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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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New Account Opening - KYC/CIP/Patriot Act Compliance

Traditional KYC solutions that rely on credit data tend to reject a large quantity of legitimate young and thin-file people who have low credit usage and 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%.
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New Account Opening - Identity and Chargeback Fraud

Socure’s eCommerce and Payments Sigma Fraud Scores are industry-specific machine learning models that have been trained with of Socure’s top 150 fraud predictors, using both good and fraud performance feedback from a consortium of Socure’s top clients in these specific market sectors. The Sigma Fraud Score is optimized out-of-the-box and monitored with live feedback data across Socure’s 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, as well as unsurpassed chargeback fraud prediction. This level of performance cannot be found anywhere in the industry.
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AML Screening

Socure’s AML Watchlist & Sanctions Screening is designed to minimize false positives with the flexibility to make seperate watchlist calls, as companies performing an AML watchlist lookup are mandated by law to investigate any match that is returned from their solution provider.
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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.
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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%.
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Email/Phone/Address Risk Scoring

Sometimes institutions want to assess specific elements of an identity, especially when the origination process is limited to a few attributes. Socure’s Risk Scores identify 40% of all fraud and 95% of all fake emails/phone numbers/addresses - a level of accuracy and coverage unsurpassed in the market.
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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.

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