Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, unveiled the industry’s most accurate AI-powered global watchlist screening and monitoring solution. The solution enables financial institutions to accurately screen, monitor, and assess new and existing customers against the Office of Foreign Assets Control (OFAC) sanction lists and politically exposed persons (PEP) databases, adverse media, and custom watchlists.
Organizations have long been challenged with outdated legacy watchlist tools that can increase risk of regulatory enforcement action from inaccurate results while also having high false positives that require error-prone manual reviews. These results require exceedingly large staffing costs associated with manual reviews in an environment of limited resources and budgetary constraints. Compliance analysts waste time chasing irrelevant alerts while organizations face legal and reputational risks from potential enforcement actions. OFAC violations for example, face monetary fines ranging from thousands of dollars to several million along with severe impacts to business operations.
Leveraging AI and machine learning (ML), Socure solves for these challenges and sets the new standard for compliance, achieving a 20% lift in sanctions screening accuracy compared to legacy solutions, a 30% reduction in false positives, and a 75% reduction in manual review time from an industry average of 10 minutes to just 2 ½ minutes.
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“As organizations struggle with high false positives and costly manual reviews emanating from many current watchlist screening tools, there is significant value to the industry in transforming and automating these systems,” said Chuck Subrt, Fraud & AML Practice Research Director at Datos Insights. “With its new global watchlist screening with monitoring solution, Socure has introduced innovations that enable compliance leaders to reduce the noise, sharpen accuracy, and elevate operational efficiency.”
Industry leading accuracy and performance with two-stage scoring
To drastically improve accuracy and reduce investigation time, Socure developed the industry’s first two-stage scoring system, paired with strong operational controls. First, the solution surfaces potential matches within customer-controlled risk tolerances and produces a name match score. Returned matches are intelligently grouped into comprehensive entity profiles enriched with supplementary customer information creating a “candidate pool” to clearly demonstrate sanctions compliance.
From these potential matches, each personal identifiable information (PII) element is scored for relevance to elevate the correct profile and generate an overall entity correlation score. This second score helps answer the likelihood that the customer and the source list match are indeed the same person, answering the same question that an analyst tries to match in a manual review.
SOURCE: PRNewswire