Jumio Unveils New AI-Powered Fraud Prevention Toolby Fintech News Singapore October 24, 2023
Jumio, a provider of identity verification and fraud prevention solutions, has announced the launch of Jumio 360° Fraud Analytics.
This new AI-powered tool can identify fraud patterns with greater sophistication and accuracy, helping businesses to protect themselves from fraud.
Jumio 360° Fraud Analytics works by looking at billions of data points across Jumio’s cross-industry network to identify patterns based on behavioral similarities and other indicators.
It then uses machine learning to group identity transactions into clusters based on their risk. This provides businesses with a multi-dimensional view of each transaction and the cross-customer ecosystem as a whole.
Jumio 360° Fraud Analytics can be used to automatically reject identity transactions that exceed a certain fraud threshold. This helps to stop fraudsters from accessing businesses’ platforms in real time.
The tool also provides dashboards that provide transparency and help businesses to visualise connected data.
Jumio 360° Fraud Analytics is currently available in early release to select customers and will be generally available in early 2024.
“Jumio revolutionised online identity verification when it pioneered the ID + selfie approach. 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. This will allow us to identify and stop fraud rings and other coordinated attacks with more accuracy than ever before.”
said Robert Prigge, CEO of Jumio.
“Because explainability is a key requirement when using automation, we provide insights on why the identity transaction was rejected. We also provide a graphical representation of the high-level linkages we found, which makes it easy to see connections between people, documents, devices and more. The combination of sophisticated analytics and easily consumable insights makes this new technology a game-changer for fighting fraud.”
said Philipp Pointner, Chief of Digital Identity, Jumio.