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Socure Unveils the Industry's Most Accurate AI-Powered Global Watchlist Screening and Monitoring SolutionINCLINE VILLAGE, Nev., April 24, 2024 /PRNewswire/ -- Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today 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 Organizations have long been challenged with outdated legacy watchlist tools that can increase risk of regulatory enforcement action from inaccurate results while also having high false positives that require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. "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 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. This approach not only minimizes false positives, but also reduces the need for manual intervention resulting in a 60% savings in resource and staffing costs from fewer reviews and less time spent for remaining reviews. As an example, a high name match score and low entity correlation score is indicative of a false positive, and Socure's customers can choose to automate dispositioning of irrelevant matches with customizable tolerance thresholds saving time and resources. "Sanctions and KYC risk processes have traditionally been imprecise and created subjective, manual processes. In today's dynamic environment, organizations need dependable automation tools to drive both consistency and efficiency. Socure is introducing the first product in the sanctions and watchlist space that aligns with regulatory expectation, while creating automation to improve efficiency and reduce noise in the process," said Debra Geister, VP Compliance Solutions at Socure. Using machine learning to revolutionize sanctions screening and risk identification Streamlined case management powered by generative AI For cases requiring review, Socure's intuitive case management system expedites analyst review with automated case generation and assignment paired with generative AI for a detailed entity resolution analysis, explainability for audits, and a system generated recommended course of action. With just one click, analysts can accept the disposition. If the need arises to revisit a prior decision, the solution also offers self-service custom reporting and audit capabilities to generate reports on performance, adherence to policy, or in the case of a regulatory exam for effortless compliance. Natural Language Processing (NLP) and deep learning revolutionizes adverse media screening Ongoing customer status monitoring This approach helps ensure immediate response to potential customer risk and regulatory status changes compared to traditional periodic batch processing which could allow a customer added to a list between batch screens to transact. Socure's continuous screening not only avoids costly fines and consent orders, it helps prevent illicit funds from entering the US financial system. For more information on Socure's industry leading AI-powered Global Watchlist Screening with Monitoring solution visit https://www.socure.com/products/global-watchlist. About Socure
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