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.
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.