Jumio: Online Trust to the Next Level
In today’s digital economy, scammers and money launderers have no place. To avoid fraud and financial crime, internet firms must know and trust that their clients are who they say they are and that they will remain trustworthy. Jumio employs AI, biometrics, machine learning, and validated liveness detection to help an organization convert more consumers faster, prevent fraudsters from penetrating an online environment, and comply with KYC/AML regulations.
The Jumio KYX Platform is a single, end-to-end identity verification and eKYC platform enabling a range of identity proofing services to reliably create, preserve, and re-establish confidence from account opening to continuous transaction monitoring, helping organisations secure their ecosystems. Whether it’s customers, users, patients, or staff, the Jumio KYX Platform provides the assurance an organization needs to know and then trust. From real-time web and mobile transactions, Jumio has verified over 400 million identities issued by over 200 countries and territories. Leading companies in the financial services, sharing economy, digital currency, retail, travel, and online gaming sectors use Jumio’s solutions. Jumio’s identity verification, authentication, and anti-money laundering (AML) solutions use a number of cutting-edge technologies behind the scenes. They invest in these technologies on a regular basis to maintain their solutions at the forefront of fraud detection, compliance, and user experience.
Informed AI is a novel approach to AI that incorporates big data sets, establishes ground truth (through intelligent labelling), and makes use of real-world production data. All too frequently, AI models are built using smaller data sets that have been incorrectly classified, resulting in bias. Jumio’s identity verification processes are faster, more accurate, and have less built-in bias thanks to the use of informed AI. An organization can use Jumio’s biometric technology to confirm that the ID document belongs to the individual making the transaction. Biometrics provides an important layer of defence against stolen IDs and impersonation attempts. All the users have to do is take a selfie, which is a straightforward and familiar action for them. This selfie is used by Jumio to generate a biometric template and perform sophisticated facial scanning. Jumio creates two scores: one for validity and one for facial resemblance, by comparing the user’s facial biometrics to the photo on the ID document. The validity score indicates if the selfie is a genuine, live selfie rather than a recorded video, bot, or deepfake. The similarity score, which is also based on AI, reflects the degree of confidence that the picture in the selfie matches the image in the identity document. They warn their users about the danger of impersonation fraud if the similarity score is too low.
Jumio employs optical character recognition (OCR) to extract crucial information from ID documents such as a driver’s licence or passport. OCR was designed to read black text against a white backdrop using a flatbed scanner, not to extract important data fields from ID papers with small fonts and a variety of colorful backgrounds, which might contain holograms, watermarks, and microprint. Jumio’s OCR engine, which is powered by informed AI, overcomes the constraints of standard OCR and extracts extremely accurate data that may be used to ping third-party databases or verify a person’s age. “Jumio is once again disrupting the entire identity industry and redefining what modern organizations need in order to provide complete customer lifecycle management,” says Robert Prigge, Jumio CEO.
When it comes to identification, Jumio is the way to go. Jumio’s objective is to make the internet a safer place by protecting business ecosystems with a single, end-to-end identity verification, eKYC, and anti-money laundering platform. From account establishment to continuous transaction monitoring, the Jumio KYX Platform provides a spectrum of identity proofing and anti-money laundering (AML) services to correctly create, maintain, and re-establish confidence.