Oscilar, Socure partner to boost ID verification for FIs

Friday 31 May 2024 11:47 CET | News

US-based provider of AI-driven risk management solutions, Oscilar, and I provider for digital identity verification and fraud prevention, Socure have recently announced a strategic partnership.

The collaboration aims to boost existent digital identity verification, fraud prevention, and risk management for financial institutions (FIs) by combining Oscilar’s advanced risk management platform and Socure’s ID verification solutions. The companies also aim to provide a high-proficiency approach towards fraud prevention, compliance, and customer onboarding.

More about the partnership between Oscilar and Socure

The partnership will further address the increasing need for FIs to boost their risk management capabilities while also offering a seamless and secure customer experience, without adding unnecessary friction to the process. Socure will integrate its ID verification platform into Oscilar’s risk management platform, so that clients will benefit from a comprehensive solution that will streamline the onboarding process and reduce fraud risks. At the same time, the platforms’ integration will drastically speed up fraud and risk operations, reducing the overall time needed from weeks to just hours.

FIs will benefit from enhanced fraud prevention and prevention through Socure’s network data of over 2,400 customers with GenAI-powered natural language fraud analytics from Oscilar. This is set to increase the precision or risk assessment and reduce false positives. 

At the same time, with just one click, financial institutions will easily implement Oscilar’s fraud and credit decisioning ML models in their workflows. Moreover, FIs will guarantee seamless customer onboarding experience and reduce the number of manual reviews, while making the entire verification process faster and smooth. 

Both companies adhere to current regulatory mandates with data integrity and security and their partnership will leverage their solutions to accommodate identity verification and digital onboarding for credit unions, banks, and other FIs. 


US-based provider of AI-driven risk management solutions, Oscilar, and I provider for digital identity verification a

About Socure and Oscilar

Socure is on a mission to verify 100% of good identities in real-time and eliminate identity fraud on the Internet. It is one of the most important providers of digital identity verification and fraud solutions, utilising predictive analytics platforms with AI and ML techniques. Socure counts on over 2,400 customers across various sectors, from governmental institutions to gaming companies, healthcare players, telecom enterprises, and ecommerce industries. Among the company’s clients we can mention Capital One, Citi, Robinhood, Stash, DraftKings, and the State of California.

At the same time, Oscilar provides generative AI-powered risk management solutions specifically tailored to help financial institutions mitigate risk, comply with regulations, and provide a seamless customer experience. It deploys several ML models to identify and prevent a series of fraud types, including card fraud, wire fraud, and ACH fraud.

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Keywords: partnership, digital identity, identity verification, digital verification, digital onboarding, customer experience, generative AI, artificial intelligence, machine learning, fraud management, fraud detection, online fraud, identity fraud, credit card fraud, fraud prevention, data protection, data privacy, compliance, regulation
Categories: Fraud & Financial Crime
Companies: Oscilar, Socure
Countries: United States
This article is part of category

Fraud & Financial Crime




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