AI-powered technology achieving record high catch rates and low false positives for fraud despite enormous influx of traffic


PALO ALTO, Calif., May 17 (Bernama-BUSINESS WIRE) -- Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, today announced it is now processing more than one million daily identity verifications, the vast majority of which are completely automated. By consistently setting new records, Jumio has already cleared over 100 million different transactions so far in 2021 alone, with YTD revenue growing more than 118% year-over-year.

Jumio’s sophisticated machine learning models now catch the majority of fraud attempts found. Fraud detection has dramatically increased due to the state-of-the-art accuracy of Jumio’s Face Lookup feature. This innovation flags potential fraudulent activity by the same face being used across multiple identity verification attempts, specifically targeting fraud rings and repeat fraudsters. Additionally, Jumio’s automation recently won gold for AI in Security in the 2021 Cyber Security Global Excellence Awards.

“Scaling to meet this explosive growth has required both innovation and execution. We have even had customers transferring volumes from other identity verification providers that are unable to scale and keep up with their high volumes,” said Bala Kumar, Jumio chief product officer, who joined Jumio in March from TransUnion and iovation. “Powered by automation and an infrastructure that is faster and more reliable than ever, we are excited about the benefits that Jumio’s next-generation innovations will unlock.”

Building on top of existing AI powered automation, the company continues to accelerate its investments in innovation by leveraging the $150 million round of funding recently raised from Great Hill Partners.

To learn more about Jumio and its award-winning, AI-powered identity solutions, visit jumio.com.

About Jumio

When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through a unified, end-to-end identity verification and eKYC platform. The Jumio KYX Platform offers a range of identity proofing and AML services to accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring.

Leveraging advanced technology including AI, biometrics, machine learning, liveness detection and automation, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC, AML and GDPR. Jumio has carried out more than 400 million verifications spanning over 200 countries and territories from real-time web and mobile transactions.

Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners.

For more information, please visit www.jumio.com.

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Contact

U.S. Media Contact
Alex Mercurio
10Fold Communications
jumio@10fold.com
949-940-5656

Europe Media Contact
Gemma Lingham
FleishmanHillard UK
gemma.lingham@fleishman.com
+44-752-569-9347

Source : Jumio

--BERNAMA