Socure, a digital identity verification company, announced Tuesday (Oct. 25) a redesign of its digital identity dashboard service to better equip organizations with a powerful new way to understand the complete online and offline persona of a consumer. The news comes on the heels of a series of exciting developments at the company, including several industry partnerships and a marked increase in year-on-year growth.
In a press release, Socure said the ID+ product suite enables manual review teams to automate the traditionally laborious process of quickly decisioning new consumers, better assess risks and prevent fraud and identity theft. It has been particularly useful for confirming the identities of those outside of traditional credit systems, including millennials and other “thin-file” consumers.
The announcement brings a host of enhanced analytical capabilities to augment onboarding teams’ understanding of trends that indicate where fraud attacks are occurring, the identities that are being used and a host of powerful data points that can be interrogated and analyzed, the company said.
“While the majority of our clients consume the intelligence ID+ delivers into an automated decisioning system, many of them still need to provide manual review teams with a faster, easier way to get insight into digital identity in real time,” said Johnny Ayers, SVP and cofounder of Socure, in the press release. “They will gain more complete insights and further drive down costs in their digital identity verification process.”
Socure is demonstrating these new capabilities at Money20/20, the world’s largest conference for payments and financial services innovation, this week in Las Vegas. Socure noted financial organizations, including digital banking firms, online lending platforms and digital wealth management companies, are using Socure to streamline their digital identity and KYC verification processes.
“Socure has already transformed the way financial institutions look at digital identity by crunching social, mobile and internet-based data through AI and machine learning,” Sunil Madhu, CEO and founder of Socure, added in the press release. “Our team’s strong focus remains on developing and delivering innovative tools that help financial institutions achieve reduced fraud rates and increased acceptance rates.”