As more sophisticated fraud attacks are on the rise—especially due to impact from the Covid-19 pandemic—financial institutions and other organizations are tightening identity verification protocols, including CIP/KYC, GLBA, fraud prevention, and sanction screening. Fraudsters are becoming craftier, so identity proofing companies are introducing additional measures to combat deep fakes while performing a balancing act to ensure speed and accuracy.
A new addition to Socure ID+ is DocV (beta), a document verification authenticator which allows a consumer to submit an image of their government-issued ID and selfie photos, which are checked for authenticity and liveness, right from a mobile device. DocV can be introduced in the consumer UX during onboarding, when an application has been flagged as high-risk, as well as in a multitude of other instances. When DocV is triggered, the technology verifies ID security features and cross-checks selfies against the document photo, ultimately returning a definitive “accept,” “reject” or “resubmit” decision.
Socure’s DocV solution is tightly integrated with the overall Socure ID+ product suite, which serves as a single, comprehensive service for identity and fraud management. DocV is also accessible with just a simple API call. Before implementation, Socure will continue to first help customers assess their risk tolerance for every use case across their product lines and then introduce DocV when needed, as a step-up method or otherwise. Even better, with the addition of DocV, there is less of a need for companies to leverage multiple vendors in CIP and fraud decisioning workflows, which drive up costs, and reduce efficiency and accuracy.
Drilling down, performing a DocV check at the time of onboarding might take on a lenient approach for a low-risk account or unintentional KYC failure. In contrast, a seven-figure money transfer may require a stringent approach in order to secure that high denomination transaction. Regardless of the scenario, Socure helps customers identify their objectives and tailor a DocV implementation to fit their goals and risk appetite.
Notably, Socure’s vast configuration options are a pivotal differentiator in the marketplace, where customers can enable options for age and expiration criteria as well as on-the-fly setting changes for specific use cases, risk tolerance, or on a per-transaction basis. Furthermore, Socure can incorporate device intelligence and phone number risk as part of the DocV workflow. This rare, but highly beneficial feature, checks for potential risks associated with the phone number and also performs a name-to-phone correlation check. Socure corroborates data input against a document’s extracted data to ensure a person is whom they say they are.
Zooming back out, fraud continues to increase at a rapid rate with both account takeover and synthetic fraud outpacing other fraud types. As companies reevaluate tools to deploy to manage growing risk, DocV represents the enhanced security layer needed to authenticate individuals and devices in various signup, login, account update, and high-dollar transaction activities.
Unlike most document verification services where only the physical ID and selfie photos are being authenticated, Socure’s forward-thinking approach to DocV is unmatched. Companies across industries can count on Socure to deliver the most robust, holistic, and accurate approach to fraud prevention and KYC, not only by the authentication of an ID card and selfies but also by analyzing that data and correlating it with other elements of the identity. The team here at Socure looks forward to continuing to lead the way in being the single source for trusted identity and fraud mitigation at Day Zero.
To learn more about how Socure’s DocV can transform your business, contact us at email@example.com