Socure acquires Berbix for USD 70 mIn

According to the official statement, this is the first acquisition that Socure has made. Following the buyout, the digital identity verification solutions provider will have ownership over Berbix’s offerings, especially the fintech’s document verification solution that awaits a patent for its forensic engine. Reportedly, the previously mentioned engine can identify spoofed IDs, including AI-generated ones, that are impossible to distinguish to the human eye. 

With the integration of Berbix into its solution, Socure announced the launch of a new offering called Predictive Document Verification (DocV) 3.0 as a response to what the company has identified as a pain point in the industry. According to officials from Socure, releasing an online ID verification product that can help customers make trusted transactions is essential, especially as many have taken their personal and work lives digital – from shopping to virtual doctor appointments. 

To add substance to this claim, the release includes references to a U.S. Federal Trade Commission (FTC) report that showcases a 30% year-over-year growth in consumer fraud losses, and the USD 700 billion reportedly lost by the US government during the pandemic due to attacks facilitated by compromised identities. The situation is expected to worsen given the impact of generative AI-enabled ID spoofing.

What does Socure bring to the table?

Socure’s ID verification offering comes to address this challenge that consumers face. According to the official release, DocV 3.0 departs from the traditional template checks other ID verification solutions employ. 

Its latest product extends capabilities such as an increase in automated decisioning (of 94% auto decision making, 14% higher than the 80% industry standard). Moreover, the offering can reportedly deliver a 90% approval rate of good consumers, it can capture 83% of all fraudulent documents that it verifies, and it can automate conclusive results in less than 4 seconds. 

Application-wise, DocV 3.0 can be used as an independent offering, or as part of the identity verification provider’s integrated identity platform. Among the other solutions the platform features are email and phone risk, ID and synthetic ID fraud, AML, bank account verification, and Know Your Customer (KYC) capabilities. Socure’s customers have the liberty to choose and orchestrate how these offerings are applied to their businesses depending on the level of risk that applies to them.