Socure has released a new digital onboarding solution with document and facial recognition capabilities. DocV is compatible with more than 3,500 different identity documents from all over the world, and negates the need for manual checks with a human agent.
In that regard, DocV functions like multiple other mobile onboarding platforms. Users are first asked to take a photo of their ID, and then to take a selfie for liveness detection. DocV will compare the selfie to the image on the ID to make sure the document belongs to the person holding it.
However, DocV takes things one step further, and will cross reference information on the ID with other data sources to create an even higher level of confidence in the authenticity of the document and its owner. It will also check phone numbers and email addresses, analyze device risk, and perform a sanctions screening.
“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,” explained Socure Founder and Chief Product Officer Johnny Ayers.
“DocV 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.”
According to Socure, conversion rates went up 25 percent in DocV beta trials, and the platform was able to return an automatic decision in 98 percent of cases. Customers can also use the no-code dashboard to customize their user interface, or to set a minimum age, a matching threshold, or a grace period for an expired document. DocV can be used to authenticate customers on web and mobile channels, and is available as a standalone product or as part of the broader Socure ID+ product suite.
The new identity verification solution arrives shortly after Socure secured $35 million in its latest round of funding. The company plans to use the funds to improve its machine learning capabilities.