Socure Upgrades KYC Solution to Maximize Accuracy of Identity Verification and Ensure Continuous Compliance

Enhancements Will Deliver Operational Efficiency, While Maintaining Continuous Compliance with Regulatory Mandates to Identify and Mitigate Risk

INCLINE VILLAGE, Nev.--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today announced it has enhanced the company’s industry-leading KYC/CIP solution. Socure’s KYC solution now includes full access to the best-matched entity, via the UI dashboard or API, including reason codes and field validation intelligence that enable automation of exception processes and reduce manual reviews. These new features provide organizations that must comply with strict regulatory mandates, such as financial services companies, with a fully-transparent, expanded set of data about the customers they onboard, including an augmented ability to view and assess that information. The upgraded solution also addresses risk in companies' current customer portfolio, to accurately verify their existing customers and mitigate risk of fines during an audit.

These enhancements are a response to an identity verification market that has relied on outdated legacy technology for decades. Legacy solutions—found to return incorrect matches as much as 4% of the time—have largely failed to keep pace with today’s market challenges. Meanwhile, the conflict in Eastern Europe has prompted regulators to impose sanctions and scrutinize numerous industries, including financial services. Companies operating in regulated sectors that err in approving customers on the basis of fraudulent or inaccurate data risk stiff compliance penalties and fines.

“The strength of an identity verification solution is not determined solely by having more data than anyone else. 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,” said Johnny Ayers, founder and CEO of Socure. “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.”

Socure’s KYC solution possesses the most accurate address matching in the US, with over 99.5% coverage—more than the USPS, Smarty, or Google. Socure combines data from these and other sources for maximum coverage and then optimizes to a single normalization. This ensures customers get the most comprehensive and accurate match. Additionally, Socure not only matches on multiple authoritative sources that have corroborated name, email, phone, address, DOB, SSN, and other PII elements, such as IP and device, but also receives actual confirmation of a good or bad identity. These confirmations are derived from Socure’s proprietary feedback data network—a one-of-a-kind consortium of actual decision-outcome data from more than 1,100 customers that provide Socure with specific, accurate decisioning data about good and bad identities and their outcomes.

Socure has also expanded its offering to better serve non-regulated entities including gaming, e-commerce, and other industries. A new Socure KYC4 solution, designed specifically for non-CIP regulated and non-bank customers, enables verification of identities with just the first name, last name, and last four digits of the SSN. The solution then returns the first five digits of the SSN and performs an identity verification check, as well as provides the complete best-matched entity data, ensuring accurate customer verification.

To learn more about Socure’s KYC solution visit: socure.com/kyc.

About Socure

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 physical government issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,100 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Varo, Gusto, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.