[July 19, 2018] |
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Socure Identity Verification Bot Establishes New Levels of Trust and Certainty for Online Financial Transactions
Socure, a leading provider of
predictive analytics for digital identity verification, today announced
Aida (Authentic Identity Agent), the first and only purpose-built bot
for establishing trust in online transactions. Named in honor of Ada
Lovelace, the world's first computer scientist, Aida uses artificial
intelligence to process billions of multi-dimensional online and offline
data points per second to validate the authenticity of digital
identities in real-time.
According to the Javelin Strategy & Research 2017 Identity Fraud Study,
due to the increasing adoption in the US of EMV (chip) cards and
terminals in point of sale environments, fraudsters have increasingly
shifted to fraudulently opening accounts and become better at evading
detection.
As the number of data breaches has skyrocketed
in recent years, personally identifiable data has flooded the black
market, making it easier for fraudsters to impersonate real identities
or to create fake ones using real data. The reliability of identity data
has become a key concern across industries, especially within the
financial sector, which often depends on manual review to confirm the
identity of new applicants.
AI-based Decisioning for Identity By providing a
multidimensional view of consumers based on applying self-training,
predictive analytics models to hundreds of online and offline data
sources, Aida enables financial services organizations to automatically
approve more digital transactions than previously possible without
performing manual reviews. It can reduce fraud for online new account
opening by up to 90 percent.
Using the Aida-powered Socure ID+ platform, financial services
organizations have chieved the following significant business results:
1. Top 10 Credit Issuer reduced fraud by 85%, saving more than $50M in
fraud losses 2. Top 5 Bank reduced their dependency on
knowledge-based authentication (KBA) by 70%, which substantially
increased auto-acceptance rates and improved the customer experience 3.
Leading Digital Bank completely eliminated KBA, while increasing annual
revenues by $5M
Today at 1:00 pm Eastern Daylight Time, Sunil Madhu, Chief Strategy
Officer for Socure will join PYMNTS CEO Karen Webster for a live Digital
Discussion on using robots like Aida to fix digital identity
verification problems. To attend visit: https://bit.ly/2NHELRR
"Socure is solving the single most difficult problem in identity
verification - validating a person that's never done business with an
organization before," said Sunil Madhu, Chief Strategy Officer for
Socure. "Using traditional approaches for vetting the identity of new
customers in a mobile and digital world has been a miserable failure.
Aida can assess in real-time and with unprecedented levels of
reliability, whether a digital identity is authentic, synthetic or has
been stolen by performing beyond-human analysis at machine speed. Aida
essentially lives every minute of every day to verify identities and
fight fraud."
Aida learns customer identity from their digital footprints to calculate
risk and correlation scores, which empowers businesses to dramatically
increase online transaction acceptance rates as well as reduce manual
reviews and fraud. In the future it could provide consumers with a
portable "Socure Verified" identity that can be used with participating
financial institutions and ecommerce merchants.
The Brains in the Machine Aida combines artificial
intelligence, unsupervised machine learning and clustering algorithms to
perform a continuous loop of:
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Ingesting, normalizing and evaluating data from hundreds of online and
offline data sources including credit bureaus, email history, phone
records, IP addresses, social networks and more
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Automatically generating fully explainable and transparent machine
learning models in hours, while continuously training and improving
them. Aida performs the work of human data scientists in software, at
scale, to achieve accuracy levels far beyond traditional human
rules-based approaches
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Performing predictive analytics on real-time transactions to assess
and assign a risk score to identities, which is used to determine
whether a request should be auto-accepted or flagged for manual review
by a fraud analyst
Availability Aida is available immediately as part of the
Socure ID+ platform.
About Socure Socure is the leader in high-assurance digital
identity verification. The company's predictive analytics platform
applies artificial intelligence and machine learning to trusted
online/offline sources including email, phone, address, IP address,
social media and traditional GLBA/DPPA data to authenticate identities
in real-time. The Socure ID+ platform reduces fraud by up to 90 percent,
lowers manual review/knowledge-based authentication (KBA) rates by as
much as 80 percent, and automates Customer Identification Program (CIP),
Know Your Customer (KYC) and anti-money laundering (AML) compliance
initiatives. For more information visit www.socure.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180719005507/en/
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