Socure Unveils AI Assistant to Streamline Watchlist Screening, Saving Time and Money
INCLINE VILLAGE, Nev., February 27, 2025 – Socure, a leader in artificial intelligence (AI)-driven solutions for digital identity verification, compliance, and fraud prevention, has launched its first AI-powered assistant for its Global Watchlist Screening and Monitoring solution. This innovative assistant is designed to transform how organizations handle sanctions, politically exposed persons (PEP), and adverse media matches.
Socure’s solution is engineered to provide exceptional speed, accuracy, and efficiency, minimizing false positives, expediting case reviews, and enhancing analyst decision-making. Traditional watchlist screening often presents significant challenges for compliance teams, including high rates of false positives, the need for extensive manual reviews, and the complex nature of regulatory requirements. Financial institutions, fintech companies, and global organizations face increasing pressure to adhere to evolving restrictions from agencies such as the Office of Foreign Assets Control (OFAC). Non-compliance penalties have been substantial, exceeding $8 billion globally in the last two years.
A Smarter, More Efficient Approach to Watchlist Screening
Socure’s Global Watchlist Screening and Monitoring solution leverages a patent-pending, two-stage scoring system that incorporates dual controls. The first stage generates a Name Match Score, creating a candidate pool by assessing the similarity between a customer’s name and watchlist entries. This process is then enriched with additional personally identifiable information (PII) to enable a more precise risk assessment. The second stage utilizes an Entity Correlation Score, which replicates an analyst’s decision-making process by evaluating the likelihood that the source list and the matched entity are one and the same. This critical step works to strengthen regulatory compliance by reducing the incidence of both false positives and false negatives, significantly lowering the need for manual reviews and streamlining the compliance process.
For each match, the AI Copilot transforms operational workflows, creating consistency in process, reducing human subjectivity, and ensuring standardized documentation. By clearly stating disqualification criteria in plain language, the AI Copilot removes the burden on analysts to manually craft decision narratives, instead delivering clear, structured explanations. Analysts retain control to confirm or override results, with all actions logged for transparency and compliance.
Additional Features
Additional features included in the new solution are:
- Real-Time Analysis: Processes potential matches in just two seconds.
- Contextual Understanding: Powered by Natural Language Reasoning (NLR), the AI Copilot recognizes multiple aliases, contextual identifiers, and cultural variations, reducing false positives.
- Streamlined Decision-Making: Allows analysts to accept or reject matches using AI-supported reasoning, with the ability to add investigative notes quickly.
- Regulator-Ready Documentation: Generates audit-ready reports within an intuitive, streamlined interface.
The Results: Efficiency Gains
By integrating the new AI Copilot and advanced entity correlation, Socure’s solution delivers unmatched efficiency in watchlist screening. This leads to major reductions in false positives, streamlined reviews, and significant cuts in operational costs. The results have been impressive:
- 78% reduction in manual reviews: Reduces the number of flagged identities and false positives with improved accuracy, reducing unnecessary manual reviews and enabling analysts to focus on true risks and high-value, strategic tasks.
- 80% faster case reviews: Reduces average review time from 10-15 minutes to 2-3 minutes, allowing for more cases to be handled daily and improving overall team productivity.
- Up to 60% cost reduction: Reduces compliance operational costs by using AI narratives as templates for standardized investigations, creating consistent reviews that lower quality control costs by minimizing variability and errors.
AI Copilot in Action
In a practical test scenario, the AI Copilot flagged a case where “Paolo Garcea” and “Isabel Paola Garcia” showed an 88% name similarity, which would normally require a manual review. However, the system identified critical mismatches in gender, ethnicity, and location, accurately classifying the alert as a probable false positive. This action saved time, decreased unnecessary escalations, and significantly improved operational efficiency.
“The compliance landscape is evolving rapidly, and traditional watchlist screening simply hasn’t kept pace with the demands of modern risk management,” said Debra Geister, Vice President of Regulatory and Compliance Solutions at Socure. “With our AI Copilot, we are eliminating inefficiencies, slashing review times, and delivering the most precise match intelligence in the industry—all while reducing operational costs and analyst fatigue. This is a massive leap forward for compliance teams, giving them the speed, accuracy, and confidence they need to stay ahead of regulatory challenges.”
Customer Use Case: How Lili Transformed Compliance
Lili App Inc. (Lili) is a financial platform designed specifically for businesses, offering a combination of advanced business banking with built-in accounting and tax preparation software to help business owners better streamline and simplify their finances. As a fast-growing business banking platform, processing a high volume of transactions monthly, its team faced a critical scaling challenge. With regulatory requirements intensifying across the fintech industry and an estimated 70% increase in entities on global watchlists since 2020, they needed a better way to manage screening requirements during rapid growth.
Lili’s analysts worked long hours reviewing a growing number of potential matches, many of which were subsequently determined to be false positives. At the same time, their expanding small business customer base presented additional screening complexities. Maintaining a manual review approach was clearly not sustainable given their aggressive customer acquisition targets.
Lili dramatically improved their watchlist screening process, achieving a 78% reduction in manual reviews, stronger audit trails, and the ability to reallocate analyst time to more strategic risk-mitigation efforts. Most importantly, Lili was able to maintain compliance with evolving regulatory requirements.
“Socure’s advanced two-score system has been transformative for our compliance team,” said Larry Sandor, Head of Compliance at Lili, “It has significantly reduced alert review time and false positives, and it has empowered our analysts to focus on complex investigations and higher-level risk assessments. We trust Socure and applaud their commitment to continuous innovation, and we appreciate their desire to partner with and learn from their customers —something we simply don’t see from others in this space.”
For more information, visit www.socure.com.
About Socure
Socure is a leading provider of AI-powered digital identity verification and fraud prevention solutions. Trusted by major enterprises and government agencies, Socure builds trust and mitigates risk throughout the customer lifecycle. Leveraging AI and machine learning, Socure achieves exceptional accuracy, automation, and capture rates. With the acquisition of Effectiv, Socure enhances its capabilities to offer end-to-end identity fraud and payment risk management, integrating transaction monitoring, credit underwriting, and know-your-business (KYB) solutions into its platform. Serving over 2,800 customers across various sectors, Socure’s customer base includes numerous top banks, HR payroll providers, and fintech companies. Leading organizations, including Capital One, Citi, Chime, SoFi, Lili, Green Dot, Robinhood, Dave, Gusto, Poshmark, Uber, DraftKings, PrizePicks, and the State of California, rely on Socure for identity certainty across onboarding, authentication, payments, and regulatory compliance. Learn more at www.socure.com.
