Socure Reinvents KYC Accuracy and Coverage, Delivering Up to 94% Customer Approval Rates For Hard-to-Identify Populations, Including Gen Z, Millennials, and New-to-Country
Socure announces industry-first capabilities, including eCBSV support as part of an integrated KYC solution and hyper-accurate address normalization, as well as SSN pre-fill for improved customer experience
NEW YORK–(BUSINESS WIRE)–#dataprotection—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 an 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 populations such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country.
“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 that enable firms to strike the balance between fraud prevention and the customer experience.”
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 industry-leading 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.
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 of 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:
Address Resolution and 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 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 is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 500 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later provider, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to Forbes’ Fintech 50 List 2021, Forbes’ America’s Best Startup Employers 2021, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The Fintech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.