Socure, a leader in Day Zero digital identity verification, has 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.
As one of 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 organisations 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 also analyses 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.
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.
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 organisations 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.