Outperform: Document Verification with Massive Leaps Ahead in Speed and Accuracy

At Socure, we believe the most successful companies share a relentless pursuit of excellence by measuring what matters most. This ethos drives us to continuously innovate our identity verification and fraud prevention solutions, addressing previously unsolved problems for our customers.

Online identity verification through document capture is essential but has been hindered by inadequate solutions. For activities like purchasing age-restricted items, online banking, or providing physical ID, users need an accurate and seamless submission process that prevents fraud and deepfake attacks. Our latest research report — Unmasking Document and Biometric Identity Fraud: Exposing the Deceptions — provides an in-depth analysis of these challenges

But the best document verification technology is only as valuable as the real-world results it produces, not unsubstantiated promises by a vendor’s sales team in an RFP response.

That’s why we’re committed to total transparency in what we’re actually delivering in production today. We’re going to start sharing our performance results publicly and challenge the rest of the industry to do the same — while also asking our customers to poke holes and tell us where we can continue to improve. 

In this new series, we’ll showcase the latest innovations across our product suite and the tangible ways they’re driving success for our customers.

We’ll start by highlighting the enhanced capabilities of our DocV solution suite. 

From 2022 through Q1 2024, we have taken enormous steps forward, and the performance shows it. 

With the integration of the Berbix technology post acquisition in 2023, advancements to the capture app, creation and integration of hundreds more predictive Socure-proprietary ID graph fraud signals across PII, device, headshot manipulation, image velocity and new generative AI enhancements for barcode readability, we have delivered huge improvements across every dimension of measurement and performance. 

In 2024, we introduced several exciting features, with patented innovations such as a deepfake selfie detector that flags attempts by fraudsters to submit photos of other individuals or digital images captured from screens. Additionally, we implemented a barcode enhancement system that takes any unreadable, machine generated or low quality barcode as input and then reconstructs a clean, “super resolution” barcode that is easy to read while maintaining the PII originally encoded within. This allows the system to verify an ID’s front and back consistency, check barcode security compliance with issuing authority standards, and protect against deceptive barcode fraud that can easily fool most other solutions or a human reviewer.

Socure DocV: How We Measure Success

Before we get to the numbers, here’s how we determine performance. We’ve used market-defining offerings for ID barcode extraction, computer vision, biometric image comparisons, and Optical Character Recognition (OCR) technology to ensure the highest accuracy and efficiency for our partners. 

We measure our success based on a well rounded set of metrics (all rates are expressed in percentages):  

• Auto Decision Rate: How often DocV returned a conclusive decision (“accept” or “reject”) for a submission
• True Reject Rate: How often DocV predicted fraud given a fraudulent submission
• True Accept Rate: How often DocV predicted a legitimate submission given a legitimate submission
• False Reject Rate: How often DocV falsely predicted fraud given a legitimate submission
• False Accept Rate: How often DocV falsely predicted a legitimate submission given a fraudulent submission
• Overall Accept Rate: How often DocV returned an “accept” for a document
• Overall Resubmit Rate: How often Socure DocV returned a “resubmit” for a document

The Results: Lightning Fast Socure DocV completes 95% of verifications within 1.5 seconds, with 99% completed in less than 2 seconds

DocV alleviates consumer friction concerns presented by typical document and biometric verification solutions. The graph below depicts response time performance improvements from March 2023 to March 2024:

DocV’s True Accept Rate Jumped from 76.7% in 2022 to 95.2% in 2023 to 98.2% in Q1 2024 

The True Accept rate demonstrates how we’re helping our customers onboard more legitimate users without manual reviews, boosting growth and revenue.

The False Accept rate dropped from 38.7% in 2022 to 18.3% in 2023 to 1.2% in Q1 2024. The False Reject rate went from 16.1% in 2022 to 2.8% in 2023 and 1.8% in Q1 2024. The True Reject rate went from 40.4% in 2022 to 80.8% in 2023 to 98.8% in Q1 2024. For our customers, this means drastically reducing false rejects while rejecting more bad actors. 

We also dramatically increased our overall DocV Approval Rate from 79.5% in 2022 to 86.6% in 2023, culminating at 90.4% in Q1 2024.

With these improvements, our customers can offer their users an even more seamless and automatic onboarding experience, creating delightful interactions for new users and ditching entirely the assumptions that document verification is a commodity, or that it means added wait times and unnecessary friction. The data speaks for itself here. 

We also cut the overall resubmit rate from 10.7% in 2022 to 6.5% in 2023 and down to 4.3% through Q1 2024. This means that 95.7% of users received a conclusive response on the first attempt and did not have to redo the verification process.

The Relentless Pursuit of Excellence 

At Socure, we embrace a relentless mindset and an unwavering determination to innovate continuously until we achieve the best solutions possible. This approach directly translates into enormous value realized by our partners. 

Our enhanced document verification tools keep more bad actors out of our customers’ ecosystems, reducing losses while eliminating manual reviews. This streamlines operations, cuts costs, and provides users with a smoother, near-instant verification and decisioning experience.

Driven by our core mission of building AI to empower customers to make smarter identity and risk decisions, we are constantly pushing the boundaries of what’s possible with machine learning. Our accelerated pace of innovation ensures our partners benefit from continuous performance improvements in identity verification and fraud prediction, without any changes required.

Socure’s existing partners can expect that our identity verification and fraud prediction performance will keep advancing as we increase the velocity of our innovation with AI. Let Socure be your Identity and Fraud AI autopilot. 

Want to learn more? Download our latest report on how generative AI is amplifying document forgery threats and deepfake attacks.

Stay tuned for our next blog in the Outperform series — coming soon!