Jumio Data Reveals Faked Photos and ID Numbers Are Top Methods of Attempted Fraud Worldwide
Launches next generation of its Trusted Identity as a Service platform with new machine learning techniques and enterprise-class scalability to help customers prevent fraud
LAS VEGAS, NV--(Marketwired - Oct 23, 2017) - MONEY 20/20 - Jumio Corporation today announced the launch of its Trusted Identity as a Service platform in response to growing online threats, increased sophistication by fraudsters and high-profile cryptocurrency hacks. In 2017, Jumio found that almost one percent of all verification transactions across its global network were fraudulent, and of this total, 19.7 percent were from fake or doctored photos, while 19 percent were from altered ID numbers.
The latest release to Jumio's Netverify® solution suite includes expanded functionality to make its machine learning-powered online identity verification service dramatically smarter, faster, and more scalable. Recent data breaches of a leading credit agency and cloud-based email provider have exposed personally identifiable information (PII) that could be exploited by cybercriminals for account takeovers. But, these are not the only types of threats that Jumio is addressing. As the demand for bitcoin, initial coin offerings (ICOs) and other cryptocurrencies skyrockets, new online threats are emerging as hundreds of millions have been stolen in cryptocurrency due to hacks that exploited security vulnerabilities.
As the number of threat vectors grow, online organizations need to evolve beyond simple, automated approaches to identity verification. Jumio's upgraded Trusted Identity as a Service platform takes a hybrid approach combining computer vision technology, machine learning, biometrics and human experts to quickly and correctly verify credentials (e.g. passports, driver's licenses, etc.) and build trust in an increasingly unsafe digital world. Trusted Identity as a Service better leverages machine learning, microservices, and compliance mandates to improve the online verification experience.
"Higher levels of sophistication by fraudsters demands that businesses take a more sophisticated approach to fraud detection," said Stephen Stuut, President and Chief Executive Officer at Jumio. "Jumio is improving its identity verification solutions to better identify fraud and improve the accuracy, speed and scalability of our services."
Jumio is introducing several innovations to its core solution, including:
- Computer vision with machine learning
- Jumio processes almost 200,000 ID verifications daily and boasts the largest database of identity verifications, with more than 80 million total transactions processed. The size of this dataset is crucial when it comes to machine learning and fraud detection. Given that fraud generally represents a small fraction of overall traffic, the importance of having a large volume of transactions is further underscored. Jumio's deep experience in identity proofing and the large datasets of attempted fraud it has amassed puts the company in an ideal position to train its algorithms to more accurately identify fraud and detect fraud patterns.
- Enterprise scalability
- Jumio transitioned its infrastructure from dedicated data centers to Amazon Web Services (AWS), exploiting the power of microservices to increase its operational agility and scalability. Microservices, in combination with Jumio's cloud infrastructure, enable the company to dynamically scale vertically (run the same software on more powerful machines) and horizontally (adding more capacity to the existing pool). Jumio is also leveraging microservices to increase the resiliency of its identity verification solutions and enable Jumio's development teams to work more independently and quickly.
- Document Verification
- Jumio is expanding its Document Verification solution
to include broader support of Latin-based documents and PCI-compliant credit card storage. Jumio can now read a broad range of Latin alphabet-based documents for data extraction including those written in English, French, Spanish and Italian. Jumio's Document Verification also now supports PCI-compliant storage of credit card information. The Payment Card Industry Data Security Standard (PCI DSS) requires companies that accept credit cards to host the data securely with a PCI-compliant hosting provider. Jumio extracts, redacts (masks), and stores merchant's credit card information while adhering to PCI DSS, reducing customers' internal processing and operational costs.
Jumio's Netverify suite combines machine learning, biometrics, automation, and live verification experts to provide the highest level of accuracy and fraud detection without falsely rejecting legitimate customers. With Netverify, businesses have a complete identity verification solution that can be tailored to fit their specific requirements on a global basis.
To get a sneak peek at the future of Trusted Identity as a Service, visit us at Money 20/20 in Las Vegas, October 22-25. Visit booth 1425 for live demonstrations of the Netverify ID, Identity and Document Verification processes.
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology like biometric facial recognition, machine learning, and human review, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world. Jumio has verified more than 80 million identities issued by over 200 countries from real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, higher education, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com .
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