Jumio has unveiled a new anti-fraud solution based on predictive analytics. The company says its Jumio 360° Fraud Analytics system “looks at billions of data points” for behaviors and signals that point to potential fraud, and generates a risk score based on its assessment.
Jumio is best known for an identity platform that uses facial recognition to match an end user’s selfie photo to their official ID, thereby verifying their identity. Jumio 360° Fraud Analytics adds another layer of security to that approach by checking the individual’s identity data against further metrics to root out any potential fraud.
“Today we are pushing the industry to evolve once again by harnessing the power of predictive analytics to identify fraud patterns across our vast network,” asserted Jumio’s CEO, Robert Prigge. “This will allow us to identify and stop fraud rings and other coordinated attacks with more accuracy than ever before.”
Importantly for security decision makers, the Fraud Analytics system is not a black box. “Because explainability is a key requirement when using automation, we provide insights on why the identity transaction was rejected,” explained the company’s Chief of Digital Identity, Philipp Pointner, adding that the system also delivers a graphical representation of any detected fraud linkages.
The system was debuted at this week’s Money20/20 event in Las Vegas. It is currently available in an early release to select customers, and Jumio says that a full commercial launch is planned for early 2024.
The announcement comes just a few weeks after the news of Jumio’s partnership with NextWealth, an AI and Machine Learning-focused data services provider that is poised to help Jumio scale up its business operations as the company continues to grow.
October 24, 2023 – by Alex Perala