Socure’s identity verification system consistently captures 80% of the fraud in the riskiest 2% of applicants at a 1:1 False Positive Rate (FPR) or better. Legacy solution providers capture only ~20% in the same population at a 6:1 FPR. Socure is also capable of capturing synthetic fraud attempts.
Replacing Experian with Socure could add an additional 7.7 in customer lifetime value!
Replacing Experian with Socure could reduce your fraud losses by 7.7 per year!