Digital identity verification platform Socure has launched Aida (Authentic Identity Agent), an AI bot for building trust in online transactions.
The bot, named after the world’s first computer scientist Ada Lovelace, uses AI to process billions of multi-dimensional online and offline data points each second, in order to validate authenticity of digital identities in real-time.
Socure has launched the service to help financial services combat the rising number of identity breaches and fraudulent attacks. By implementing self-training, and predictive analytics models to hundreds of data sources, clients can automatically approve digital transactions without the need of manual input.
The solution can lower fraud for online new account openings by 90 per cent, according to the company.
Aida learns a customer’s identity from their digital footprints to calculate risk and correlation scores, which help to verify purchases. Some of the data points analysed include credit bureaus, email history, phone records, IP addresses, social networks and others.
Socure uses its AI and machine learning technology to help financial institutions improve security and fraud prevention with its digital identity verification. The platform uses its AI to analyse online and offline data to verify the identity of users.
The RegTech solution helps more customers get accepted, including un-banked and under-banked, optimise manual reviews and prevent identity fraud.
Socure chief strategy officer Sunil Madhu said, “Socure is solving the single most difficult problem in identity verification – validating a person that’s never done business with an organization before.
“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.”
Earlier in the year, the company achieved compliance certification for three ISO/IEC 27000 standards. The standards are related to the privacy, confidentiality, and security controls of its ID+ system and service.
Last year, the company received a $13.9m Series B round from investors including Synchrony Financial, Flint Capital, and Workbench. The capital, which was raised to support expansion in new markets, followed a £13m Series A closed in 2016.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
