Financial - Banking

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.


New Account Opening - KYC/CIP/Patriot Act Compliance

Traditional KYC solutions that rely on credit data tend to reject or subject to huge amounts of friction a large quantity of legitimate young, immigrant, and thin-file people who have low credit usage and/or frequently change their home rental address. Socure’s KYC solution significantly streamlines the new account opening process, allowing clients to dramatically increase auto-accept rates while reducing unnecessary friction for good clients. Socure’s KYC/CIP offering substantially outperforms legacy credit bureau solutions by 20-40%, taking our customer's auto-approval rates from ~60% to ~90%.

New Account Opening - Identity Fraud

Socure’s Banking Sigma Fraud Score is an industry-specific machine learning model that has been trained with Socure’s top 150 fraud predictors, using both good and fraud performance feedback from a consortium of Socure’s top clients in the banking sector. The Banking Sigma Fraud Score is optimized out-of-the-box and monitored with live feedback data across Socure’s banking client base to ensure the highest performance levels possible and provide input to continuously improve model performance. The Sigma Fraud Scores are designed to capture multiple fraud identity fraud types, typically decreasing new account fraud by >80% in just the top 2% of risk at better than a 1:1 FPR - with best-in-class 3rd party, synthetic and identity theft prediction. This level of performance cannot be found anywhere in the industry.

KBA/Manual Review Reduction

Most companies unfortunately manually review and/or subject their customers to KBA for one to two-thirds of all online applications because they cannot trust the results provided by their legacy identity verification provider. In addition to the high cost associated with KBA and manual review, significant friction is introduced into the customer onboarding process. Socure’s solutions dramatically reduce the need for KBA and/or manual review due to significant accuracy improvements, typically cutting manual reviews by over 50%.

Document Verification

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.


AML Screening

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.


Email, Phone, Address Risk Scoring

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.


Non-Monetary Account Changes

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.


Zelle Payee/Recipient Risk

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.

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