In this Partner Spotlight, we’re focusing on Socure, a leading provider of identity verification fraud and prevention solutions. Matt Crandall, Director of Strategic Partnerships, shares details with us.
How long have you been a partner with Zoot?
Socure has been a proud partner of Zoot for over 5 years.
What are you seeing with respect to artificial intelligence/machine learning and financial fraud?
AI is only as good as the data that powers its decisions. As a result, Socure has invested heavily in data curation. We have sourced data from over 300 data sources, both online and offline, to produce the most holistic, multi-dimensional view of identity and risk.
Socure also leverages advanced analytics to produce nuanced, correlative scores between elements of identity. For context, many identity verification providers only look at these elements of identity in isolation, or in limiting ways in how they relate to each other. We employ a multitude of algorithms, both supervised and unsupervised, to produce highly sophisticated correlative score outputs.
What trends do you see that Zoot’s clients should be thinking about?
Once you have ultra accurate risk and identity correlation scores, you can reduce your manual review rates and operational costs. We believe that the future will increasingly be driven by intelligent automation, which can help companies focus more on growth and their primary businesses as opposed to identity and fraud risk.
What specific issues does Socure address?
Socure powers Day Zero identity verification. That means we provide simple, actionable insights on how to handle a new user that our customers have never seen before, in a digital environment. If you get identity right at Day Zero, every identity risk or compliance decision you make after that is a better one.
How does Socure’s ID+ work?
Socure’s ID+ represents our approach being a single source of truth with respect to identity and fraud. We produce a single, streamlined output from just one API, that factors in multiple elements of identity and risk.
What is the main benefit that clients will see when they integrate with Socure’s solution?
As a single, centralized identity and fraud solution provider, Socure facilitates a frictionless onboarding process, which unlocks scalability by increasing auto-approval rates while reducing fraud losses.
As institution partners increasingly move towards adopting a centralized ID strategy, we offer our partners an integrated identity solution across the enterprise. We deliver high performance and consistency across lines of business and departments, optimizing on efficiencies, growth and data transparency.
What makes your solution unique?
One thing that makes us unique is that we understand holistic identity and onboarding requires a three phased approach. First, we enable identity verification in light of compliance, delivered via our intelligent KYC service. That works in conjunction with our real-time, identity-driven risk scores. Finally, we bolster both of those with an advanced documentary authentication solution.
What problems can ID+ solve for Zoot’s clients?
Socure enables rapid onboarding, seamless customer experience, infinite scale, while securing the overall customer digital environment.
Where does Socure fit into an overall fraud detection and prevention strategy for joint clients?
Again, Socure solves the issues of identity verification and account enrollment fraud at Day Zero. If you know who you are signing up, you will inherently have a better fraud ecosystem. Utilizing these appropriate Day Zero fraud controls vastly improves downstream fraud tools’ performance and coverage.
Who is a good fit for your solution?
Socure thrives at the intersection of risk and scale, and is a strategic partner for any company looking to answer the question of Day Zero identity and online account fraud.
Anything else you’d like to share?
We firmly believe that the future of digital identity is a portable, extensible credential that can be used across organizations and markets. Socure is well down the road of creating such a digital credential and we are excited to continue to evolve this future state.
Conclusion
A big thank you to Matt Crandall from Socure for this look at how Socure’s ID+ is tackling identity verification and fraud prevention in financial services.
