Intelligent KYC Delivers up to 90% Auto-Acceptance Rates for New Players
NEW YORK–(BUSINESS WIRE)–#dataprotection—Socure, the leader in Day Zero identity verification, today announced that its Socure ID+ identity verification platform will be available to digital gaming operators in eleven states. The company’s Intelligent KYC streamlines online identity verification by auto-accepting a significantly higher percentage of new players across a broad range of demographics at scale.
Socure’s best-in-class, Intelligent KYC passively verifies the identities of qualified players online quickly and accurately to safely increase conversions and reduce drop-off rates. Using Intelligent KYC, digital gaming operators can now achieve significant revenue growth by auto-accepting a higher percentage of new players, including recently of age players and new-to-country.
Socure is now approved to partner with online gaming operators in Colorado, Illinois, Indiana, Iowa, Michigan, and New Hampshire. Additionally, the company has filed, or is in the process of filing for vendor status in New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.
Intelligent KYC’s fully automated digital approach provides digital gaming operators with auto-approval rates up to 90%, exact date of birth and address matching to meet compliance requirements, and has proven to outperform competing solutions in the 21 to 34-year old demographic. Intelligent KYC is trusted by top brands to accurately identify qualified new players and flag potentially ineligible applicants for further review. If an applicant fails the initial passive verification, they can be stepped up to Socure’s DocV solution, an automated, fool-proof document verification process that guides the prospect through capturing a government-issued ID using their mobile device.
“The online gaming industry is experiencing unprecedented growth, with an increasing number of states allowing, or planning to allow, sports betting and casino expansions,” said founder and CEO Johnny Ayers. “Considering the critical compliance requirements these operators face, our technology ensures that meeting those requirements does not mean slowing down business growth. Socure has a talented, dedicated team in place to support the online gaming industry and the massive growth anticipated over the next several years.”
The Socure ID+ platform verification platform includes Intelligent KYC, DocV, Global Watchlist with Monitoring for compliance, and our flagship Sigma Fraud Suite. Intelligent KYC incorporates a wealth of diverse data sources along with advanced logic, and actionable insights. DocV is a fully-automated omnichannel document verification solution that expedites onboarding, reduces fraud, and works to eliminate costly manual reviews. The platform uses numerous data sources, including proprietary data with over 289 million verified identities, as well as over seven billion records from credit, utility, telecom, and other authoritative sources to deliver market-leading matching accuracy.
Socure’s methodology includes using input data, advanced clustering, multi-dimensional queries with multiple data sources, and intelligent rank decision outputs, all with insightful reason codes. This methodology allows digital gaming operators to increase auto-enrollment rates, reduce manual reviews, and maintain compliance (e.g. age verification, sanctions, watchlists, etc.).
Socure is the leader in Day Zero digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. The company has more than 350 customers across the financial services, gaming, telecom, and eCommerce industries, including four of the top five banks, eight of the top 10 card issuers, four of the top five MSBs, the largest payroll service, the second-largest retailer in the world, and over 100 of the largest and most successful fintechs such as Varo Money, Public, Chime, and Stash. Socure recently received numerous industry awards and accolades including being named “Best New Technology Introduced over the Last 12 months – Data and Data Services” at the 2020 American Financial Technology Awards (AFTAs), ranked number 70 on Deloitte’s Technology Fast 500™, being named a Gartner Cool Vendor, recognized by Forbes as one of the “Top 25 Machine Learning Startups to Watch,” listed to CB Insights: The Fintech 250, and awarded Finovate’s Award for Best Use of AI/ML, to name a few. For more information visit www.socure.com.