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.


New Account Opening - Fraud

Socure’s Consumer Lending and Card Issuing 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 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. This level of performance cannot be found anywhere in the industry.

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.

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%.

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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