An ideal customer profile for Socure is an organization that needs to rapidly verify the identities of large volumes of applicants, with the twin goals of accelerated onboarding of legitimate consumers and instant capture of fraudulent ones, and the attendant shrinkage of costly and problematic friction.
The types of companies Socure’s software is best for include, but are not limited to: Financial Services, Banking, Online Gaming, Ecommerce, , Crypto, gig-economy (ie Ride-sharing), healthcare, insurance and government agencies...any company that needs to verify a user’s or customer’s identity, prevent fraudulent activities, enhance a users onboarding experience, and minimize false positives and manual reviews
The roles that often utilize Socure’s software includes but are not limited to: Compliance, Fraud & Risk, Growth.
It creates trust for every online business-to-consumer application and exchange by answering two key questions:
Is this consumer a real person?
Is this person who they say they are?
Socure’s industry-leading ID+ platform utilizes every element of identity, natively orchestrated by advanced AI/ML, to maximize accuracy, reduce false positives, and eliminate the need for disparate products.
Rather than stitching together pieces of the identity verification and onboarding process using multiple vendors, the Socure ID+ platform encompasses every aspect, end to end, in one holistic solution. Using the largest amount of data sources and the most advanced proprietary machine learning technology, Socure is 98% accurate in verifying good identities, provides customers with the highest rate of converting those good identities as well as the lowest rate of false positives, ultimately leading to the largest top-line growth for customers, a frictionless onboarding experience for their users, and a significant decrease in manual reviews.
Socure’s ID+ platform also eliminates the burden of procuring identity data by utilizing the most accurate and up-to-date data sources for every element of identity to achieve the highest levels of coverage.
To integrate with the Socure service requires simplified and minimal coding of standard REST API calls. The response is the universal format JSON, which is easily parsed. This response contains the risk scores relative to the PII of the applicant, and the identity as a whole, along with the reason codes which inform those scores, i.e. why a person, an email, a phone, etc. represent a risk or not. This data can be consumed by our client’s decisioning logic. Therefore the technical requirements for an integrator are very reasonable.
Our dashboard is an easy user interface for reviewing transactions, or manually creating new ones with a few keystrokes. It also provides our clients with options for configuring their service, including account management, reporting, tolerance rules, and other aspects of how the service behaves relative to their risk tolerances and compliance requirements
Our decision module can greatly simplify the responses and how they are consumed, by delivering approve-reject-review data based on predetermined logic hosted by Socure. This is an ideal option for smaller operations, or organizations that wish to make standard decision baselines avaialble to multiple lines of business. This module can be configured through a simplified interface as well.
Socure is the market leader and highest valued company ($4.5B) in the identity verification and fraud prevention space. Its graph-defined platform combines advanced machine learning and artificial intelligence with all elements of a consumer's identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the market.
The company has built the most comprehensive identity graph in the industry that analyzes and correlates every facet of a digital identity, utilizing over 17,000 features, 8 billion rows of data, and a continuous feedback loop of decision outcomes from over 1,100 customers to deliver the highest-assurance assessments of new users in the market.
Socure’s platform is the gold standard for four of the top five banks, seven of the top 10 card issuers, the top three MSBs, the top payroll provider, top crypto exchanges, the top credit bureau, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Fortress, Gusto, Sezzle, Poshmark, Chime, SoFi, Varo, Public, Stash and the State of California. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony.
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Financial institutions that leverage the integration between ServiceNow Financial Services Operations and Socure’s identity verification platform will quickly onboard more accounts, deliver differentiated customer onboarding experiences, reduce risk, and lower client acquisition costs.
Socure charges an annual subscription fee and per transaction with the average contract at $300,000 per year
As part of the onboarding service, our Account Management team educates users on technical integration and best practices, well as walking clients through a series of environments (sandbox, certification, and production) so that the go-live experience is optimal from Day One. On request, we offer clients access to our internal training modules. There is also our DevHub, the client-facing user guide, complete with how-to’s and coding examples. Socure also educates clients on the use of our dashboard for managing their own accounts and API settings, as well as reviewing or creating transactions.
The implementation process takes between two weeks to two months, depending on the complexity of the client’s environment and the number of use cases. By the time a deployment is scheduled, we have already scoped out those use cases and compliance needs. We work with the customer to identify the integration points, meaning where in their consumer-onboarding funnel they will place the calls to Socure for decisioning. We walk through best practices for this integration, including how to optimally ingest and decision on the Socure responses which indicate the relative risk of each applicant. Socure provides best practice onboarding logic, but will work with clients on interacting with their existing logic if that is preferred.
For the purpose of testing the first pass of integration, we provide a no-cost sandbox environment, to ensure that API calls can be made and answered. Then we progress to the certification environment for testing live calls, and finally we migrate to production.
Socure generates API keys for use in secure calls. These can be managed by the client through the dashboard.
Support is offered via email and help desk. We provide a developer’s hub, FAQs, and dev forum, along with a knowledge base of common questions and answers.
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