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Monday, November 16, 2020

Unit21, Socure partner to fight ID fraud

A strategic partnership between Unit21 and Socure, disclosed Nov. 12, 2020, is designed to further protect against identity fraud through shared capabilities and expertise. Unit21 will incorporate Socure's predictive analytics platform into its identity verification orchestration layer. These combined resources will drive real-time identity verification decisioning, the security leaders stated.

Evan Rabinowitz, head of business development at Socure, stated the partnership will benefit shared clients, such as Unifimoney and ZenBusiness, and attract new ones. "We are thrilled to be working with Unit21 as their preferred partner for identity verification solutions," he said.

Trisha Kothari, co-founder and CEO at Unit21, agreed, stating, "The opportunity to add cutting-edge identity verification and fraud signals to Unit21's no-code decisioning engine and case management system is a huge step forward in revolutionizing the industry.”

Holistic, real-time verification

Rabinowitz observed a tendency among solution providers to view elements of identity verification in isolation, which can limit the ways in which they relate to each other. Unit21 and Socure take a more holistic approach to identity verification, he stated.

"Socure leverages advanced analytics to produce nuanced, correlative scores between elements of identity," Rabinowitz said. "We employ a multitude of machine learning algorithms, both supervised and unsupervised, to produce highly sophisticated correlative score outputs. With access to nine different modules from a single endpoint, all of Unit21's clients can now solve for any part of the identity for which verification is required."

Kothari agreed, stating that customers using Socure ID+ and Unit21’s onboarding workflow engine will accelerate customer onboarding by identifying legitimate customers and bad actors. "Unit21's workflow engine enables customers to customize their user onboarding journeys based on their risk tolerance," she said. "This significantly decreases user drop-off and enables customers to get to an accept/reject with confidence in their automation."

More innovations planned

Kothari further noted the partnership comes at an exciting time, as Unit21 recently raised a $13 million Series A round; funds will be used to build out its flexible transaction monitoring rules engine and case management system, she stated. The company, whose clients include Intuit, Coinbase and Line, is widely known for its no-code approach to identity verification.

Unit21 will leverage Socure's Day Zero digital identity verification to build complex decisioning workflows and consolidate alert workloads, Kothari stated. Shared capabilities will enhance both partners' platforms and service offerings. Socure and Unit21 analysts will no longer have to work across several different systems to resolve risk and compliance alerts. The combined platforms' transparent, all-access view will improve efficiencies and response times, she added.

Kothari alluded to exciting plans ahead at Unit21 and Socure. "We plan to grow into different verticals together and work to provide value to all financial institutions - large or small," she said. "Together we're deploying cutting-edge machine learning models in a simple and configurable fashion, and that extends itself to limitless possibilities across risk and compliance."

end of article

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