Customer Testimonial Video Script (639 words)

This is Moven. Moven is a former Finovate Award-Winner and it’s a new banking experience that combines the best of Mint.com type of feedback that allow me to save more effectively as well as social banking features that we all come to expect in the new mobile and social world that we live in. As you can see on the main website, Moven allows people to create new accounts with Facebook or the traditional way using forms-based registration where you have to type in user ID and password.

So let’s see what happens when Lisa tries to establish a new account at Moven using the traditional way of signing up for a service that most of your institutions use today. So initially Lisa is going to provide her email address and her first name and last name and pick a password (…) and once that submitted, the bank subjects Lisa to KYC Checks, so she now has to provide PII (personal information) so the bank can go about identity proofing her and proving out her authenticity, so Lisa is going to provide some details about where she lives, her name and address, her birthday date and mobile number and so on. These are the types of checks we are all used to when we end up signing up for a bank account, for example our credit card.

Now instantaneously, the application takes Lisa to this Walled Garden. Why wasn’t Lisa taken to the welcome page? she’s allowed to go in and look at the services moving off first but she’s not allowed to set up a bank account. Let’s look behind the scenes what’s going on. So Socure exposes a set of secure API it’s like me embedded into your mobile or web applications with as little as two lines of code. When that line of code is integrated into your business logic, your application passes information about the user who’s interacting with you and our system takes that information, processes it semantically and reaches the data, applies it against the model and gives authenticity score. This is ground truth score, larger numbers are barred in our system and a score of three, with a high confidence rating, means that Lisa is in fact fake.

Let’s see what happens when we try to log in with social login. I’m an existing customer of Moven, I’m just going to use my Facebook login, it’s a one-click process and I’m into Moven I’m able to see my account right now. So as you can see, the difference here is the system basically says for the score I get a 9 instead of a 3 so I’m authentic and again with high confidence. So so far, I’ve shown you how the technology can help you do identity proofing and remediate fraud risk for new and existing accounts.

But what about payments? So for the very first time at Finovate, we’re actually going to show you how you can actually use the authenticity of the individual to remediate any kind of fraud risk in peer-to-peer payments and other forms of payments.

Let’s see what happens when we try to send money over email to Lisa, most of us are used to this feature in our mobile applications. (…) and as you can see instantaneously, the system is able to say that there is some sort of risk and again if we switch to the console view, we will actually see that, in this case, there’s a low fraud score, which again, higher numbers are barred in our system and so there is risk in the system.

So as you can see, without any change in user behavior using social as an additive signal to the technologies that you have in place today, we’re able to improve the ability of your institutions to remediate identity fraud risk.