How Legacy Identity Verification Vendors Expose Your Enterprise to Risk
Blog post from Socure
Socure argues that effective identity verification depends not only on broad demographic data coverage but also on advanced entity resolution, clustering, and machine-learning capabilities, contrasting its approach with legacy providers it says rely on outdated matching methods. The company claims that legacy CIP/KYC systems can produce incorrect results in roughly 4% of transactions and fail to verify more than 10% of certain population segments, potentially causing regulatory, operational, and inclusion risks. Examples cited include inaccurate date-of-birth and Social Security number matches, approvals involving deceased individuals or secondary SSNs, misclassification of commercial or correctional addresses as residential, and missed sanctions-list matches. Socure presents its own platform as using numerous data sources, proprietary matching algorithms, a network of more than one billion reported identity outcomes, and detailed review tools to improve verification accuracy, identify portfolio risks, reduce manual work, and increase approval rates for legitimate customers.
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