Mitigate Synthetic Identity Fraud Risk and Promote Financial Inclusion
eCBSV provides financial services firms greater assurance of consumer identity by instantly verifying a consumer provided name, SSN and DOB match with the issuing authority - enhancing CIP compliance and promoting financial inclusion.
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Solution Highlights
Prevent Synthetic Identity Fraud
Stop bad actors, bolster your CIP compliance process, and reduce the risk of regulatory penalties or fines by verifying consumer PII with the issuing authority. eCBSV provides additional authoritative positive or negative signals to make confident decisions on higher risk consumers.
Promote Financial Inclusion
Grow your business while ensuring inclusive access to all. Verify the digital identity of 6-8% more populations with limited or no credit history, reducing disparate impact to Gen Z, new-to-country and other vulnerable consumers.
Cost Efficient
Automate exception processes, reduce manual reviews, and replace cumbersome SSA-89 paper forms. eCBSV is fully integrated into the ID+ platform with optimized workflows for accuracy, coverage, scale, and cost-savings through our high-volume of transactions.
Minimal Consumer-Input PII Required
eCBSV can be layered into your customer onboarding process without adding additional friction. Only name, SSN, and DOB are required to utilize eCBSV for extra assurance when necessary.
Additional Context for Mismatches
Consumer PII that doesn’t match the records at the issuing authority are returned as unverified, without a reason why. Socure can help uncover the reasons for unverified eCBSV results including marital name changes, typos and miskeys - expediting the next steps in the decisioning process.
Why Socure?
eCBSV is fully integrated into Socure’s ID+ platform, which leverages consortium intelligence from our identity verification products to produce best-in-class CIP compliance and suspected synthetic identity fraud detection, all within a single API.
Streamlined Implementation
Eliminate the need for multiple point identity verification solutions, API integrations and hassle of direct coding to the issuing authority
Manage Operational Costs
Avoid the high annual use-it-or-lose-it prepaid expense of direct coding with Socure’s scale enabling low transaction costs
Instant Response Time
<150ms verification result from the eCBSV service avoids additional consumer friction
Enhanced Data Security
End-to-end encryption of consumer PII between Socure and the issuing authority
Applicable Use Cases
Mitigate suspected synthetic identity fraud with source of truth data
Strengthen CIP/KYC regulatory compliance
Approve more hard-to-verify consumers with limited credit history
Replacement for manual processing of SSA-89 forms
Automate exception processes, reduce manual review
Confirmation of deceased status from death master file
How It Works
eCBSV integrates seamlessly into your customer onboarding workflow as an additional authoritative signal for decisioning. Customize when it is utilized based on your organization’s risk parameters, or choose to verify every transaction.
Socure is the leading platform for digital identity verification and trust.
Its predictive analytics platform applies artificial intelligence and machine learning technology with trusted online/offline data intelligence from email, phone address, IP, device, velocity, and the broader internet to verify identities in real time.
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