Company automates the challenges of customer verification, compliance risk assessment and decisioning across the entire customer journey
Socure, the leading provider of digital identity verification and fraud solutions, 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.
Broad, static name-matching rules common in 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.
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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.
- 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.
SOURCE: PRNewswire