Socure Reinvents KYC Accuracy and Coverage, Delivering Up to 94% Customer Approval Rates
Socure, the leading provider of digital identity verification and trust solutions, today introduced several technologies as it further expands its KYC solution, currently used by top banks, Fintechs, online gaming companies, telcos, and more. Industry-firsts include hyper-accurate address normalization, date of birth matching, and algorithmic name matching capabilities. The company also launched a Social Security number (SSN) pre-fill capability for improved customer experience and is now a provider of the Social Security Administration’s (SSA’s) Electronic Consent Based Social Security Number Verification (eCBSV) service for verifying PII elements against the SSA’s government database of SSNs, name, and date of birth.
Socure’s KYC solution enables progressive organizations to onboard customers in the hard-to-identify demographics faster, reduce abandonment and drop off rates, and verify key population segments that are signing up for services for the first time. The company is now delivering auto-approval rates of up to 98% for mainstream populations, and up to 94% for the hard-to-identify such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country.
Unlock New Opportunities for Business and Customer Growth
While legacy vendors continue to be challenged with poor identity coverage, low accuracy, false rejects, manual reviews, and less than 80% customer approval rates with friction, Socure’s KYC solution is designed for modern day challenges and demographics. The company’s KYC product offering now delivers up to 98% frictionless auto-approvals, unmatched coverage, and data quality to achieve better compliance and unlock business and customer growth.
Socure’s solution is unique in its unparalleled accuracy and coverage, instantly verifying all segments of a given customer population. And because it optimizes the verification of hard-to-identify segments, organizations can acquire and convert more customers, increasing business growth by seamlessly onboarding these previously unverifiable consumers. Good customers onboard quickly, while risky users are prompted for step-up verification or are rejected in milliseconds, providing the most friction-free and efficient experience in the market.
“The ability to facilitate seamless onboarding is more important than ever, given the rapid digital acceleration spurred by the pandemic. To remain competitive, firms need solutions that can accurately risk assess new customers—especially more challenging demographics such as consumers that are young or new to the country,” said Julie Conroy, Head of Risk Insights at Aite-Novarica Group. “Providers like Socure have risen to the occasion, by providing risk assessment solutions to enable firms to strike the balance between fraud prevention and the customer experience.”
Unrivaled Coverage and Accuracy Powered by the Most Comprehensive ID Graph in the Industry
Socure’s patented data ingestion and cleansing technology is paired with unsupervised ML clustering capabilities, enabling the company to analyze an unparalleled breadth and depth in data that goes beyond the industry status quo. The identity resolution engine analyzes over eight billion records and more than 530 million good and bad identities to achieve the most accurate view of identity possible. Socure also evaluates streaming data, credit bureau history, utility data, telecom history, higher-education records, and 200+ other authoritative data sources to instantly establish a multi-dimensional view of any consumer. This optimizes the ability to safely and accurately allow that individual into an organization’s services ecosystem.
Socure’s KYC solution introduces technological advancements in accurately identifying each element of digital identity including the following:
Address Resolution & Normalization
Socure provides the most accurate address resolution possible, resulting in >99.5% coverage surpassing that of the U.S. Postal Service, Google Maps and other data sources.
Date of Birth Matching
Socure delivers unparalleled DOB accuracy and matching capabilities, correlating the inputted date of birth with eight different formats and combinations.
Algorithmic Name Matching
Socure offers a proprietary ensemble of state-of-the-art string similarity algorithms to account for various name permutations.
Socure’s SSN resolution goes beyond simple matching, correcting common errors and results from diverse data sources while also auto-populating PII based on the last four digits only, reducing customer friction.
“Over the last 18 months, we have seen a gravitational pull toward Socure by the largest and most successful companies who are rapidly looking to offer and expand services online for the hard-to-identify 18-23 year olds, thin-file and new-to-country populations,” said Johnny Ayers, founder and CEO of Socure. “These individuals don’t have a deep credit, utility or post-paid mobile operator history so it makes them extremely difficult to verify using the traditional methods. Socure is uniquely suited to answer this growing demand and we are both strategic and essential to companies that view doing business online with this audience as critical to their success.”
Socure’s latest KYC solution is available now. For more information, visit www.socure.com/kyc.