Socure launches omnichannel biometrics and document verification solution DocV
Socure has unveiled DocV, a new automated omnichannel service for identity document verification and face biometrics.
DocV utilizes machine learning to verify the authenticity of government-issued IDs and match them to a user selfie with facial recognition and biometric liveness, allegedly producing auto-decisioning rates as high as 98 percent in seconds.
The solution has been designed to speed-up onboarding processes, tackle fraud, and reduce the costs of manual reviews.
According to Socure, DocV would be able to confirm the authenticity of more than 3,500 government-issued ID types from around the world.
The ID document and selfie biometrics tool also adjusts for and offsets user-error, and runs an additional security check for liveness after a first scan, matching the photo on a consumer’s ID with a selfie in under 15 seconds. Further security checks layered into DocV include device risk analysis and phone and email correlation.
DocV offers a series of additional features, including access to customers locked out of existing accounts, detecting account takeover attempts, and processing high-dollar transactions.
Commenting on the news, Johnny Ayers, founder and chief product officer of Socure said the deployment of DocV comes at a time of increased security needs for the financial industry.
“As more sophisticated fraud attacks are on the rise,” Ayers explained, “financial institutions and other organizations are bolstering identity verification protocols, including KYC/CIP, fraud prevention, and sanction screening.”
Socure claimed that, in its initial beta phase, DocV delivered 25 percent higher conversions by reducing users’ drop-offs rates.
DocV also “drastically reduces the operational burden and cost associated with manually verifying identities while accelerating revenue growth, reducing identity fraud, and reducing friction during the authentication process,” Ayers added.
Socure’s new DocV solution can be integrated via mobile and web SDKs or a RESTful API.
DocV is available as a standalone product or as a part of the overall Socure ID+ product suite, the company’s fully integrated identity fraud and compliance platform.