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Use Cases

Socure’s digital identity verification solutions can provide immediate benefits to any business transacting with consumers in the digital world. Socure’s clients span multiple industries, including some of the largest and fastest-growing providers across banking, card issuing, lending, e-commerce, alternative payments,
payroll, and other industries.

Lending / Card Issuing

Fraudulent applications continue to plague online lenders and card issuers as does customer lifetime value from good consumers abandoning cumbersome onboarding processes.  The availability of personal data exposed in data breaches and on the dark web enables criminals to expertly bypass legacy identity verification systems using stolen identities or deftly crafted synthetic personas, which are on a rampant rise.  The digital channel introduces tremendous risk by allowing new digital clients near real-time access to capital.  Lenders and issuers require identity solutions that can precisely identify fraudulent applications while not misidentifying good applicants as bad.

Financial - Banking

Financial services institutions are increasingly relying on the digital channels to fuel new customer acquisition.  Given the widespread availability of personal data due to data breaches and social networking, correctly establishing a digital identity is extremely challenging. Millennials and recent immigrants typically do not have sufficient credit history to positively establish identity using traditional approaches.  Moreover, digital clients expect instant, seamless online experiences and do not want to be hampered by onerous friction-heavy application processes.  It’s imperative that banks identify good customers as quickly and accurately as possible with passive prediction or risk losing good customers that abandon the application process.

eCommerce & Payments

The world of ecommerce and digital payments is conducted at lightning speed where consumers expect friction-free experiences when signing up for new accounts and executing transactions. Unfortunately, cybercriminals take advantage of this "instant" environment, leveraging stolen identity data to bypass detection systems that have little time for decisioning. Many ecommerce and digital payment users tend to be millennials with insufficient credit data for legacy identity verification approaches. Tightening the operational controls to avoid fraud typically provides some initial relief, but also has the adverse impact of turning away a significant number of good customers.

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Contact us to learn more about how Socure has helped leading companies across multiple industries.