Case Study: SoFi reduces fraud losses and improves risk assessment with evolv Consulting

SoFi cuts held credit card payments from 20% to 2.5% with evolv Consulting

SoFi, a member-centric digital financial services platform, faced significant challenges in mitigating fraud and risk across its credit card and personal loan products. Amidst a recovering economy, they required advanced data-driven solutions. SoFi turned to their existing partner, evolv Consulting, for support and AI/ML Ops expertise to enhance their risk assessment approach.

evolv Consulting collaborated closely with SoFi to develop a comprehensive risk management solution. This involved building sophisticated machine learning models and innovative fraud prevention strategies. The results were substantial, including reducing held credit card payments from 20% to 2.5%, saving $1.2 million in fraud losses, and creating in-house models that outperformed third-party solutions. evolv also ensured the models promoted fairness and compliance.

SoFi