Financial services institutions are increasingly relying on 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.
Document Verification is now available to provide highly accurate secondary identity verification while dramatically reducing the friction associated with legacy knowledge-based authentication (KBA) approaches. Socure Document Verification ensures that the document presented is authentic and then uniquely correlates the PII elements presented in the application to those supplied in the document. Best practice logic for decisioning is also provided, based on performance feedback across Socure’s customer base. Socure’s products, including Document Verification, are available through a single API.
Socure’s AML Watchlist & Sanctions Screening is designed to minimize false positives with the flexibility to make separate watchlist calls, as companies performing an AML watchlist lookup are mandated by law to investigate any match that is returned from their solution provider.
Sometimes institutions want to assess specific elements of an identity or for further authentication, especially when the origination process is limited to a few attributes. Socure’s Email, Phone, Address riskScores identify >40% of all fraud and >95% of all fake emails/phone numbers/addresses - a level of accuracy and coverage unsurpassed in the market.
Socure Email, Phone, and Address Risk Scores provide optimal risk assessment performance for the single attribute provided to the model. Socure Correlation Score further verifies that combinations of Name, Address, Phone, and Email provided are correlated. Socure’s Email and Phone Risk Scores are ideal for providing email/phone verification for Zelle transactions.
Socure’s Email and Phone Risk Scores are ideal for providing email/phone risk ranking and verification for Zelle recipient fraud risk, which only require these single attributes to initiate payment transactions.