Socure increases security, automation of KYC solution
Socure’s KYC solution has been upgraded with greater security and transparency such as the addition of full access to the best-matched entity, reason codes and field validation intelligence. These will reduce the number of manual reviews required as exception processes will be automated.
Reason codes are also known as ‘score factors,’ and indicate reasons for a particular score in a risk assessment. Field validation is an automated data-checking process.
Through the user dashboard or API, users will have improved visibility of more data on customers and to verify the digital identity of both potential and existing ones.
The products are intended firms such as those offering financial services to keep abreast of strengthening regulation, particularly in light of Russia’s invasion of Ukraine and increased sanctions imposed.
Socure’s biometric KYC system is built on the feeds from more than 1,100 data providers spanning checks across contact details, address, social security, device and its IP. It boasts 99.5 percent coverage of U.S. addresses, more than even the USPS.
“The strength of an identity verification solution is not determined solely by having more data than anyone else,” comments Johnny Ayers, founder and CEO of Socure. “It is determined by combining the maximum amount of data to cover all ages, races, demographics, and genders with best-in-class entity resolution, clustering, and machine learning technology to resolve to an identity with the highest degree of accuracy and coverage.
The firm states that legacy solutions return incorrect matches as much as four percent of the time.
“Organizations that are serious about delivering inclusive onboarding and achieving continuous compliance with increasingly stringent regulatory mandates have to operate with a solution that moves beyond the limited analytical capabilities of legacy identity verification solutions,” adds Ayers.
Socure recently partnered with Middesk to launch a new know your business (KYB) check solution to reduce the cost of fraud checks. The firm is also attempting to enter government digital identity provision.