COLUMBIA, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Voyatek, a leading provider of outcomes-driven solutions for public sector organizations and higher education, has announced a collaboration with Socure, a renowned leader in digital identity verification and fraud prevention. Voyatek will integrate Socure's cutting-edge digital identity verification and fraud prevention capabilities into Application Fraud Firewall, significantly enhancing the detection and prevention of fraud in admissions, financial aid, and enrollment processes.
Application fraud has been steadily increasing since 2020—when the rapid pivot to online classes made it easier for fraudulent applications to fly under the radar—and shows no signs of slowing down. In January of this year, California’s community college leaders estimated that 25% of applicants were fraudulent, and the state has lost millions as a result. Beyond the financial consequences, fraudulent applications create more work for staff, delay application processing, and tie up seats in courses.
Voyatek’s Application Fraud Firewall, an adaptive-AI, cloud-based solution, proactively assesses student applications using a comprehensive array of public and private data sources. By automating fraud evaluation, the solution focuses verification efforts on a targeted pool of applications, thereby minimizing threats, streamlining application processes, and allowing staff to dedicate more time to serving genuine students and applicants. Application Fraud Firewall can be implemented as a stand-alone tool, or as a component of our comprehensive Student Success Analytics (SSA) Cloud analytics platform.
Central to this partnership, Voyatek will leverage Socure’s Fraud and Risk services to better identify potential bad actors in real-time. Institutions can configure fraud thresholds to seamlessly incorporate ID document verification capabilities via Socure’s Predictive DocV.
“Enabling schools to stop more fraud without compromising the student experience is particularly crucial for community colleges, where any friction can create barriers for marginalized students,” said Jordan Burris, VP & General Manager of Public Sector at Socure.
To better understand trends and hotspots, Admissions Fraud Firewall includes dashboards and detailed analytics to identify ambiguous cases for verification, and clearly describe the output of AI models. This transparent approach to AI keeps humans in the loop and drives verification and mitigation actions, further improving outcomes.
“As more states launch tuition-free community college, it’s critical that educators invest in fraud prevention solutions now,” said John Van Weeren, VP of Higher Education at Voyatek. “Our clients are gaining control over the management and monitoring of suspicious applications.”
Valuable insights uncovered by the Application Fraud Firewall have helped Voyatek’s clients reduce their manual review workloads by up to 80%, save an average of $172k annually on fraudulent financial aid disbursements, and realize a 10x return on investment in the first year of deployment.
About Voyatek:
Voyatek, formerly GCOM Software and OnCore Consulting, delivers outcome-driven technology solutions to public sector agencies and higher education institutions nationwide. With a focus on helping our higher education clients develop a clear line-of-sight between their strategic goals and day-to-day operations, Voyatek designs and builds customized analytics platforms to support data visualization, forecasting, and data informed decision making.
About Socure:
Socure is the leading AI 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. The company has more than 2,700 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, Dave, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks and the State of California trust Socure for accurate and inclusive identity verification and fraud prevention. Learn more at socure.com.
