AML, KYC, Data Breach

Data Breaches Are Making the Credit Bureaus Obsolete

Posted by Sunil Madhu on Jul 16, 2018

We’re all familiar with the credit check, that ubiquitous step when we’re applying for bank accounts, loans, or credit cards. But while credit checks may be a well intentioned means of identity verification, the truth is that they’re outdated and unreliable—and increasingly a playground for fraudsters. Something needs to change, and fast.

AI, Machine Learning, Know Identity Conference

It's Time for AI & Machine Learning to get Un-ruly

Posted by Socure on Jul 6, 2018

At the Know Identity Conference held in March 2018, Socure’s founder and chief strategy officer, Sunil Madhu, shared his perspectives on the use of machine learning (ML) and artificial intelligence (AI) for identity verification. Sunil discussed his unique insights, gleaned from Socure’s market-leading predictive analytics platform, on a panel with the CEOs of ThreatMetrix and Emailage. Sunil’s views were often not shared by his fellow panelists, leaders of traditional fraud prevention companies that rely primarily on human-developed rules-based systems. Sunil argued that human-developed rules hinder effective machine learning, and in order to properly address fraudsters machines must be allowed to go beyond human intuition.

Fraud, Online Id Verification, equifax breach, verifying customer identity, PII

Why Are We Relying on Breached Credit Bureau Data to Confirm Identity?

Posted by George Tubin on Jun 28, 2018

We’re all familiar with the stats: Last year’s Equifax breach left upwards of 145 million people’s personal identity information (PII) in the hands of fraudsters. Since 2005, more than 816 million individuals’ records were stolen in more than 4,500 reported breaches. In 2018 alone, major companies like Whole Foods, Kmart, and Under Armour have already experienced breaches, exposing hundreds of millions of customers’ personal data. Data breaches are so common now that it’s safe to assume that no one’s information is private and that we’ve all been hacked. As a result, it’s on us to think carefully about how fraudsters are actually using the PII they steal. And in order to best protect businesses and consumers, it’s on us to reconsider the traditional approaches to identity verification —which clearly aren’t working.

Artificial Intelligence, AI

Like any other data tech, 'garbage in, garbage out' hurts artificial intelligence

Posted by PaymentsSource on Jun 20, 2018

Artificial intelligence and machine learning are leapfrog technologies, transforming the way payment processors, banks, online businesses and others are interacting with current and prospective customers.

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