Product Overview of Socure
Socure is a leading provider of digital identity verification and fraud prevention solutions, leveraging advanced artificial intelligence (AI) and machine learning (ML) technologies to ensure secure and seamless identity verification processes.
What Socure Does
Socure’s platform is designed to verify identities in real-time, preventing fraud and ensuring compliance with regulatory requirements. It serves a wide range of industries, including financial services, government, gaming, healthcare, telecom, and e-commerce, with over 1,900 customers, including four of the five top banks and more than 400 fintechs.
Key Features and Functionality
Identity Verification
Socure’s identity verification process is comprehensive and multi-layered, incorporating various methods such as document verification, facial recognition, knowledge-based authentication (KBA), two-factor authentication (2FA), and social logins. This approach provides a 360-degree view of digital identity, ensuring that the claimed identity matches the actual identity.
Advanced Analytics and AI/ML
The platform uses advanced AI and ML to analyze over 500 correlated feature candidates, creating adaptive behavioral profiles that go beyond traditional device fingerprinting techniques. This includes behavioral analytics, device intelligence, and liveness detection to ensure users are physically present and not attempting to spoof the verification process.
Risk Scoring and Fraud Detection
Socure’s RiskScore products are highly effective in deflecting fraud from faked, stolen, or invalid email accounts, phone numbers, and physical addresses. The platform can verify more phone numbers and addresses than competitors, with a 12% lift in coverage and 15% more fraud capture for emails, and 40% greater fraud capture for phone numbers.
Compliance and Regulatory Adherence
Socure’s solutions are designed to meet stringent compliance requirements, including KYC (Know Your Customer) and AML (Anti-Money Laundering) screening. The Socure KYC feature automates customer identity verification, enabling businesses to auto-approve up to 98% of customers while satisfying regulatory needs.
Comprehensive Suite of Services
The Socure ID platform includes a range of features such as:
- Document Verification: Verifies the authenticity of identity documents.
- Biometric Authentication: Uses facial recognition and other biometric methods.
- Device Fingerprinting: Verifies device integrity and connection.
- Behavioral Biometrics: Analyzes user interaction patterns.
- Global Watchlist Screening: Checks against international watchlists.
- Synthetic Identity Detection: Identifies and prevents synthetic identity fraud.
- Email, Phone, and Address Risk Assessment: Evaluates the risk associated with these identity elements.
- Geolocation Analysis: Analyzes user location data.
- Continuous Monitoring: Provides ongoing validation to prevent unauthorized account changes.
Integration and Support
Socure’s platform supports various platforms, including Android, and offers robust API integration for seamless integration with existing systems. The company provides comprehensive customer support through phone and ticketing systems.
Unique Value Proposition
Socure stands out with its vertically integrated, end-to-end identity verification solution, which covers every part of the customer journey from signup to ongoing monitoring. Its use of graph-defined identity verification, combined with AI/ML models, enables the platform to recognize and prevent sophisticated fraud attacks that might elude human detection. This approach ensures a frictionless experience for legitimate users while maintaining the highest standards of security and compliance.