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.
They far exceed human intelligence and intuition, and can verify the identity of the person on the other end of an online transaction and detect fraud. However, there are limitations, shortcomings and misapplications of data science that can impact results.
To produce reliable and accurate decisions, AI and machine learning depend on three basic elements.
The first is good data. In fact, data engineering is 30% of data science. Without properly vetted inputs, even the most advanced AI systems cannot generate trustworthy outputs. AI is susceptible to garbage in, garbage out.
Socure is the leader in high-assurance digital identity verification technology. Its predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also reduces fraud for online new account opening by up to 90 percent, lowers manually reviewed knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives. Socure was founded in 2012 and is based in New York City.