Socure Launches DocV, A Fully-Automated and Integrated, Omnichannel Document Verification Solution
DocV eliminates manual reviews and produces auto-decisioning rates of 98%
NEW YORK–(BUSINESS WIRE)–#dataprotection—Socure, the leader in Day Zero digital identity verification, today announced DocV, a fully-automated omnichannel document verification service that expedites onboarding, reduces fraud, and works to eliminate costly manual reviews. Combining the power and scale of machine learning to accurately verify the authenticity of government-issued IDs, DocV produces auto-decisioning rates as high as 98%, in seconds.
The most scalable and accurate document verification service available, DocV applies advanced analytics and computer vision to quickly confirm the authenticity of any government-issued ID, including more than 3,500 document types from around the world. The image capture tool built into DocV automatically adjusts for and offsets user-error, and the back-end forensic analysis technology is fully-automated—eliminating the need for human intervention and manual checks. An additional layer of security checks for liveness, matching the photo on a consumer’s ID with a selfie in under 15 seconds.
“As more sophisticated fraud attacks are on the rise, financial institutions and other organizations are bolstering identity verification protocols, including KYC/CIP, fraud prevention, and sanction screening,” said Johnny Ayers, Founder & Chief Product Officer of Socure. “DocV, now a central pillar of Socure’s integrated identity engine (ID+), drastically reduces the operational burden and cost associated with manually verifying identities while accelerating revenue growth, reducing identity fraud, and reducing friction during the authentication process.”
Unlike most document verification services where only a physical ID and selfie photos are authenticated, Socure’s forward-thinking approach to DocV is unmatched. Companies count on Socure to deliver the most robust, holistic, and accurate approach to fraud prevention and KYC, not only by the authentication of an ID card and selfie, but also by seamlessly analyzing other dimensions of an identity such as device risk, phone and email correlation, sanctions screening, and correlating the data on the ID against authoritative data sources.
DocV is designed to quickly and accurately assess the validity of users when applying for new accounts and services, providing access to customers locked out of existing accounts, detecting account takeover attempts, and processing high-dollar transactions for a broad range of industry verticals, including financial services, healthcare, telecommunications, online gaming, real estate, digital currencies, sharing economies, and more.
In its initial beta phase, DocV delivered 25% higher conversions, significantly reduced user drop-offs during the onboarding process because of its user-friendly image capture technology, and was proven to deliver auto-decisioning rates up to 98%.
Ayers continued, “Fraudsters are becoming craftier, so companies that are doing identity proofing must introduce additional measures to combat deep fakes and synthetic fraud at the speed of consumer expectations. Our official launch of DocV underscores Socure’s commitment to eliminate identity fraud as we continue to provide customers with superior levels of security, trust, and growth.”
With the addition of DocV, there is less of a need to leverage multiple vendors for KYC/CIP and fraud decisioning workflows, which decreases accuracy and efficiency, and drives up costs. Socure works with clients to assess their risk tolerance for every use case across product lines and recommends DocV when needed, as a top of funnel step-up method. Furthermore, Socure developed a modern SDK to simplify costly integrations and speed up deployment. The advanced, no-code dashboard for business managers is easily configurable for options such as minimum age criteria, document expiration grace period, matching thresholds and overall authentication strategies.
Socure also developed a customizable interface that allows clients to design the look and feel of the SDK via a no-code graphical interface with the simple action of point and click—no development required.
DocV, which can be integrated via mobile and web SDKs or a RESTful API, is available as a standalone product or as a part of the overall Socure ID+ product suite, a fully integrated identity fraud and compliance platform providing organizations with a single, unified identity fraud and verification solution. DocV delivers an enhanced security layer at account onboarding and as needed throughout the end-user lifecycle.
Socure is the leader in Day Zero digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. With more than 350 customers across the financial services, telecom, and ecommerce industries, including four of the top five banks, eight of the top 10 card issuers, four of the top five MSBs, the largest payroll service, the second largest retailer in the world, and over 100 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash. The company has recently received numerous industry awards and accolades including being named a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few.
Socure was founded in 2012 by Johnny Ayers, Chief Product Officer, and is also led by CEO Tom Thimot. The company is based in NYC, with an office in Chennai, India.