Socure-Alloy Risk Assessment Solution Cuts Online Bank’s Fraud

Digital identity specialists Socure and Alloy have joined forces to offer a combined authentication solution aimed at financial institutions, the companies have announced.Socure-Alloy Risk Assessment Solution Cuts Online Bank's Fraud

The solution revolves around risk scoring, with Socure and Alloy elaborating in a statement that it “combines Socure’s predictive analytics platform and Alloy’s decisioning engine with multiple online, offline and other data sources, predictive fraud tools, and a powerful, flexible rules engine.”

And the solution has already seen at least one deployment. The companies report that Radius Bank, a Boston-based online financial services provider, has leveraged their authentication solution to “cut fraud in half, virtually eliminate manual reviews, and achieve a major boost in its new account conversions.” Commenting further, Alloy CEO and co-founder Tommy Nicholas boasted that “[t]he data and intelligence provided by Socure combined with Alloy’s decision engine and reporting tools make digital onboarding infinitely scalable for the first time.”

The solution’s results in the case of Radius Bank are impressive, especially considering that the combined solution does not appear to leverage the kind of facial recognition technology that has proven so popular – and effective – in the rapidly digitizing world of financial services. It’s a curious omission given that Socure had integrated facial recognition into its own digital ID platform way back in 2015, but its combined solution with Alloy is evidently so effective with its predictive analytics capabilities and other features that there’s no need for a biometrics boost.