Exeter Finance taps Socure for identity verification

Friday 26 January 2024 14:16 CET | News

US-based identity verification provider Socure has announced that auto finance company Exeter Finance has chosen the Socure ID+ platform for onboarding its new customers.



In a strategic move to stay at the forefront of industry innovation, Exeter recognises the pivotal role that accurate identity verification plays in reducing risk, supporting strong portfolio performance, and ensuring an excellent customer experience for authentic identities. Therefore, the company has partnered with Socure to verify the identities of new customers.

Socure has announced that auto Exeter Finance has chosen the Socure ID+ platform for onboarding its new customers.

Socure’s ID+ platform can be counted on due to its accuracy in identity verification and proofing, KYC, fraud risk prediction, document verification, and bank account ownership validation. Delivered through a single API, the platform helps the financial institutions and over 400 fintechs orchestrate the entire user lifecycle, starting at onboarding and beyond. 

Socure’s proprietary identity graph includes more than two billion known good and bad identities. The company’s identity graph, in combination with advanced machine learning and artificial intelligence, are responsible for automatically verifying users, as well as the association, velocity, and risk of relevant attributes including devices, emails, addresses, IDs, documents, and more.

Socure previously acquired StateRAMP authorisation

In January 2024,  Socure has obtained StateRAMP authorisation, enabling state and local governments to securely verify digital identities. Utilising AI and ML, Socure ID+ facilitates equitable access to services, with auto-approval rates of 98% for mainstream populations and effective prevention of 90% of third-party identity fraud. State and local governments can leverage Socure's solution to address cybersecurity priorities, reduce manual reviews, and enhance identity verification with predictive analytics.

What does Socure do?

Socure is a provider of digital identity verification and fraud solutions. Its AI and predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time. 

Socure is one of the only vertically integrated identity verification and fraud prevention platforms with both IAL-2 and FedRAMP Moderate certifications, delivering advanced levels of assurance and high standards for security and compliance. 

The company has customers across the financial services, government, gaming, healthcare, telecom, and ecommerce industries. Organisations including Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention.

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Keywords: identity verification, artificial intelligence, machine learning, fraud prevention, digital onboarding
Categories: Fraud & Financial Crime
Companies: Exeter Finance, Socure
Countries: United States
This article is part of category

Fraud & Financial Crime

Exeter Finance



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