Jumio has introduced a set of new data-driven services to help spot synthetic identities and reduce the threat of new account fraud. The new services specifically focus on driver’s licenses, and are being realized through a new partnership with the American Association of Motor Vehicle Administrators (AAMVA).
To that end, Jumio’s Address Validation service will ensure that the address listed on the driver’s license corresponds to a real street address that exists somewhere in the world. The platform will then cross-reference other government, commercial, and credit databases to confirm that the person depicted on the license actually lives at that location.
Finally, Jumio’s new Face Lookup feature will watch for faces that are being used to open multiple accounts. If the face is the same but the personal information changes (such as the name or the date of birth), there is a good chance that the person holding those documents is engaging in some form of synthetic fraud.
“We know that it’s fairly easy to get or create a fraudulent driver’s license, which demonstrates a growing need to verify that an ID has been issued by the DMV,” said Jumio CEO Robert Prigge. “Other data services, such as address validation, can be used to corroborate the digital identity of online users. By consolidating these services into a single platform, modern enterprises can better orchestrate their identity proofing efforts and provide much higher levels of assurance.”
Jumio warned about the rising threat of new account fraud at the tail end of 2019, and if anything, the danger has only increased as more business has moved online during the COVID-19 pandemic. The company has offered free identity verification services to emergency responders working to stop the outbreak, and has also grown its commercial operations through new onboarding partnerships with Playtech and Mobiquity.
June 22, 2020 – by Eric Weiss