Business today is all about offering delightful customer experiences. Often, this necessitates onboarding customers without ever having met them. However, this does not preclude the necessity to verify customer identity. Businesses need to be certain beyond a doubt that the identities provided by their customers are real in order to lessen the risk of fraud and ensure regulatory compliance.
Independently acquiring data and developing the technology for identity verification is expensive and an uphill task for any organization. At the same time, manual verification is slow and results in poor customer experience. This is where providers offering Identity Verification solutions come enter the picture.
Identity Verification providers—through solutions that leverage APIs which draw information from reliable databases, software programs, as well as offline and online data points through social and institutional channels—verify and confirm customer identities. They enable seamless customer onboarding, reduce the risk of fraud and reduce the need for manual review.
How does Socure verify identities?
Socure built the ID+ Platform,to create a truly holistic model of customer identity. This digital identity check tool reduce (and even in some cases - eliminate) abandonment at the onboarding stage.
What is the ID+ Platform?
Socure’s ID+ Platform continuously sources live digital data, correlates thousands of data points online and offline, and then uses the power of machine learning to create a holistic, accurate customer identity model. It automates the entire identity verification lifecycle from onboarding to the final decision. ID+ produces outcomes that are 4x more accurate than the closest competitor.
How does ID+ Platform work?
ID+ is powered by AI technology. This one-of-a-kind technology sources over 300 dynamic data sources and applies advanced data science to verify who’s behind the screen in a matter of milliseconds. It’s a unique market solution and the best judge of consumer identity on the market today.