Outperform: Delivering Industry-Leading Verification Rates with Socure Verify+

Our “Outperform” blog series continues (see part one about DocV here), as we share how the constantly improving performance of our Verify+ solution helps our customers remain compliant while powering highly accurate, efficient, and inclusive identity verification.

Traditional identity verification solutions relying only on credit data are often challenged by gaps in coverage, especially among hard-to-verify demographics like Gen Z and new-to-country individuals. These groups often become “digital ghosts,” hindering their equitable access to critical services and locking them out of the digital economy.

Meanwhile, high manual review rates burden organizations with operational costs and lost business opportunities due to friction-led drop off. Socure has also found that legacy identity verification solutions are misclassifying commercial institutions and prison addresses incorrectly as good, residential addresses, as well as approving consumers who are deceased — creating regulatory and operational issues. It’s clear that rules-based legacy solutions that rely solely on credit header data systems developed decades ago aren’t equipped to meet today’s challenges.

Socure Verify+: A New Approach with Unparalleled Verification Rates

Socure Verify+, which powers both our KYC/CIP solutions and wider use cases of non-documentary identity verification, delivers a multi-dimensional view of a customer linked through a unique persistent identifier. The solution harnesses a triangulated data approach including authoritative, non-traditional data sources such as education records, alternative credit data, utility, energy, tax, telco, and payment history to deliver industry-leading overall customer verification rates of up to 99% for mainstream populations.

Socure Verify+ scores each individual PII element and surfaces a single best-matched entity, eliminating the need to review a large number of potential matches. Reason codes with field validation scores precisely extract the risk layer for informed decisions. Advanced machine learning technologies including entity resolution and natural language processing — combined with a database of over 400,000 culturally diverse nicknames and honorifics — help ensure the most accurate and equitable identification available. More than 26 name-matching algorithms ensure precise identification for similarities in various name permutations, derivatives, seniority, misspellings, prefix and suffix standardization, phonetic variation, or use of a nickname.

At Socure, we understand the pressing need to verify the next generation of digital consumers, starting with Gen Z. Our Verify+ solution can verify 30% more 18-year olds than competing solutions on the market, at a whopping 92% of Gen Z consumers verified across various industries.

Our verification rate for the overall 18-24 year old Gen Z demographic has improved from 86.5% in 2022 to 92.2% in 2024, representing a remarkable 10% lift over legacy solutions.

x

Comprehensive Deceased Identity Coverage

Deceased identities remain a source of fraud and regulatory risk for organizations. From account takeover fraud, to living relatives incurring charges that they intend to charge-off, to synthetic identity fraud creation, there are many opportunities for bad actors to take advantage of the delay from the date of death to reflection in databases.

Socure has expanded coverage for deceased records from probate, deceased certificates, obituaries, and coroners reports, reporting deceased consumers weeks to months sooner than traditional solutions.

Compared to legacy approaches, Socure brings a >4% lift in deceased coverage and a 22% lift in coverage of recent deaths within the past 15 days.

x

Unrivaled Address Coverage

By sourcing additional records beyond the USPS, Socure can verify more than 15 million non-USPS addresses. This includes new addresses from recent construction, rural addresses, temporary addresses used by “digital nomads”, and addresses in Native American territories that are virtually invisible to traditional credit bureau data.

Additionally, Socure can accurately confirm consumer addresses that have changed due to real estate ownership transfers up to 3 months before that information reaches credit bureaus.

Operational Efficiency and Transparency

Socure’s precise and accurate customer verification translates to lower false reject rates and fewer manual reviews. Socure customers experienced a drop in manual review rates from 5.2% in 2022 to 2.5% in 2024, a 40% reduction over legacy solutions.

Likewise, Socure’s already minimal reject rates have declined nearly 40% from 1.7% in 2022 to 0.99% in 2024.

x

x

These review rates have dropped through a combination of constant innovation and the best coverage in the market. We tailor our solutions to cater to the problems our customers are facing, in turn saving them mIllions of dollars in reduced operational expenses from archaic manual review processes, as seen in the drop from 5.2% to 2.5% over the past two years.

For transparency and regulatory compliance, Socure offers customers an intuitive dashboard and available API response with Verify+ that encompasses a holistic view of a consumer, including customer-submitted PII, match results, risk/reason codes, and enhanced metadata like normalized addresses, associated phone numbers and email addresses, and more.

This expanded metadata solves for several critical use cases including improved dispositioning, reducing manual reviews, and automating exception processing by parsing responses and enabling organizations to create decision logic based on the responses.

It further ensures accurate customer data by eliminating common keystroke and data capture errors from internal customer lists and deliverable mail by updating records to include proper formatting per USPS standards. Regulatory requirements including FACTA Red Flag compliance and SEC 17 AD-17 are fulfilled, along with superior suitability with access to the full customer profile with risk and reason codes used in decisioning.

Addressing Complex Use Cases

In rapidly growing markets like online sports betting, Socure Verify+ can identify key members of major sports leagues — including athletes, coaches, and notable sports personnel — enabling precise identification and potential exclusion of these individuals from transactions, safeguarding both operators and individuals from potential impropriety.

International Expansion and Coverage

Socure has expanded data coverage beyond the U.S. to include coverage in over 44 countries across 6 continents to deliver a passive non-documentary identity verification flow encompassing name, date of birth, address, and national identifier. Socure Verify+ fulfills both 1+1 and 2+2 verification requirements around the globe, which confirms the identity from multiple sources to assure that name, address, and date of birth match on at least two or more additional sources. When combined with Socure’s Document Verification solution, our international coverage can fulfill needs across the globe.

Continuous Innovation and Improvement

Socure’s Verify+ solution delivers unparalleled identity verification rates, particularly for challenging demographics like Gen Z and new-to-country individuals. By harnessing authoritative data sources and advanced technologies with a persistent unique identifier, Verify+ provides a comprehensive, multi-dimensional view of consumers, reducing operational costs for our customers through lower manual review rates and false rejections.

As identity verification continues to evolve, Socure remains at the forefront, empowering organizations with accurate, efficient, and inclusive solutions that outperform legacy approaches.

Stay tuned for our next blog in the Outperform series — coming soon!