[ad_1]
Article content material
Jumio 360° Fraud Analytics makes use of AI-driven predictive analytics to detect fraud rings and different coordinated assaults
LAS VEGAS — Jumio, the main supplier of automated, end-to-end identification verification, danger evaluation and compliance options, at this time unveiled at Money20/20 USA Jumio 360° Fraud Analytics, its new fraud-fighting expertise that makes use of AI-driven predictive analytics to establish fraud patterns with extra sophistication and accuracy than ever earlier than.
Advertisement 2
Article content material
Article content material
According to Jumio’s evaluation, 25% of fraud is interconnected — both perpetrated by fraud rings or by people utilizing the identical info or credentials to open new accounts on banking websites, ecommerce platforms, sharing financial system websites and extra. A single organized crime operation or fraud ring could cause harm into the a whole lot of tens of millions of {dollars}. And with quickly evolving AI at their disposal, fraudsters have gotten extra subtle than ever earlier than, leaving companies scrambling to remain forward.
Jumio 360° Fraud Analytics tackles this drawback with a complete new method to stopping fraud. It appears past easy linkages, akin to flagging somebody as a result of they’re linked to a recognized fraudster. Instead, it appears at billions of information factors throughout Jumio’s cross-industry community to establish patterns primarily based on behavioral similarities and different indicators. Using graph database expertise with a layer of machine studying, it teams identification transactions into clusters throughout the community and determines the fraud danger of every cluster. This supplies a multi-dimensional view of every transaction and the cross-customer ecosystem as a complete.
“Jumio revolutionized online identity verification when it pioneered the ID + selfie approach,” mentioned Robert Prigge, Jumio CEO. “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.”
Today, when a consumer goes by means of the ID verification course of, Jumio performs all kinds of superior, AI-driven fraud checks. With the addition of Jumio 360° Fraud Analytics, the identification transaction can even be in comparison with the clusters and generate a predictive fraud rating that can be utilized to mechanically reject the transaction if it exceeds a sure threshold. Jumio’s preliminary research present that this method improves its present, extremely correct fraud detection fee by no less than 30% — with out growing the false rejection fee. Business customers can audit the explanations behind the choice within the Jumio Portal or through APIs.
“Because explainability is a key requirement when using automation, we provide insights on why the identity transaction was rejected,” mentioned Philipp Pointner, Jumio chief of digital identification. “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.”
Advertisement 3
Article content material
Key options embrace:
- Graph database expertise and machine studying classify identification transactions into clusters primarily based on behavioral similarities, which is particularly highly effective for figuring out fraud rings
- AI-driven predictive analytics decide the chance of fraud danger for every identification transaction primarily based on its cluster affiliation
- The predictive fraud rating can be utilized to mechanically reject identification transactions, stopping fraudsters from accessing your platform in actual time
- Dashboards present transparency and provide help to visualize linked information
Jumio 360° Fraud Analytics is at the moment out there in early launch to pick clients and might be usually out there in early 2024.
To study extra, go to Jumio at Money20/20 USA, sales space #5001. To schedule a gathering, click on right here.
About Jumio
Jumio helps organizations to know and belief their clients on-line. From account opening to ongoing monitoring, the Jumio KYX Platform supplies superior identification proofing, danger evaluation and compliance options that provide help to precisely set up, keep and reassert belief.
Leveraging highly effective expertise together with automation, biometrics, AI/machine studying, liveness detection and no-code orchestration with a whole lot of information sources, Jumio helps you combat fraud and monetary crime, onboard good clients quicker and meet regulatory compliance together with KYC and AML. As the {industry} chief, Jumio has processed greater than 1 billion transactions spanning over 200 international locations and territories from real-time internet and cellular transactions.
Based in Sunnyvale, California, Jumio operates globally with places of work and illustration in North America, Latin America, Europe, Asia Pacific and the Middle East and has been the recipient of quite a few awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.
For extra info, please go to jumio.com.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20231023184866/en/
Contacts
U.S. Media Contact
Elena Philippou
10Fold Communications
jumio@10fold.com
925-639-0409
Europe Media Contact
Harriet King
FleishmanHillard UK
harriet.king@fleishman.com
+44 7765673794
APAC Media Contact
Luke Nazir
FINN Partners
Luke.Nazir@finnpartners.com
+65 8139 2504
#distro
Article content material
[adinserter block=”4″]
[ad_2]
Source link
Comments
Postmedia is dedicated to sustaining a energetic however civil discussion board for dialogue and encourage all readers to share their views on our articles. Comments could take as much as an hour for moderation earlier than showing on the positioning. We ask you to maintain your feedback related and respectful. We have enabled e mail notifications—you’ll now obtain an e mail in case you obtain a reply to your remark, there’s an replace to a remark thread you comply with or if a consumer you comply with feedback. Visit our Community Guidelines for extra info and particulars on easy methods to modify your email settings.