Tuesday, April 18, 2017 TORONTO/NEW YORK (Yahoo News) – Securefact and Socure today announced a strategic partnership and the newest evolution of SIDni™.
Over the past 3 months over 5,600 Canadians have had their identities stolen with losses totalling $1.9 million (Source: Canadian Anti-Fraud Centre). In addition, criminal and terrorist organizations are creating fake IDs by combining real stolen ID data with fake information to create “synthetic identities”. It’s estimated that synthetic identity fraud costs Canada $1B per year (source: CBC).
Financial institutions need to go beyond offering fraud prevention advice and offer Canadians newer solutions that will reduce the financial consequences of identify theft. They need to ensure that criminal and terrorist organizations can’t use synthetic IDs to fund their activities as part of their anti-money launder and anti-terrorist financing compliance obligations.
Securefact’s digital identification service SIDni, combined with Socure’s Social Biometrics Platform, allows Canadian banks and credit unions access to a wide range of information sources in order to digitally onboard and verify more customers faster. It enables the next-generation of identity verification by applying machine learning techniques with biometrics and data intelligence from email, phone, IP, social media and the broader internet. Securefact customers can use the service to reduce fraud rates, increase acceptance rates, and lower compliance and manual review costs.
SIDni, is part of Securefact’s KYC Solution Suite, which is designed to enable financial institutions to implement non face to face onboarding plans based on new FINTRAC guidelines coming into effect June 30, 2017.
“Our partnership with Socure further demonstrates our commitment to being a leader in the compliance and regulatory technology and services market,” says David Sudbury, President and CEO of Securefact. “SIDni is designed to be dynamic so, as FINTRAC guidelines evolve, SIDni will adapt to the changes to support our customers’ KYC objectives.”
“Financial services providers are increasingly relying on the digital channels to acquire new customers”, says Johnny Ayers, SVP and Co-Founder of Socure. “This powerful, new combined offering enables organizations to quickly and accurately verify the identity of new digital applicants, thereby increasing revenues, reducing fraud, and reducing attrition, while simultaneously achieving compliance with AML and KYC requirements.”
The Securefact KYC Solution and Services Suite helps you establish a digital onboarding foundation focused on speed, accuracy, automation, workflow integration and regulatory compliance.
To read the French version of this press release click here.
Socure is a pioneer in digital identity verification. Its Social Biometrics™ technology applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40% for Millennials and other thin-file consumers. It also bolsters CIP/KYC programs and AML compliance for enterprises in the US, helping them to reduce fraud up to 80%, lower manual review costs as much as 90%. Socure was founded in 2012 and is based in New York City
Securefact is a trusted and experienced provider of KYC and Secured Lending Solutions, and regulatory compliance advisory services. By leveraging our proprietary technology, advanced workflow, and subject matter expertise, we increase our customer’s’ efficiency, effectiveness, profitability and overall confidence in compliance.
SIDni, LienPerfect and Attestanet are trademarks of Securefact Transaction Services, Inc.