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 leading platform for digital identity trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 400 customers across the financial services, gaming, telecom, and e-commerce industries, including three of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, and over 100 of the largest and most successful FinTechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.