Socure Expands International Presence and Identity Verification Use Cases to Answer Growing Demand Across Geographies

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Sep 11, 2024, 09:00 ET

INCLINE VILLAGE, Nev., Sept. 11, 2024 /PRNewswire/ -- Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today announced the international expansion of its integrated identity verification solutions in more than 190 countries across Europe, Asia, Oceania, Africa, North and South America, plus global coverage for all ICAO-compliant travel documents, including all passports, the majority of EU national IDs, and IDs with NFCs.

Socure's global expansion is driven by customer demand for comprehensive, cross-border digital identity verification solutions that allow them to grow across nations with a unified strategy rather than piecing together disparate tools. This trend is amplified by a fast-evolving global regulatory landscape, with country-specific requirements that demand solutions which can flexibly adapt to diverse jurisdictions, while maintaining extreme accuracy.

"For too long, global businesses have been forced to manage a multitude of identity verification and compliance solutions to meet varying geographic requirements. This results in unwieldy operational overhead and, worse, inconsistent performance. We are laser focused on delivering our best-in-class solutions that allow businesses to scale globally and streamline consumer onboarding, compliance and transaction risk scoring across all of their business lines," said Johnny Ayers, founder and CEO of Socure. "Many of the world's leading global companies now rely on Socure's integrated compliance and identity verification controls to scale their businesses by saying yes to more good consumers, even as they drastically reduce fraud."

An Integrated Solution for Global Identity Verification Needs
Socure's international solutions leverage extensive data sourcing combined with advanced AI and machine learning to quickly and accurately classify applicants as either legitimate or potentially fraudulent, while allowing customers to accept the largest number of eligible consumers. Socure is uniquely solving these challenges on a single, integrated platform for both passive and documentary ID verification. Socure's international offering includes eight modules, all accessible through a single RESTful API:

Socure Verify (eKYC)
Document Verification (DocV)
Global Watchlist Screening with Monitoring
Digital Intelligence Suite
Email and Phone RiskScores
Decision Module (preconfigured decisioning tools)
Alert List (Socure's consortium database of known risky identities)

Consumer Onboarding with Multilingual Support and Accessibility
Socure Verify delivers passive verification, validating every element of a consumer's personal identifiable information against a wide range of authoritative data sources with multilingual support, while ensuring a seamless user experience across borders with an extensive array of languages that cater to diverse populations. Address transliteration capabilities are available in language scripts including: Cyrillic, Hellenic, Hebrew, Arabic, Kanji, Chinese, Hangul and Thai. When document verification is required, Socure's SDKs are also localized into 25 languages with a guided capture process for enhanced accessibility.

Leveraging advanced AI and machine learning, the solution's algorithms – built to lead in equitable access – address cultural nuances, incorporating regionalized nickname databases, sophisticated matching algorithms, and adaptive document recognition to accurately verify identities across diverse global contexts. The system accommodates variations in name structures, transliteration differences, and region-specific identity credentials, ensuring fair and precise validation for users worldwide.

Socure Verify boasts identity coverage in 44 countries amongst the highest yield economic markets, with up to 88% population coverage in the UK, more than 65% coverage in France and more than 70% coverage in Italy. By utilizing multiple, redundant sources across regions, Socure provides robust identity coverage, stemming from government, tax, utility, banking and diverse commercial data sources.

Socure's AI-powered Global Watchlist Monitoring stands out for its advanced globalized algorithms that don't just identify name similarities, but leverage a rich identity graph and natural language processing to fully resolve potential matches, an industry first that offers unparalleled precision. This approach automates sanctions compliance cutting manual review time by 75% — from 10 minutes to just 2.5 minutes.

Accept Any ID Globally
Beyond global coverage for all ICAO-compliant travel documents, Socure's DocV offers worldwide coverage of local IDs and credentials.

DocV's computer vision classification model trains on new document types and new document languages in less than two days with as little as one sample. In addition, Socure's natural language processing classification models enable real-time adjustments to new formats, delivering a superior customer experience and an industry low false rejection rate of just over 1%.

Across the globe, DocV's computer vision-driven image capture with patented forensic analysis uses machine learning to accurately predict risk with a false accept rate of just 1.2% and a lightning fast response time of P99 under 2 seconds.

Digital Intelligence Suite
Socure's Digital Intelligence Suite works in combination with any of the international offerings providing an additional layer of risk insights for new account opening, login, transactions and more. The system identifies trusted and fraudulent users by comparing current activity with historical device profiles for a global user base by linking user data (email, phone, national ID) with device level attributes, network, and behavioral patterns to create digital profiles. It also complies with new privacy standards, is not reliant on cookies and remains effective despite changes in OEM device/browser policies.

To learn more visit socure.com/global to schedule a demo or speak with a Socure expert about tailored solutions for specific markets.

About Socure
Socure is the leading provider of digital identity verification and fraud solutions. Its predictive analytics platform applies AI and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. The company has more than 2,600 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs. Organizations including Capital One, Citi, Chime, SoFi, Green Dot, Varo, Dave, Ingo, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at socure.com.

SOURCE Socure