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.
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.
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.
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.