Game-Changing ID Verification Balances Fraud Mitigation with Seamless Onboarding

As sophisticated fraudsters continue to exploit fraud detection vulnerabilities, financial institutions and fintechs are reassessing identity verification (IDV) protocols, including CIP/KYC, AML, fraud prevention, and sanction screening. Fraudsters are getting craftier, so financial services providers are stepping up the game with integrated measures to combat ID document manipulations and deepfakes, which are increasingly difficult to spot, while performing a balancing act to ensure accuracy and fast onboarding.

Socure’s Predictive DocV, the industry’s best-in-class identity document verification solution according to Aite-Novarica Group, allows an applicant to submit an image of their government-issued ID and a selfie, which are checked for authenticity and liveness, all from a mobile device.

Provide Seamless User Support at Onboarding and Throughout the Customer Lifecycle

Predictive DocV can be introduced in the user experience during onboarding, when an application has been flagged as “gray” or high-risk, as well as at other points in the customer lifecycle (including situations like account lock-out or to prevent account takeover (ATO). When DocV is triggered, the technology verifies ID security features and matches a selfie against the ID document photo, ultimately returning a definitive “accept,” “reject”, or “resubmit” decision.

Create Customizable Workflows for Any Use Case or Risk Tolerance

Socure’s DocV solution is integrated with Socure’s industry-leading identity verification platform, Socure ID+, which serves as the new standard for digital identity verification, providing real-time, predictive analytics to deliver the most accurate and comprehensive identity verification and fraud prediction, all through a single API.

Prior to implementation, Socure’s experts first help customers assess their risk tolerance for every use case across their product lines and then introduce DocV when needed, as a step-up method or at the top of the funnel.

DocV can be applied to bolster approvals in situations where a lenient approach is applicable–such as for a low-risk account or unintentional KYC failure at onboarding. In contrast, a seven-figure money transfer may require a stringent approach to manage risk and secure the high dollar transaction. Regardless of the scenario, Socure helps customers identify their objectives and tailor a DocV implementation to fit their goals and risk appetite.

Additionally, with DocV as part of a comprehensive suite of powerful solutions, customers are able to replace multiple vendors in CIP and fraud decisioning workflows, and rely on Socure as a single source for identity verification, which both lowers cost and improves auto-approvals.

Notably, DocV’s vast configuration options are a pivotal differentiator in the marketplace, where customers can enable options for age and expiration criteria as well as on-the-fly setting changes for specific use cases, risk tolerance, or on a per-transaction basis.

Rely on Layered Risk Assessment and Authentic Predictive Signals

DocV incorporates device intelligence and phone risk—predictive signals which are nearly impossible to fabricate. This unique, but highly beneficial feature, checks for potential risks associated with the phone number and also performs a name-to-phone correlation check. Socure corroborates data input against a document’s extracted data to ensure a person is who they say they are.

Zooming back out, fraud continues to increase at a rapid rate with both account takeover and synthetic fraud outpacing other fraud types. As companies reevaluate tools to deploy to manage growing risk, DocV represents the enhanced security layer needed to authenticate individuals and devices in various sign-up, login, account update, and high-dollar transaction activities.

Unlike most ID document verification services where only the physical ID and selfie photos are being authenticated, DocV’s multi-dimensional and layered risk assessment is the only industry solution incorporating these predictive signals on top of legacy binary checks. Companies across industries can count on Socure to deliver the most robust, holistic, and accurate approach to fraud prevention and KYC, not only by the authentication of IDs and selfies, but also by analyzing that data and correlating it with other elements of the identity.

To learn more about how Socure’s DocV can transform your business and to see it in action, schedule a demo today.