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INCLINE VILLAGE, Nev., October 2, 2023 – Socure, the leading provider of digital identity verification and fraud solutions, today announced the launch of its next-generation Socure Compliance Suite, with market-leading data coverage, unmatched precision and accuracy, and world-class tools to efficiently manage operations.

The Socure Compliance Suite orchestrates the power of Socure Verify, Global Watchlist Screening with Monitoring, eCBSV, Decision Module (a customer risk decision platform), Document Verification and Portfolio Scrub (i.e., the ability to identify fraud and compliance risk within existing portfolio accounts) all via a single API. 

Staying compliant and preventing financial crime is more challenging than ever. Organizations face pressure from all sides – soaring transaction volumes, rapidly evolving regulations, aggressive enforcement, and strained budgets. Legacy compliance tools developed decades ago are ill-suited to the demands of today’s complex and dynamic compliance environment, failing to accurately classify consumers resulting in high false positive and negative rates. 

Overly broad, static name matching rules common to legacy tools can generate more than 90% noise, all while failing to identify true risks at least 5% of the time. A study conducted by ACAMS and E&Y found that on average, just 10% of all AML alerts are productive. Additionally, the most recent FinCEN statistics for Suspicious Activity Reports (SARs) found that of a total of 3.2M SARs that were filed approximately 1.6 million (42%) were actually deficiencies in identity resolution.

Socure’s Compliance Suite represents the new gold standard for compliance professionals purpose-built to solve today’s toughest compliance challenges while delivering the highest level of compliance possible.

Socure Verify

Socure Verify is an evolution of the company’s flagship KYC solution expanding beyond traditional financial services to address the needs of non-regulated industries as well such as online gaming, telco, two-sided marketplaces and the public sector to name a few to apply hyper-accurate non-documentary identity verification at onboarding for instant insights and decisions. Socure has made significant improvements within its compliance products offering industry-leading identity verification accuracy, inclusivity, and data coverage. For example, Socure’s inclusive data sourcing outperforms competing solutions with 8-10% higher verification rates. 

Market-Leading Data Coverage

  • Socure’s access to educational and alternative credit data verifies up to 20-60% more minorities and GenZ individuals compared to legacy providers:
    • Up to 70% of 18-year-olds opening their first account surpassing any other provider in the market by at least 30%. 
    • Gen Z verification rates of up to 93% for 18-25 year olds and verification rates of mainstream consumers up to 99%.
  • By utilizing sources such as property tax records, Socure can match over 15 million addresses not found in the USPS database and report ownership changes up to 3 months earlier than credit bureaus
  • Socure’s natural language processing and comprehensive database of over 400,000 culturally diverse nicknames accurately identifies people in a culturally sensitive manner. 
  • Advanced entity resolution, machine learning, and identity commonality indices are used to confidently link obituaries, cemetery records, memorial websites and other alternative deceased sources to existing profiles for a 4% more coverage and reported weeks to months sooner than legacy solutions, rooting out first party, ATO and synthetic identity fraud.
  • Socure’s cross-industry proprietary customer feedback data with billions of good and bad outcomes are ingested as part of the company’s approach to intelligent risk assessment.

Socure Verify also provides transparency into how the solution arrived at its results, giving internal teams, auditors, and examiners full confidence in Socure’s approach to prove someone exists in the real world.

Industry-Leading Product Enhancements

Global Watchlist Screening with Ongoing Monitoring

Socure has elevated the standard for sanctions compliance with new proprietary AI/ML algorithms including GenAI (LLM) and natural language processing techniques to optimize the entity resolution process to provide best-in-class match results, offering 20% more accuracy than legacy solutions. Socure’s proprietary models outperform long-held industry standard techniques and perform precise matching, even in the presence of variations, misspellings, or different name orders. 

While many legacy solutions rely solely on name matching techniques, Socure goes beyond with industry-first entity matching and scoring by incorporating additional data attributes such as date of birth, address, city, state, country and national ID to dynamically match and surface the most complete and precise entity profiles. 

The comprehensive risk assessment provided by Socure’s models ensures businesses are equipped to make informed decisions by ensuring accurate and context-aware matching. This streamlined process significantly decreases the time required to review matches, improving operational efficiency for compliance teams.

Integrated case management capabilities have been significantly enhanced to enable automated case assignment to analysts, with an available one-step review process that can reduce manual review times by 75% from an industry average of 10 minutes to 2.5 or less, all with the accuracy and auditability regulators require.

Decision Module

Socure has launched a new intuitive, self-service user interface and capabilities to its Decision Module solution. This update delivers an industry-first simulation engine that models the impacts of potential logic changes using historical customer transaction data. Additionally, it offers simple no-code, real-time management of new customer onboarding decision logic. This includes identity, watchlist and fraud risk parameters that guide whether to accept, decline or flag a consumer for further review, and provides streamlined reporting and audit capabilities.

Organizations with limited IT resources to manage the continuous complexities of customer onboarding decisioning can realize faster time-to-market launches of new products and services, and reduced overhead spend. This is of particular importance to early-stage companies, including fintechs, where compliance regulations can present a formidable impediment to market launch. For established organizations, Decision Module can bolster regulatory compliance and streamline operations, freeing up IT resources for other priorities.

With Socure’s Decision Module, risk and compliance teams have full control to configure, review and manage customer onboarding decision flows through a simple UI that ensures decision-making processes are transparent, consistent, and aligned with their internal compliance scorecard, policies, and procedures. With the Decision Module, organizations gain the power to swiftly identify and halt fraud attacks as they happen. By pinpointing recurring patterns commonly used by attackers, this advanced tool enables real-time adjustments to the onboarding decision logic, effectively thwarting fraudulent activities and ensuring a secure customer experience.

“Many compliance professionals continue to rely on legacy solutions that have appeased regulators and assumed to be best-in-class for far too long,” said Debra Geister, Vice President of Compliance Solutions.

”These legacy solutions were developed decades ago, have changed little since that time creating serious deficiencies in meeting the demands of today. The result is legacy solutions misclassify more than 5% of transactions providing a false sense of security, extensive back office reviews, and compounding compliance risks. Socure is the new gold-standard solution for compliance professionals and a partner in addressing these challenges.” 

For more information on the compliance suite of products visit Socure’s website. Download the new eBook – The Changing Face of Compliance here.

About Socure

Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real-time. The company has more than 1,800 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 400 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, the State of California, and Florida’s Homeowner Assistance Fund. Socure customers have become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, and MVB Bank. Additional investors include Accel, T. Rowe Price, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, Bain Capital Ventures, and others.