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.
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.”