Socure unveils digital identity bot Aida
New York-based Socure has launched a new digital identity verification bot called Aida (Authentic Identity Agent) to validate authenticity in online transactions, reports David Penn at Finovate.
Aida is named after the world’s first computer scientist, Ada Lovelace, and uses artificial intelligence (AI) to process on- and offline datapoints to provide real-time digital identification.
“Socure is solving the single most difficult problem in identity verification,” Socure’s founder and chief strategy officer Sunil Madhu says, “validating a person that’s never done business with an organisation before.”
“Aida can assess in real-time and with unprecedented levels of reliability, whether a digital identity is authentic, synthetic, or has been stolen by performing beyond-human analysis at machine speed,” he explains. “Aida essentially lives every minute of every day to verify identities and fight fraud.”
Part of the company Socure ID+ identity verification platform, Aida combines AI, unsupervised machine learning, and clustering algorithms to provide a continuous loop of data ingestion, normalisation, and evaluation from sources such as credit bureaus, social networks, and email history.
According to the firm, Aida automatically builds explainable, transparent machine learning models in hours, and conducts predictive analytics on real-time transactions to determine which should be accepted automatically and which should be flagged for manual review by a human fraud analyst.
Socure announced in June that two of the top five US banks (and three of the top ten) are using its technology. This spring, the company appointed Tom Thimot as its new CEO, with Socure founder and former CEO Madhu moving to the chief strategy officer role.
The company has raised nearly $32 million in funding, and includes Commerce Ventures, Flint Capital, and ff Venture Capital among its investors.
