Jumio Introduces Jumio 360° Fraud Analytics to Combat Fraudulent Activity

Published 6 months ago

Leading identity verification provider, Jumio, has unveiled its advanced fraud prevention technology, Jumio 360° Fraud Analytics. Revealed at the Money20/20 USA event, the new technology leverages AI-driven predictive analytics to identify fraud patterns with an unprecedented level of sophistication and precision.

Jumio’s analysis shows that 25% of fraud is interconnected. Fraud rings or individuals often use the same information or credentials to open new accounts across various platforms. As such, an organized crime operation or fraud ring can cause damage amounting to hundreds of millions of dollars. Jumio 360° Fraud Analytics aims to curb this issue by identifying patterns based on behavioral similarities and other indicators.

Disrupting Fraud Patterns with AI

Jumio 360° Fraud Analytics goes beyond simple linkages. Instead of flagging someone only because they are connected to a known fraudster, it scrutinizes billions of data points across Jumio’s cross-industry network. By utilizing graph database technology and machine learning, it groups identity transactions into clusters and calculates the fraud risk for each cluster.

According to Robert Prigge, Jumio CEO, the new technology will enable the company to identify and halt fraud rings and coordinated attacks with more precision than ever.

Enhancing Identity Verification Efforts

During the ID verification process, Jumio carries out a broad range of advanced fraud checks. With Jumio 360° Fraud Analytics, the identity transaction will also be compared to the clusters and generate a predictive fraud score. If the score surpasses a certain threshold, the transaction can be automatically rejected. Jumio’s initial studies indicate that this approach improves its already high fraud detection rate by at least 30% without increasing the false rejection rate.

Transparency in Fraud Detection

Philipp Pointner, Jumio’s chief of digital identity, emphasized that explainability is a critical requirement when using automation. The new technology provides insights on why the identity transaction was rejected. Moreover, it displays a graphical representation of the high-level linkages found, making it easier to see connections between people, documents, devices, and more.

Key features of Jumio 360° Fraud Analytics include graph database technology and machine learning, AI-driven predictive analytics, real-time fraud prevention, and transparency dashboards. Jumio 360° Fraud Analytics is currently available in early release to select customers and will be generally available in early 2024.

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