Socure Announces Industry-First Predictive Document and Identity Verification Solution with Unparalleled Precision and Multi-Dimensional Risk Insights

Socure, the leading provider of digital identity verification and fraud solutions, announced the industry’s first predictive document and identity verification solution with native fraud risk signals and intelligence. Socure’s Predictive Document Verification goes beyond simply authenticating a government-issued ID and matching a selfie to the photo on the ID, but also predicts whether or not the identity itself is safe to do business with by employing real-time data linking for better accuracy and real-time identity trust decisions.

With Socure’s Predictive Document Verification solution, hundreds of validation checks are performed on every document and selfie resulting in unrivaled auto-decision rates and risk insights. Its multi-dimensional predictive signals inform ML-driven decisioning to identify more good customers and eliminate fraudsters in real time.

“Socure’s Predictive Document Verification helps us onboard new customers quickly and scale more rapidly than we could with other tools. It is the only solution providing a single, comprehensive view on the digital identity, not just on document authenticity and matching, but for actual risk and fraud decisions. No other solution compares in terms of accuracy or insights,” said Alex Faivusovich, fraud prevention manager at Lili. “With DocV, we gain confidence in knowing we are doing business with consumers who are who they say they are and won’t put our business at risk.”

Recommended AI News: Point B Establishes Partnership with Vettd.ai, Meets Growing Demand for Customized Artificial Intelligence

Socure Predictive Document Verification’s advanced image capture delivers up to 98% auto-decisioning rates within seconds, whereas other, less sophisticated image capture tools result in only 65% to 70% auto-decisioning. Socure’s Predictive Document Verification also thwarts spoofing attacks with 99.5% accuracy by utilizing best-in-class, NIST PAD Level-2 liveness detection and enhanced biometrics to match the selfie to the photo on the ID. The liveness detection checks work passively in the background, so fraudsters can’t detect it’s happening. No user blinking or head rotation is required, reducing consumer friction. Unlike other tools, a single selfie image fulfills both facial recognition and liveness detection.

“The use of document identification and verification solutions to verify a user’s identity is growing due to the surge in online, digital interactions,” said David Mattei, senior analyst at Aite-Novarica Group. “Socure’s Predictive Document Verification product goes beyond traditional document validation and photo-to-selfie matching. It looks at other risk attributes such as device fingerprints, phone number, and other digital identity signals to deliver a more comprehensive risk profile of the user.”

Using proprietary computer vision technology, Socure’s Predictive Document Verification extracts document PII and verifies it by linking it to authoritative data sources, such as credit header, utility, telecom records, and more. From there, device, phone, and address data are also collected and evaluated during the onboarding process, and then Socure derives predictive signals like phone to name correlation, address to name correlation, device intelligence, and IP distance from the physical address, all elements that are nearly impossible to fabricate.

Recommended AI News: BrainBox AI Partners with KMC Controls to Further Expand its Autonomous AI Technology Footprint

The amalgamation of these predictive signals informs a final decision (pass, reject, or resubmit), blocking risky attempts to enter a customer’s ecosystem while helping them onboard more legitimate customers faster, or identify existing good users with less friction. The hundreds of predictive signals incorporated into the document verification and biometric matching process provide the industry’s only digital identity continuum measuring against fraud risk.

Socure’s Predictive Document Verification employs the industry’s only machine learning classification models trained with 530 million known good and bad identities and 400+ offline/online data sources to assess risk. As massive quantities of data are critical to improve the accuracy of Socure’s Predictive Document Verification, Socure has developed a process for continuous improvement using feedback data from a broad range of clients representing multiple industries. Also critical to Socure’s fraud detection engine, is the incorporation of hundreds of highly predictive features that are unique to identity and device components that can indicate fraud intent to drive more predictive, data-driven outcomes.

Socure’s Predictive Document Verification also includes another industry-first feature. The name from the document is checked against Socure’s Global Watchlist module to match the identity against a wide range of enforcement lists for KYC and AML sanctions screening. This additional check prevents businesses from opening accounts or conducting transactional activity with high-risk individuals due to corruption, drug trafficking, t********, and other criminal activity.

Recommended AI News: Fortem Technologies Conducts Counter Drone Test For Department Of Defense Customer

[To share your insights with us, please write to sghosh@martechseries.com]