Perhaps worse is the effect these ineffective solutions have on legitimate customers. When good customers are misidentified as bad, online lenders needlessly lose out on new customer acquisition.
Increase your Online Acceptance Rates
When bad customers slip through the protection layers, online lenders suffer fraud losses. Socure’s solutions provide highly accurate identity verification across a broader spectrum of applicants. Leading online lenders have markedly increased online acceptance rates by better identifying applicants that were previously miscategorized as high-risk due to shortcomings in their existing fraud protection solutions. This is especially important for the millennial population with limited credit bureau histories and online financial footprints.