Socure, the leading provider of digital identity verification
and fraud solutions, announced it has partnered with MeridianLink,
Inc. (NYSE: MLNK), a leading provider of modern software platforms
for financial institutions and consumer reporting agencies. By
leveraging Socure’s identity verification and fraud prediction
platform – SocureID+ – MeridianLink® customers can securely verify
and onboard more consumers accurately in real-time, eliminating
friction at sign-up for legitimate users, while simultaneously
blocking fraudulent applicants. Socure’s platform combines advanced
machine learning and AI with all elements of a consumer identity to
deliver the most accurate and robust identity verification and
proofing, Know Your Customer (KYC), fraud risk prediction, and
document verification solutions in the market.
SocureID+, in conjunction with MeridianLink’s digital lending
platform, MeridianLink® One, will allow credit unions, banks, and
fintechs to accelerate consumer onboarding for hard-to-verify
demographics. In addition to reducing abandonment and drop-off
rates, SocureID+ will also verify all population segments signing
up for services for the first time while synchronously classifying
fraudulent, stolen, and synthetic identities all in under one
second.
“As financial institutions focus on digital transformation, the
importance of digital identity verification has never been
greater,” said Megan Pulliam, senior vice president of
MeridianLink’s Partner Marketplace. “We’re proud to partner with
Socure, offering our customers leading AI technology to help them
streamline their risk programs, minimize false positives, and
reduce fraud losses.”
Socure’s ID+ Platform Includes:
Socure KYC is the industry-leading KYC/CIP solution with
unmatched coverage and data quality—unlocking customer growth while
bolstering compliance through accurate risk identification. Socure
delivers a multi-dimensional view of a customer through patented AI
and machine learning (ML) technology that leverages automated data
ingestion and cleansing from hundreds of authoritative data sources
to arrive at a single best-matched entity. Socure’s proprietary
database of cross-industry customer feedback data contains more
than 8 billion records tied to over 1 billion known good and bad
identities providing the highest assurance available. Socure
delivers industry-best pass rates of up to 98% for mainstream
populations, and up to 94% for hard-to-identify populations such as
Gen Z, millennial, credit invisible, thin-file, and new-to-country
ensuring inclusive access for all.
Sigma Identity Fraud provides the most accurate
third-party identity fraud solution in the industry, analyzing
every dimension of consumer identity through a single ML model. It
maximizes auto-approvals, minimizes both fraud risk and false
positives, and allows you to streamline risk operations. The
solution analyzes every dimension of consumer identity—name, email,
phone, address, date of birth, SSN, IP, device, velocity, network
and behavioral intelligence, and more—in a single ML model. Sigma
Identity Fraud captures 85%-90% of fraud in the top 3% of riskiest
users and reduces false positives by more than 13X compared to
legacy solutions.
Sigma Synthetic Fraud is a purpose-built synthetic
identity fraud detection solution that delivers holistic protection
through multi-layered controls to block harmful synthetic
identities from entering an ecosystem at account creation. The
model employs both advanced ML techniques cyclically trained with
expert human-in-the-loop analysis to mitigate rapidly evolving and
complex synthetic patterns. It results in the ability to deploy the
right tools at the right time to hone customers’ decisioning
strategy, whether the goal is to capture more synthetic fraud or
create a lower-friction user experience. The solution outperforms
any competitor by identifying more than 53% of synthetic fraud in
just the riskiest 1% of users—with a false positive rate of 1:1 or
better.
Predictive Document Verification 3.0
Predictive Document Verification 3.0 verifies a customer’s
government-issued ID, such as a driver’s license, passport, or
photo ID card, against their facial biometrics, approving more good
customers while eliminating bad actors in real time. It takes
Socure’s superior capture experience and predictive capabilities
and integrates a powerful forensics and hyper accurate data
extraction engine, with an emphasis on both the human and
machine-readable components of an ID (OCRs, MRZs, barcodes). This
is layered on top of the predictive risk signals from Socure’s
comprehensive identity graph delivering the market's highest
performing document verification solution in true accepts, false
rejects, fraud capture, and speed.
“This partnership allows MeridianLink customers to utilize
best-in-class identity verification and fraud solutions and
modernize the account opening experience through a seamless API
integration. With identity fraud at an all-time high, it’s
essential to have confidence that the consumer that is entering the
banking ecosystem is who they say they are,” said Evan Rabinowitz,
vice president, business development at Socure. “We’re incredibly
excited to partner with MeridianLink, allowing our joint customers
to achieve both rapid onboarding and fraud prevention with the
highest degree of accuracy in the entire industry.”
Socure and MeridianLink will be hosting a webinar on July 25. To
learn more or to register, visit
https://www.meridianlink.com/socure.
About Socure
Socure is the leading platform for digital identity verification
and trust. Its predictive analytics platform applies artificial
intelligence and machine learning techniques with trusted
online/offline data intelligence from physical government-issued
documents as well as email, phone, address, IP, device, velocity,
date of birth, SSN, and the broader internet to verify identities
in real-time. The company has more than 1,800 customers across the
financial services, government, gaming, healthcare, telecom, and
e-commerce industries, including four of the top five banks, 13 of
the top 15 card issuers, the top three MSBs, the top payroll
provider, the top credit bureau, the top online gaming operator,
the top Buy Now, Pay Later (BNPL) providers, and over 400 of the
largest fintechs. Marquee customers include Chime, SoFi, Robinhood,
Gusto, Public, Poshmark, Stash, DraftKings, the State of
California, and Florida’s Homeowner Assistance Fund. Socure
customers have become investors in the company, including Citi
Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB
Bank, and Synchrony. Additional investors include Accel, T. Rowe
Price, Bain Capital Ventures, Tiger Global, Commerce Ventures,
Scale Venture Partners, Sorenson, Flint Capital, Two Sigma
Ventures, and others.
About MeridianLink
MeridianLink® (NYSE: MLNK) powers digital lending and account
opening for financial institutions and provides data verification
solutions for consumer reporting agencies. MeridianLink’s scalable,
cloud-based platforms help customers build deeper relationships
with consumers through data-driven, personalized experiences across
the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth,
reduce risk, and exceed consumer expectations through seamless
digital experiences. Its partner marketplace supports hundreds of
integrations for tailored innovation. For more than 20 years,
MeridianLink has prioritized the democratization of lending for
consumers, businesses, and communities. Learn more at
www.meridianlink.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230718358896/en/
Socure, Angela Griffo angela.griffo@socure.com 917-915-8563
MeridianLink, Becky Frost becky.frost@meridianlink.com
714-784-5839
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