Digital identity verification firm Socure has rolled a new digital identity bot to validate authenticity during online transactions.
Dubbed Aida (Authentic Identity Agent), the new bot is capable of processing billions of multi-dimensional online and offline data points per second to confirm the validity of digital identities in real-time.
How does the digital identity bot work?
The new artificial intelligence (AI) based decision tool, can train itself and uses predictive analytics models.
It also offers a multidimensional view of consumers’ behaviour.
It allows financial services institutions to automatically endorse an increased number of digital transactions without manually reviewing them.
Source estimates that the new bot can assist in slashing fraud for online new account opening by up to 90%.
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.”
Aida, which is available as part of the Socure ID+ platform, has enabled top 10 credit issuer to cut fraud by 85%, saving more than $50m in fraud losses.
Additionally, top five banks were able to decrease their dependency on knowledge-based authentication (KBA) by 70% that increased auto-acceptance rates and improved the customer experience.