I occasionally pass a particular house that was built by a guy who owned some rather dubious businesses and had some seriously weird family issues. Lots of money, and lots of problems. It’s a large, gaudy house right off the highway outside town, very conspicuous, with a sprawling entrance, circular driveway, and a sign announcing that this was the “[Smith] Estate.” He literally put the word “estate” in front of his place. Believe it or not, they haven’t been able to sell it since he passed.
Whenever I drive past this joint, it reminds me of an old SNL skit, in which a company sells accessories designed to inform people that the wearer is special. In one scene, a guy trying to romance his girlfriend on a bearskin rug in front of a blazing fire makes sure to tap the brim of his hat, which says “I’m #1.”
Yeah, well, that’s one way to do it. Proclaim yourself to be the smartest, the best, the sexiest, the greatest. Only one time have I ever heard such a pitch that turned out to be accurate: a bar in Lawrence, Kansas that claims to make the best burgers in the world, and it does. Otherwise, it’s always a hollow promise: We’re #1.
It’s subjective, right? One person’s #1 could be somebody else’s #9. But here’s where Socure stakes its claim to #1. We can actually prove it. And we have to prove it to our customers every single day, or we risk not being #1.
The Road to Becoming The Industry Leader
Socure has customers in a variety of markets, but they all have to do the same thing in order to be effective and profitable: accept as many ‘good’ customers as possible, and do it with as little friction as possible. Consumers come to their door, asking for credit cards, loans, accounts, crypto, whatever, and provide their PII for registration. That PII has to be evaluated to determine the validity of consumer’s identities (governed by the question, “Does this person exist?”). When consumers are verified, they can then become customers.
Here are the numbers our clients care about: good applicants turn into revenue, bad applicants turn into fraud, and iffy applicants turn into costly friction. Our customers rely on Socure to tell them who’s good and who’s bad, and shrink that bucket of iffy’s.
I either have more money than you do, or I don’t. I’m taller, or I’m not. And I can either accurately classify applicants as either good or bad, or I can’t. You’re the best, or you’re not.
But the fact is, Socure is the best. Our customers send us the PII from their applicants, which we examine through our industry-leading models, then send back the information needed in order to accept, reject, or further review those applicants. And we’ve got to be right or our customers either reject applicants they should accept, reject applicants they shouldn’t, or subject applicants to a lengthy, cumbersome process which causes them to drop out of frustration.
The Proof is in the Numbers
This is not a subjective exercise. It’s a matter of numbers. We ingest hundreds of millions of known outcomes, feedback data from our thousand-plus clients and other sources, to hone our fraud models. Nobody else has invested the years and the millions of dollars in building the same type of automated machine-learning platform for processing, cleansing, and leveraging that volume of data, for the purpose of achieving perfect prediction.
How about some more numbers? We auto-accept 92% of good applicants. We capture 85% more fraud. We reduce friction by 15x. We’re 97% accurate in classifying goods from bads.
As a result, there is literally no other identity verification provider on the planet more accurate than Socure in being able to say, with confidence, you get in or you take a hike. Our customers need to confidently onboard the people who apply so they can generate more revenue and avoid unnecessary costs.
Auto-accept more clients with less friction. Turn away more fraud. Eliminate false positives, meaning more good applicants back in the bucket. And vastly reduce that costly friction which can cause good people to take their business elsewhere.
More revenue, less cost, incredible ROI. This is what we provide. Our case studies tell the story. It’s all about the numbers.
And we can prove it to you, with a proof of concept. Yes, we are absolutely Number One. To our customers, who are the top banks, lenders, credit issuers, crypto companies, online gamers, and other industry leaders, that’s the only number that counts. Drop us a line, so we can talk some math.
Jeff Scheidel is a technologist with 38 years in software, including 26 years in security solution design. He is the author of numerous white papers on security and regulatory compliance, as well as a McGraw-Hill book on identity, access, database, and application protection. Jeff is an expert on compliance requirements across a number of industries, and has presented at a wide variety of security events.
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