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Address Risk Score

Address Risk Score is a point-solution by Socure to assess identity fraud risk associated with an address, as well as the correlation between the address and the supplied identity to prevent synthetic identity fraud.

A score or quantitative measure used to predict the fraud risk associated with an address.

AML / Anti-Money Laundering

Anti-money laundering or AML Compliance refers to the requirements for financial institutions and other regulated entities that help to prevent, detect, and report money laundering activities.

Application Fraud

Application fraud is a form of identity fraud in which an individual uses someone else's PII (personally identifiable information) to apply for new products such as credit cards, bank accounts, or loans without the knowledge or consent of the individual whose information is being used.

Artificial Intelligence

Artificial Intelligence is the capability of a machine to imitate intelligent human behavior.

ATO / Account Takeover

ATO is a form of third party fraud, account takeover is when an individual gains unauthorized access to an online account belonging to someone else.

AUC / Area Under Curve

AUC is a probabilistic interpretation used in classification analysis to measure how a model, such as a digital identity verification risk model, will perform.

Authentication

Authentication is the process or action of verifying the identity of a user through the use of identity verification services or consumer verification.

The process or action of proving or showing something to be true, genuine, or valid.

Auto-Approval
Auto-approval occurs when a consumer is able to successfully complete the online identity verification process without manual review or human intervention.
Bad Actor

Bad Actor is an individual or institution who has engaged in a "bad act" such as identity fraud, or has been convicted of illegal activity as defined by the U.S. Securities & Exchange Commission.

Bank Secrecy Act (BSA)

As part of U.S. Anti-Money Laundering (AML) regulations, the Bank Secrecy Act (BSA) requires banks and other financial institutions to provide documentation to regulators upon request regarding suspicious client transactions that involve sums of money in excess of $10,000.

Bot

A Bot is a software application that runs automated tasks and interacts with computer systems or users over the internet.

Card Not Present Fraud

Card not present (CNP) fraud is when an individual or bad actor fraudulently uses a payment card online, over the phone, or in any way where the card is not physically presented to the merchant

CCPA

California Consumer Privacy Act (CCPA) is a state statute intended to enhance the privacy rights and consumer production for residents of California.

CIP / Customer Identification Program

A provision of the Patriot Act that requires U.S. financial institutions to verify the identity of individuals wishing to conduct financial transactions with them through the use of a customer identification program (CIP) or identity verification service. CIP is often interchangeable with KYC (know your customer).

Customer Due Dilligence

Customer Due Diligence (CDD) is a rule enforced by the U.S. Department of Treasury that requires identity verification for any individuals who own and control a company, when said company opens account with a financial institution.

Customer Onboarding

Customer onboarding is the process in which a user becomes a client of a bank or financial instituion and involves identity verification through a customer identification program (CIP).

Data Breach

Data Breach is an incident in which sensitive, confidential, or otherwise protected data has been accessed and/or disclosed in an unauthorized fashion and is at risk of being utilized for identity fraud.

Device Fingerprinting

Device Fingerprinting is the process of identifying a computing device, such as a smart phone or laptop, based on its unique configuration and set of attributes.

Digital Identity

Digital Identity is a networked or online identity formed by a set of attributes representing an individual, organization, or electronic device.

A body of information representing an individual, organization or electronic device that exists online.

Document Verification

Document verification is method of multi-factor authentication that requires an individual to present a government issued document like a driver's license or passport to verify their identity.

A method of verifying an individual's identity using a government issued document such as a driver's license or passport.

Documentary Verification

Documentary verification or documentary ID verification is the method used to verify or authenticate physical documents such as birth certificates, legal documents, or utility bills as part of a customer identification program (CIP).

E-KYC

Electronic know your customer (eKYC) is a digital form of KYC, a required customer identification program (CIP) where U.S. financial institutions must verify the identity of individuals wishing to conduct financial transactions with them.

Email Risk Score

Email Risk Score is a point-solution by Socure to assess the identity fraud risk associated with an email address, as well as the correlation between the email address and the supplied identity to prevent synthetic identity fraud.

A score or quantitative measure used to predict the fraud risk associated with an email address.

False Positive Rates

False Positive Rates is the rate in which a consumer application is rejected for the wrong reasons or falesly identitied as a fraud risk through an identity verification system or identity check.

First Party Fraud

First-party fraud is a form of identity fraud where an individual uses his own identity or a fictitious identity to apply for a line of credit without the intention to fulfill their payment obligation.

GDRP

The General Data Protection Regulation (GDRP) is a legal framework that sets guidelines for the collection and processing of personal information from individuals who live in the European Union (EU).

Global Watchlist

The Global Watchlist is an international database of known bad actors such as terrorists, money launderers, and drug traffickers that is used during a consumer identity verification process.

Global Watchlist

Global Watchlist is a point-solution and fraud protection service by Socure that checks provided information against key international watch lists.

Identity and Access Governance

The process in which an institution manages and monitors access to technology and digital resources.

Identity Fraud

Identity fraud, also known as third party fraud, is when an individual or group of people use another person's identity or personal details to open or takeover an account without the consent or knowledge of the person whose identity is being used.

Identity fraud is the deliberate misuse of another person's identity in order to obtain financial or other benefits.

Identity Management

Identity Management is the framework of policies and technologies such as an identity verification system used by an institution to ensure proper & appropriate access to their technology & resources

Identity Proofing

Identity Proofing is also known as identity verification, identity proofing is the practice of ensuring that identity data being presented is associated with a particular individual.

The practice of verifying or authenticating the identity of a user.

Identity Verification

Identity verification or ID verification ensures that the identity data being presented is associated with a particular individual, for example, matching a date of birth and address to an individual's name.

Knowledge Based Authentication

KBA or knowledge based authentitcation is a method of identity verification where an individual is prompted to answer a series of personal questions generated from their credit history or public records.

A method verifying an individual's identity with a series of personal questions generated from their credit history or public records.

KYC / Know Your Customer

KYC Compliance or know your customer, is a required customer identification program (CIP) in which U.S. financial institutions must verify the identity of individuals wishing to conduct financial transactions with them. Know your customer is often interchangeable with CIP.

Machine Learning

Machine Learning is a method of data analysis that automates analytical model building based on the idea that systems can learn from data, identify patterns, and make decisions with minimal human intervention.

Manual Review

Manual review is the process of reviewing an application based on human analysis, and is typically used as the next step in an application process if online identity verification services were not conclusive.

New Account Fraud

New account fraud is when an individual commits identity or synthetic identity fraud by opening a new account using PII (personally identifiable information) of another individual(s) without their knowledge or consent.

Non-Documentary Verification

Non-documentary verification or non-documentary ID verification is the process of identity verification using authoritative sources and without any physical documentation from the consumer as part of a consumer identification program (CIP).

Phone Risk Score

Phone Risk Score is a point-solution by Socure to assess identity fraud risk associated with a phone number, as well as the correlation between the phone number and the supplied identity to prevent synthetic identity fraud.

A score or quantitative measure used to predict the fraud risk associated with a phone number.

PII / Personally Identifiable Information

PII is the information that when used alone or in combination with other elements can positively identify an individual.

RESTful API

RESTful API is an architectural style used to build flexible communications between web services through application program interfaces (API).

Sigma Fraud Score

Sigma Fraud Score is the most accurate, holistic fraud detection and identity verification product on the market from Socure that utilizes machine learning and advanced algorithms to predict the likelihood that a supplied identity is fraudulent.

A score or quantitative measure used to predict the likelihood of an identity being fraudulent.

Suspicious Activity Report

Suspicious Activity Report (SAR) is a tool provided under the Bank Secrecy Act (BSA) that allows financial institutions to file a report with the Financial Crimes Enforcement Network regarding suspicious activity by account holders in support of U.S. Anti-Money Laundering (AML) regulations.

Synthetic Identity Fraud

Synthetic identity fraud is when an individual uses a possible combination of real and fake attributes, including possible real attributes that don't correlate to each other, in order to create a new, fake identity.

Thin file

Thin file is an individuals with limited credit history whose identities are not easily verified through credit bureau data verification.

Unbanked

Unbanked is an individual or household that does not have a checking or savings account and whose identity can not be easily verified through credit bureau data verification.

Underbanked

Underbanked is when an individual or household has a bank account but uses outside financial services such as money orders, check cashing, or payday loans, and whose identity can not easily be verified through credit bureau data verification.

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# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Address Risk Score is a point-solution by Socure to assess identity fraud risk associated with an address, as well as the correlation between the address and the supplied identity to prevent synthetic identity fraud.

A score or quantitative measure used to predict the fraud risk associated with an address.

Anti-money laundering or AML Compliance refers to the requirements for financial institutions and other regulated entities that help to prevent, detect, and report money laundering activities.

Application fraud is a form of identity fraud in which an individual uses someone else's PII (personally identifiable information) to apply for new products such as credit cards, bank accounts, or loans without the knowledge or consent of the individual whose information is being used.

Artificial Intelligence is the capability of a machine to imitate intelligent human behavior.

ATO is a form of third party fraud, account takeover is when an individual gains unauthorized access to an online account belonging to someone else.

AUC is a probabilistic interpretation used in classification analysis to measure how a model, such as a digital identity verification risk model, will perform.

Authentication is the process or action of verifying the identity of a user through the use of identity verification services or consumer verification.

The process or action of proving or showing something to be true, genuine, or valid.

Auto-approval occurs when a consumer is able to successfully complete the online identity verification process without manual review or human intervention.

B

Bad Actor is an individual or institution who has engaged in a "bad act" such as identity fraud, or has been convicted of illegal activity as defined by the U.S. Securities & Exchange Commission.

As part of U.S. Anti-Money Laundering (AML) regulations, the Bank Secrecy Act (BSA) requires banks and other financial institutions to provide documentation to regulators upon request regarding suspicious client transactions that involve sums of money in excess of $10,000.

A Bot is a software application that runs automated tasks and interacts with computer systems or users over the internet.

C

Card not present (CNP) fraud is when an individual or bad actor fraudulently uses a payment card online, over the phone, or in any way where the card is not physically presented to the merchant

California Consumer Privacy Act (CCPA) is a state statute intended to enhance the privacy rights and consumer production for residents of California.

A provision of the Patriot Act that requires U.S. financial institutions to verify the identity of individuals wishing to conduct financial transactions with them through the use of a customer identification program (CIP) or identity verification service. CIP is often interchangeable with KYC (know your customer).

Customer Due Diligence (CDD) is a rule enforced by the U.S. Department of Treasury that requires identity verification for any individuals who own and control a company, when said company opens account with a financial institution.

Customer onboarding is the process in which a user becomes a client of a bank or financial instituion and involves identity verification through a customer identification program (CIP).

D

Data Breach is an incident in which sensitive, confidential, or otherwise protected data has been accessed and/or disclosed in an unauthorized fashion and is at risk of being utilized for identity fraud.

Device Fingerprinting is the process of identifying a computing device, such as a smart phone or laptop, based on its unique configuration and set of attributes.

Digital Identity is a networked or online identity formed by a set of attributes representing an individual, organization, or electronic device.

A body of information representing an individual, organization or electronic device that exists online.

Document verification is method of multi-factor authentication that requires an individual to present a government issued document like a driver's license or passport to verify their identity.

A method of verifying an individual's identity using a government issued document such as a driver's license or passport.

Documentary verification or documentary ID verification is the method used to verify or authenticate physical documents such as birth certificates, legal documents, or utility bills as part of a customer identification program (CIP).

E

Electronic know your customer (eKYC) is a digital form of KYC, a required customer identification program (CIP) where U.S. financial institutions must verify the identity of individuals wishing to conduct financial transactions with them.

Email Risk Score is a point-solution by Socure to assess the identity fraud risk associated with an email address, as well as the correlation between the email address and the supplied identity to prevent synthetic identity fraud.

A score or quantitative measure used to predict the fraud risk associated with an email address.

F

False Positive Rates is the rate in which a consumer application is rejected for the wrong reasons or falesly identitied as a fraud risk through an identity verification system or identity check.

First-party fraud is a form of identity fraud where an individual uses his own identity or a fictitious identity to apply for a line of credit without the intention to fulfill their payment obligation.

G

The General Data Protection Regulation (GDRP) is a legal framework that sets guidelines for the collection and processing of personal information from individuals who live in the European Union (EU).

The Global Watchlist is an international database of known bad actors such as terrorists, money launderers, and drug traffickers that is used during a consumer identity verification process.

Global Watchlist is a point-solution and fraud protection service by Socure that checks provided information against key international watch lists.

I

The process in which an institution manages and monitors access to technology and digital resources.

Identity fraud, also known as third party fraud, is when an individual or group of people use another person's identity or personal details to open or takeover an account without the consent or knowledge of the person whose identity is being used.

Identity fraud is the deliberate misuse of another person's identity in order to obtain financial or other benefits.

Identity Management is the framework of policies and technologies such as an identity verification system used by an institution to ensure proper & appropriate access to their technology & resources

Identity Proofing is also known as identity verification, identity proofing is the practice of ensuring that identity data being presented is associated with a particular individual.

The practice of verifying or authenticating the identity of a user.

Identity verification or ID verification ensures that the identity data being presented is associated with a particular individual, for example, matching a date of birth and address to an individual's name.

K

KBA or knowledge based authentitcation is a method of identity verification where an individual is prompted to answer a series of personal questions generated from their credit history or public records.

A method verifying an individual's identity with a series of personal questions generated from their credit history or public records.

KYC Compliance or know your customer, is a required customer identification program (CIP) in which U.S. financial institutions must verify the identity of individuals wishing to conduct financial transactions with them. Know your customer is often interchangeable with CIP.

M

Machine Learning is a method of data analysis that automates analytical model building based on the idea that systems can learn from data, identify patterns, and make decisions with minimal human intervention.

Manual review is the process of reviewing an application based on human analysis, and is typically used as the next step in an application process if online identity verification services were not conclusive.

N

New account fraud is when an individual commits identity or synthetic identity fraud by opening a new account using PII (personally identifiable information) of another individual(s) without their knowledge or consent.

Non-documentary verification or non-documentary ID verification is the process of identity verification using authoritative sources and without any physical documentation from the consumer as part of a consumer identification program (CIP).

P

Phone Risk Score is a point-solution by Socure to assess identity fraud risk associated with a phone number, as well as the correlation between the phone number and the supplied identity to prevent synthetic identity fraud.

A score or quantitative measure used to predict the fraud risk associated with a phone number.

PII is the information that when used alone or in combination with other elements can positively identify an individual.

R

RESTful API is an architectural style used to build flexible communications between web services through application program interfaces (API).

S

Sigma Fraud Score is the most accurate, holistic fraud detection and identity verification product on the market from Socure that utilizes machine learning and advanced algorithms to predict the likelihood that a supplied identity is fraudulent.

A score or quantitative measure used to predict the likelihood of an identity being fraudulent.

Suspicious Activity Report (SAR) is a tool provided under the Bank Secrecy Act (BSA) that allows financial institutions to file a report with the Financial Crimes Enforcement Network regarding suspicious activity by account holders in support of U.S. Anti-Money Laundering (AML) regulations.

Synthetic identity fraud is when an individual uses a possible combination of real and fake attributes, including possible real attributes that don't correlate to each other, in order to create a new, fake identity.

T

Thin file is an individuals with limited credit history whose identities are not easily verified through credit bureau data verification.

U

Unbanked is an individual or household that does not have a checking or savings account and whose identity can not be easily verified through credit bureau data verification.

Underbanked is when an individual or household has a bank account but uses outside financial services such as money orders, check cashing, or payday loans, and whose identity can not easily be verified through credit bureau data verification.