Socure and Alloy help Radius Bank halve online fraud
A partnership between artificial intelligence (AI) powered identity risk scoring innovator Socure and workflow management specialist Alloy has enabled Radius Bank to decrease online fraud by 50%, increase new account conversions by 30%, and make manual review nearly a process of the past – reducing it by 95%.
David Penn at Finovate reports.
The joint solution marries Socure’s predictive analytics with Alloy’s decisioning engine, and adds a variety of on- and offline data sources, predictive fraud tools, and a flexible rules engine to enable real-time decisioning and onboarding for new account openings.
Socure co-founder and SVP Johnny Ayers explains: “Given the extreme difficulty in fighting fraud while onboarding consumers digitally at scale, providing our customers with an end-to-end suite of predictive analytics, decisioning and case management capabilities means speed to market, unparalleled accuracy and technical flexibility that can’t be found when trying (to) work with legacy ‘identity proofing’ platforms.”
“Balancing fraud risk and customer friction are the two leading challenges facing financial institutions when it comes to digital account opening,” co-founder and CEO of Alloy Tommy Nicholas adds. “The data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”
Radius Bank is a digitally-focused, community bank based in Boston, Massachusetts. Founded in 1987, Radius Bank offers cheque deposit, billpay, peer-to-peer (P2P) payments, and card management to consumers, and provides treasury management and loan payment solutions for business customers. In addition to Socure and Alloy, the bank has partnered with fintechs like LevelUp and Prosper to provide additional services to its customers. Radius Bank has assets of more than $1 billion.
Headquartered in New York City, Socure’s digital-to-physical identity verification technology features an integrated document authentication service to determine the authenticity of government-issued identification and ensure a match with the PII provided. Socure’s platform provides best-of-breed email, phone, and address risk scores, overall identity risk prediction, know your customer (KYC) and physical document verification on a single, integrated solution.
Socure has raised $31.9 million in funding, and includes ff Venture Capital, Commerce Venture Partners, and Flint Capital among its investors. Sunil Madhu is CEO and president of the company, which was founded in 2012.