Socure

🚨 We’re excited to announce the next generation of our Document Verification (DocV) solution! Purpose-built to tackle stolen identities, spoofing, and highly sophisticated #deepfake attacks, DocV combats every single dimension of a potential threat at once, all in less than 2 seconds and with no impact to the user experience. Our multi-layered defense approach ensures that increasingly complex attacks cannot circumvent the system that now analyzes thousands of document signals in real time with a broader view of identity risk by also analyzing PII, barcode data, device and behavioral intelligence, geolocation, and biometric signals. 💡 What does this look like in action? Dave, a neobank Socure customer since 2020, saw a dramatic 57% increase in DocV auto approval rates, resulting in a 21% lift in their overall acceptance rate. Here are a few of the new features: 🎭 The deepfake selfie detector uses carefully curated AI-generated deepfakes to train models to thwart sophisticated spoofing attacks and detect digitally-created deepfake selfies. 🔎 The barcode enhancement system identifies anomalies in barcodes, reconstructs unreadable or low-quality barcodes, and verifies front and back consistency to protect against deceptive barcode fraud. 🙋🏽♀️ Proprietary predictive fraud signals examine the correlation and risk related to the identity behind the credential by leveraging insights from Socure's rich identity graph and fusion of data sources. With privacy and consent as top priorities, DocV empowers organizations across industries to build trust and prevent fraud, while delivering seamless experiences for legitimate customers. Thank you to Stav Gil and the Dave team for your partnership! Read the news here: https://lnkd.in/e5RrYpmQ

🤦🏾♀️ Compliance professionals face mounting pressure to ensure they adhere to #sanctions and enforcement regulations. Legacy sanctions screening solutions are putting organizations at risk, burdened by false positives and negatives, inefficiencies, and inaccuracies of endless manual reviews that can lead to costly regulatory enforcement action — including #ConsentOrders. To address these challenges, Socure has unveiled the industry's most accurate AI-powered global watchlist screening and monitoring solution. Here are the highlights: 🔎 Customers can expect a 20% improvement in sanctions screening accuracy compared to competing offerings 🙌🏽 30% decrease in false positives ⌛We’ve slashed manual review time by 75%, from an industry average of 10 minutes to just 2.5 minutes resulting in a 60% reduction in resource and staffing costs, allowing teams to focus on higher value tasks Read more in our blog here: https://bit.ly/3WdbBPS

🎉 Big news! Today, Socure unveiled the industry's most accurate AI-powered global watchlist screening and monitoring solution. The solution helps financial institutions accurately screen, monitor, and assess new and existing customers against the Office of Foreign Assets Control (OFAC) sanction lists and politically exposed persons (PEP) databases, adverse media, and custom watchlists. Sanctions screening has been challenged with outdated watchlist tools which increase risk of regulatory action from inaccurate results while also having high false positive rates. These results require exceedingly large staffing costs associated with manual reviews. It’s time to transform sanctions screening with a modern solution that delivers: ⚡20% lift in screening accuracy ⚡30% reduction in false positives ⚡75% reduction in manual review time 👀 Read more about Socure’s new watchlist solution here: https://lnkd.in/e5-w3WMm

🚨 #Identivation2024 Session Highlight | Hiding in Plain Sight: How Stolen PII Fuels Devastating Crime Your users' personal data is the fuel that powers a massive criminal ecosystem on the dark web. Once breached, sensitive PII gets enriched, packaged, and sold to fraudsters, leading to terrible outcomes ranging from financial ruin to human trafficking. 🚫 How does this happen, and what can you do to protect your customers and business? Get answers during this session at the Identivation Summit 2024, hosted by the Identity Theft Resource Center - Nonprofit (ITRC) and Socure on May 20-22 in Nashville. Moderated by Travis Jarae, CEO of Liminal, you'll hear from James E. Lee, COO at the ITRC, and Yigit Yildirim, PhD, SVP of Data and AI at Socure as they deep dive into the dark web's criminal underworld and share strategies to fortify your defenses, safeguard your institution, and ensure compliance. 🎟️ Want a spot at Identivation? Request your invite here: https://bit.ly/3UuxzN9

👀 Spot the orange shoes at the Okta Government Summit! Jordan Burris , Matthew Thompson, and Jeff Shultz are representing the Socure team today in Washington, D.C. as we work to secure the mission of #government with modern identity verification and fraud prevention. Special thanks to Katy Mann, Jennifer Fleisher, Mike Uster, Cassio Sapaio, Christine Halvorsen, Sean Frazier, Ralph Figueiredo, and Bill Hustad for your partnership!

Socure is excited to attend the Government Technology 2024 Central Florida Digital Government Summit 🌐 🌴 💻 The Digital Government Summit brings together technology-focused public sector professionals with leading industry partners to connect on new approaches, get inspired, and discover emerging technologies. 🙌 Swing by the Socure table during the summit to discover that latest in digital identity verification. Check out the event page for more details: https://bit.ly/3U7VEct #GovTech #DigitalGovernment

In the realm of data privacy and responsible tech development, Ambar Chavez, Socure's Global Privacy Lead, highlights a critical distinction often blurred by regulators – facial verification vs. facial recognition. According to Chavez, regulators tend to use broad terms like "surveillance" to cover any data collection, painting technologies like "facial recognition" as inherently negative. Here’s the difference between the two: While facial recognition identifies individuals from a database, facial verification confirms one's claimed identity by matching their face to an ID document or selfie. Conflating these distinct technologies risks creating confusion and hindering valuable identity solutions. Watch the full conversation on this on-demand webinar as we demystify these technologies and strike a balance between innovation and ethical data practices. Catch up here: https://bit.ly/49H2dHi

🧐 Policymakers should be working closely with banks and public sector agencies on efforts to protect consumers from fraud. Too often, proposed regulations have the opposite effect. That's just one reason why we’re uniting a distinctive group of 75 financial services and #fintech leaders with 75 public sector officials to collaborate on new approaches to unlocking equitable and trusted identity at a national level. This initiative starts at #Identivation2024 on May 20-22 in Nashville. One of the many topics we’ll tackle? How to strike a balance between robust consumer protection and effective fraud prevention in the current regulatory environment. Hosted by the Identity Theft Resource Center - Nonprofit and Socure, we'll delve into regulatory updates, changing biometric privacy legislation, and the role of unfair and deceptive practices (UDAP) in the context of balancing these priorities. And, we’ll collaborate on strategies to ensure that these regulations balance consumer protection and #fraud prevention. Add your voice to this pivotal conversation — click below to request your invite: https://bit.ly/3Uo3oam

🧐 So what’s exciting about the latest version of DocV? A lot. DocV offers a layered defense for document verification, looking at the government-issued ID compared to the user’s selfie as well as the PII, the barcode, and device and behavioral intelligence. All of this serves to accurately detect and prevent #deepfakes, fake IDs, and stolen and fabricated identities from entering the digital economy. The power of Predictive DocV looks like: ⚡Accuracy | DocV has the highest true accept rates — 98.22% — in the industry 🏁 Speed | Reduce wasted manual review spend with a response time of less than under 2 seconds 👋🏽 User experience | On a user’s first attempt to authenticate, Socure can auto-decision with 97% conclusive results on first attempt - 17% higher than the industry standard The results? Driving the highest revenue for new applications, preventing more fraud losses, and decreasing customer acquisition costs. Learn more here: https://bit.ly/4az2RYO Read the press release: https://bit.ly/3W5JaUg

🏦 Financial institutions are struggling with ineffective identity verification that creates unnecessary friction and headaches for customers and banks alike. One leading U.S. bank knew it needed to improve identity verification to power customer onboarding and smoothly process 600,000 new account applications per month. ⌛ Their old process forced 16% of applicants into manual fraud review, while capturing less than 50% of identity fraud. Even worse, 6.7% of applicants were sent to costly manual reviews by a customer agent. This friction was leading to lost new customers and higher operating costs. To address these challenges, the bank evaluated and implemented Socure's ID+ platform. The results: - Over 50% reduction in friction for all applicants, dramatically improving the customer experience - Potential to auto-approve 80% of accounts currently subjected to manual review, streamlining operations - 50% reduction in identity theft cases, enhancing risk mitigation - Socure auto-approved ~57% of "unknown" applicants, generating an estimated 10,694 new booked accounts per month By leveraging Socure's advanced identity verification and fraud detection capabilities, this top bank can now reduce friction, mitigate risks, and drive substantial new account growth. Get the full story here: https://lnkd.in/e59QGp3Q