Socure has released a new onboarding solution that combines biometric identity verification and risk screening in a single package. In concept, Predictive Document Verification operates much like any other face-based onboarding tool. Customers are asked to take a selfie and a photo of a government ID. Socure will verify the authenticity of the document, and use facial recognition (with passive liveness detection) to match the selfie to the image on that ID.
However, Predictive Document Verification will also extract the customer’s personal information from the identity document, and then cross-reference that information with other sources to gauge the level of risk that they present. For example, the solution will check telecom records to make sure that the device being used belongs to the person being onboarded, and that they are doing so from a location close to their actual address.
That supplemental information lets organizations know whether or not it is safe to do business with a particular individual. Socure will check credit and utility records and see whether or not that person is on any sanctions or watch lists, and then either reject or clear each account opening application based on the perceived level of risk (users could be asked to resubmit information in certain situations).
Predictive Document Verification automates the decision making process, and can reach a conclusion in 98 percent of cases. Socure’s facial recognition technology, meanwhile, boasts Level 2 PAD certification, and stops 99.5 percent of all spoofing attempts. The company suggested that the solution will help speed up the onboarding process for legitimate customers while still filtering out people that an organization would prefer not to be involved with.
The Socure solution can be integrated with an API, or with Mobile and Web SDKs. Customers can add their own corporate branding with custom language if they are bringing Predictive Document Verification into an existing app. The platform itself offers support for iOS and Android devices, and offers no-code workflows and configurable dashboards.
Predictive Document Verification arrives shortly after Socure received an Impact Innovation Award from the Aite-Novarica Group. Socure has enjoyed record growth in the past few months, and was recently valued at $1.3 billion after a Capital One investment.
(Originally posted on Mobile ID World)