Name: Best Practices for Document Verification
Start: 2021-03-01T19:35:00Z
End: 2021-03-01T19:35:14.000Z
Location: BrightTALK

Socure helps hundreds of companies ensure customer trust at Day Zero and unlock rapid acquisition growth across channels.

Synthetic identity fraud is a destructive problem for financial institutions that results when criminals fabricate identities to establish new accounts or lines of credit. Now recognized as the fastest growing type of financial crime, synthetic identity fraud also has become an increasing concern for regulators as confirmations emerge that synthetic identities proliferated money laundering schemes related to pandemic-era relief.

Financial institutions need to invest in technology to identify synthetic identities at the time of application. In this discussion with three of the industry’s preeminent experts on synthetic identity fraud, we move beyond the basics and delve into a deep analysis around how to detect and solve for this elusive type of fraud.

The conversation includes a review of the results of a new Aite Group report, Synthetic Identity Fraud: Diabolical Charge-Offs on the Rise, which examines synthetic identity fraud’s impact on the U.S. unsecured credit market. It was informed by a survey of 46 North American fraud experts.

What every FI needs to know about combating synthetic identity fraud

According to a new report by research analyst firm, Aite Group, losses from identity theft cases increased to US$712.4 billion in 2020, a 42% increase year-over-year. That significant rise in identity fraud has businesses with a digital footprint taking another look at how they add new customers and reduce fraud losses while maintaining a frictionless customer experience.

Join us for an exclusive, complimentary webinar with industry experts from Aite Group, AWS, and Socure as we discuss fraud trends during a pandemic including real-world experiences from the front lines on the impact on consumers and the fintechs and financial institutions that serve them. Our speakers will share new fraud research and guidance on meeting the challenges of growing safely at scale, keeping up with evolving customer demands, and driving operational efficiencies while harnessing a historic acceleration into digital transformation.

If you onboard customers online and wonder if your current identity verification and fraud practices are sufficient, this is a “don’t miss” event.

Reimagining Digital Fraud Strategies for a Post-Pandemic World

Socure works with customers to assess their risk tolerance for every use case across their product lines and then recommends document verification (DocV) when needed, as a step-up method or otherwise. With the addition of DocV, there exists less of a need for companies to leverage multiple vendors for KYC/CIP and fraud decisioning workflows, which drive up costs and reduce efficiency and accuracy.

In this webinar presentation, we discuss:

1. Best practices for document verification as a top of funnel or as a step-up solution
2. How to mitigate fraud without sacrificing customer experience
3. Document verification as part of a holistic approach to identity verification

Best Practices for Document Verification

2021 promises to be a pivotal year in the battle between fraud perpetrators and fraud fighters – with both sides having honed their skills in the digital boon of the pandemic. 

In this webinar, Kevin Gosschalk, CEO & Founder of Arkose Labs and Johnny Ayers, CEO & Founder of Socure give their 2021 fraud predictions and debate the top 7 trends for the year ahead. They also discuss top emerging attack vectors, areas of weaknesses for businesses, and the most exciting innovations in fraud prevention on the horizon.

Additional topics covered include:
- How the frequency and severity of fraud will change
- Anticipated changes in automated and human fraud
- Fraud prevention trends in gaming, fintech, eCommerce, and more

Top 7 Fraud Trends: 2021 and Beyond

Socure's DocV is the most scalable, accurate document verification service available and applies advanced analytics and layers on data to quickly confirm the authenticity of any identity document in circulation—including more than 3,500 identification types globally. 

Built to minimize customer friction, it is also client friendly with easy implementation as a standalone product or as part of Socure ID+, a fully integrated identity fraud and compliance platform. DocV accelerates revenue growth and reduces identity fraud by quickly and accurately assessing the validity of good users for a broad range of industry verticals and use cases.

During the demo, you’ll see:

1. How document verification can be painless for the end-user with document and facial scan assistive features.

2. Socure’s unique ability to receive correlative scores on the physical ID related to other elements of identity (ex. phone, email, device), and apply liveness for additional security.

3. Where businesses can easily implement custom configurations for age and expiration criteria as well as on-the-fly settings for specific use cases, degree of risk tolerance, or on a per-transaction basis.

Socure DocV: The Scalable Document Verification Solution

If you facilitate, send, or accept payments digitally, security should top of mind. Fraud is prevalent, threats evolve, and regulatory compliance is cumbersome yet necessary.  Despite these challenges, a digital presence is a critical source of growth, with purchases expected to double from $4.4 in 2020 to $8.2 trillion in 2024. So, understanding how to balance growth with security is central to your future. 

This episode of Driving Fintech Forward will bring thought leaders together to discuss: 
- Using AI and Machine Learning to identify fraud
- How cyberattacks are evolving and how to mitigate them
- Tools available to make regulatory compliance simpler
- How companies can learn & grow to more cyber aware

Moderated by: 
Elena Kozhemyakina, Founder, Fintech4Funds, London Partner, Fintech Connector

Panelists:
Ian Mitchell, Head of Financial Services Fraud Management, PWC
Maya Parbhoe, CEO, Ourox
David Liu, VP, Fraud, Socure

Banking & Payments: Balancing Growth with Security

Identity Services

identity verification

Fintech

Fintech Security

document verification

watchlist

Increasing expectations for good governance, effective risk management and complex demands for corporate compliance are presenting a growing challenge for organizations of all sizes. Join industry thought leaders as they provide you with practical advice on how to implement successful risk and compliance management strategies across your organization. Browse risk management resources in the form of interactive webinars and videos and ask questions of expert GRC professionals.

IT Governance, Risk and Compliance

As an IT professional, many of the problems you face are multifaceted, complex and don’t lend themselves to simple solutions. The information technology community features useful and free information technology resources. Join to browse thousands of videos and webinars on ITIL best practices, IT security strategy and more presented by leading CTOs, CIOs and other technology experts.

Information Technology

Internal audit and compliance professionals are facing increasingly stringent regulatory requirements when it comes to compliance reporting and internal control procedures. Join the audit and compliance community to learn best practices from thought leaders on topics such as regulatory compliance, internal audit checklists and audit program strategies.

Audit and Compliance

Effective financial management strategies can help organizations meet their business objectives. The financial management community on BrightTALK is made up of engaged finance and accounting professionals. Find relevant webinars and roundtable discussions featuring financial planning advice from industry thought leaders and insights into optimizing financial reporting, accounting, risk management and value measurement.

Financial Regulation

Get powerful finance insights for your business. Connect with experts and colleagues to get the most up-to-date knowledge that will help you to determine which financial factors build or erode value in your organization.

Finance

Get powerful banking and treasury insights for your business. Connect with experts and colleagues to get the most up-to-date knowledge on hot topics such as digital banking, payments disruption and non-bank competition. Learn how the latest treasury management strategies are helping to mitigate operational, financial and reputational risk.

Banking and Treasury

Join this new, vibrant community to learn and connect with top thought leaders, startups and banks who are disrupting the financial services industry. Keep up with the latest news and trends in Fintech and take part in lively debates on topical issues and challenges.

The accounting and finance community on BrightTALK features presentations from leading accountants and finance professionals. The accounting community includes tax planning strategies, QuickBooks webinars and other accounting webinars, while the finance community features presentations on financial capital regulations and forensic data analytics. Join the conversation by attending live financial and accounting presentations and connecting with industry thought leaders.

Best Practices for Document Verification

Presented by

About this talk

Socure