Lenders Cooperative Launches Risk Operations Platform with Identity Verification Leader Socure

Lenders Cooperative announced the general availability of its integrated Risk Operations Platform for its small business and commercial loan origination system. The Risk Operations platform is designed to be the centralized hub – orchestrating a variety of best-in-class partners to mitigate fraud, identity theft, and other financial crime trends.

“With the launch of our Risk Operations Platform, we are also pleased to include Socure as an integrated component – enabling our clients to take advantage of their rich identity verification and fraud prevention platform,” commented Loughlin Cleary, President of Lenders Cooperative.

“Integrating Socure into our Risk Ops Platform will meaningfully increase our ability to identify fraud while reducing on-boarding friction for our banks. Many of our financial institutions are exploring how to take our platform and originate small business l**** outside their traditional market areas – doing so requires better tools than banks have used in the past,” said Loughlin.

The Risk Operations platform also includes additional tooling that leverages IRS data to validate name and tax identification information, has document scanning and validation capability, and orchestrates additional KYB vendors to perform additional business screening.

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“In addition to our turnkey integrations, clients have wanted us to integrate into their internal fraud or watchlist systems. With the Risk Operations Platform – we can simply integrate their APIs into our fabric and expose the results directly inside the loan origination process.”

Highlights of the Socure ID+ Product Modules – Integrated into Risk Operations Platform

Inclusive KYC

Socure’s patented KYC solution uses advanced machine learning (ML) and search analytics to achieve the most accurate matching in the industry, and automates customer identity verification. Socure KYC, enables organizations to auto-approve up to 98% of mainstream customers, and up to 94% of hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country, while satisfying compliance requirements.

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Accurate, Robust Identity Fraud Risk Protection

The Socure Sigma Fraud Suite provides ML models that are trained and refined to adapt to emerging third-party and synthetic identity fraud trends by utilizing the most predictive features possible, leveraging both good and fraudulent performance feedback from a network of the company’s 1,100 clients across a variety of industries. Socure captures up to 90% of third-party identity fraud in the top 3% of riskiest users and reduces false positives by more than 13x compared to legacy solutions.

Predictive Identity Document Verification

Socure’s Predictive DocV delivers an automated, hyper-accurate, holistic decision in seconds by applying hundreds of predictive signals on top of ID verification, liveness detection, and biometric facial matching, to reduce manual processes and user drop-off while identifying more good customers and eliminating fraudsters in real time.

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