Identity fraud is a serious and growing problem. Low auto approval rates unnecessarily increase costs and hurt your bottom line. To address these issues effectively, identification 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 Socure's broader data coverage, you will see your auto approval rates soar to 85-92% vs just 60-65% with your legacy provider.
Socure’s identity verifier 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.
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!