Securefact and Socure today announced a strategic partnership and the newest evolution of SIDni.
SIDni (Secure Identity Network) provides instant verification of an individual’s information against multiple authoritative databases, in accordance with regulatory guidelines. This enables fast, customer friendly & compliant account onboarding.
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.