Oscilar and Regtech Socure to Enhance Identity Verification and Risk Management for Financial Institutions

Oscilar, a provider of AI-driven risk management solutions, and Socure, the provider of artificial intelligence for digital identity verification, sanction screening, and fraud prevention, announced a partnership that will aim to set “a new standard in digital identity verification, fraud prevention and risk management for financial institutions.”

This collaboration combines Oscilar’s advanced risk management platform with Socure’s identity verification solutions, “offering an unparalleled approach to fraud prevention, compliance, and customer onboarding.”

The partnership aims to “address the growing need for financial institutions to enhance their risk management capabilities while providing a seamless and secure customer experience.”

By integrating Socure’s identity verification platform “into Oscilar’s risk management platform, clients can now benefit from a comprehensive solution that not only streamlines the onboarding process and significantly reduces the risk of fraud, but also speeds up fraud and risk operations by 10x, from weeks to hours.”

The partnership provides several “key advantages for financial institutions.”

It enhances fraud detection and prevention “by integrating consortium data from Socure’s network of more than 2,400 customers with generative AI powered natural language fraud analytics from Oscilar, elevating the precision of risk assessments and diminishing false positives.”

Additionally, financial institutions will be “able to easily implement Oscilar’s several out of the box fraud and credit decisioning machine learning models in their workflows, with one click.”

Some of these ML models reportedly “include: ACH Fraud, Card Fraud, Wire Fraud, Pay Prediction, Spend Power, Cash Flow Score, etc.”

It also “guarantees” a seamless customer onboarding experience, “due to the integration of Socure’s identity verification with Oscilar’s real-time, comprehensive 360 degree risk view, which minimizes manual reviews and expedites the verification process.”

Neha Narkhede, Co-Founder & CEO of Oscilar said:

“Digital onboarding at financial institutions involves carefully balancing fraud risk and customer friction. The deep identity verification intelligence provided by Socure combined with Oscilar’s generative AI Risk Decisioning platform offers an unparalleled solution to streamline and increase the accuracy of digital onboarding for the first time.”

Additionally, Oscilar and Socure collectively furnish “a comprehensive compliance framework, facilitating financial institutions’ adherence to regulatory mandates with data integrity and security.”

This scalable and adaptable solution is designed “to evolve with the needs of financial institutions, accommodating everything from credit unions to large banks.”

As covered, Socure claims that it is “the leading provider of digital identity verification and fraud solutions. Its predictive analytics platform applies AI and machine learning techniques with trusted online and offline data intelligence to verify identities in real-time.”

Socure is the vertically integrated identity verification and fraud prevention platform with both IAL-2 and FedRAMP Moderate certifications, “delivering advanced levels of assurance and the highest standards for security and compliance.”

The company has more than 2,400 customers “across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the five top banks, the top credit bureau and more than 400 fintechs.”

Organizations including Capital One, Citi, Chime, SoFi, Green Dot, Varo, Ingo, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks and the State of California trust Socure for accurate and “inclusive identity verification and fraud prevention.”

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