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Jumio: Making the internet a safer place for both people and businesses

Jumio: Making the internet a safer place for both people and businesses

Karen Wilson Karen Wilson

What does Jumio do and what problem/s does it solve for your customers?

In short, Jumio makes the internet a safer place for both people and businesses. Today’s businesses need to know and trust that customers are who they claim to be, not fraudsters, and that builds customers’ trust in the company. This is critical for protecting a company against fraud and financial crime. Jumio’s unified, end-to-end identity verification platform helps our customers fight fraud, onboard new customers faster, and meet regulatory mandates such as Know Your Customer (KYC), anti-money laundering (AML), and General Data Protection Regulation (GDPR) compliance standards. To date, Jumio has verified over 400 million identities issued by 200+ countries and territories for real-time web and mobile transactions—all in the name of protecting today’s digital economy.

What industries does Jumio work with? What is the biggest industry that you work with currently?

Our solutions are designed for any industry that is impacted by fraud, and today, that’s really any industry that has an interest in doing business online. Our customers are in all different kinds of sectors, such as financial services, the sharing economy, healthcare, digital currency, retail, travel, online gaming, and more. We work with notable brands like HSBC Bank, Paysafe, United Airlines, Rappi, and many leading companies that take customers’ security seriously.

What products and services does Jumio provide?

The Jumio KYX Platform leverages a unique combination of artificial intelligence (AI), biometrics, machine learning, certified liveness detection, and automation to protect the business ecosystem. We offer a range of identity-as-a-service (IDaaS) solutions that accurately establish, maintain and reassert trust from account opening to ongoing transaction monitoring. Jumio’s products use face-based biometrics, certified liveness detection, computer vision technology, automated AML screening, and selfie-based authentication to confirm user identities are accurate. Jumio’s technology also performs critical tasks such as age verification, eKYC, user onboarding, AML screening, user authentication, proof of address, account recovery, and fraud detection.

How does Jumio use AI?

Jumio uses AI in three important ways: data extraction, fraud detection, and risk scoring. First, Jumio uses AI to extract key data from ID documents. Jumio’s scale means we can feed our algorithms with lots of data to not only improve their ability to recognize specific ID documents but also to know how to extract the data and make sense of it. Next, AI helps us spot characteristics of fraudulent IDs, such as understanding the unique fonts, pictures, and security features of a specific country-issued ID. If an ID document has been manipulated or changed and does not conform to the pattern, our AI algorithms flag it for closer review. Lastly, we leverage AI to identify patterns and the probability of fraud based on a combination of high-risk variables. Risk scoring insights allow us to identify that 1% of the ID documents (with a unique risk profile) account for about 15% of known fraud. We use this scoring to alert our verification experts to pay special attention to high-risk IDs.

What distinguishes you from your competitors? 

I’d say that Jumio’s scaling abilities, the depth of our datasets and research, and our experience in ID and identity verification are what set us apart from other players in the industry. With 11 offices around the globe, Jumio is truly a global company, and our products are used by organizations all over the world, while other players in the industry only provide solutions for their specific geographical market. In addition, Jumio has amassed extensive datasets that can be leveraged to develop highly predictive AI models. This data contains important patterns that are often indistinguishable to the human eye, and so the ability to access and harness this data is part of what makes Jumio’s platform so valuable to our customers.

For example, our Jumio Authentication product is the first-to-market video-selfie authentication solution that leverages AI and biometrics for initial identity proofing and ongoing user authentication. Jumio Authentication combines AI-powered identity proofing and ongoing authentication, using a government-issued ID, a corroborating selfie, and certified liveness detection. Using Jumio’s massive proprietary database of historical identity verifications, data scientists at Jumio’s AI Labs are developing deep learning models to improve identity verification accuracy and speed. Jumio’s AI models have reduced the average customer transaction time by 50%. This type of research and application is unseen in the market.

Additionally, Jumio delivers the highest verification accuracy among our competitors based on a variety of benchmark tests. On average, Jumio approves 99.9% of valid transactions and rejects 95% of invalid or fraudulent transactions. This level of accuracy translates into a better, faster experience for our customers’ legitimate users, while ensuring bad actors are blocked at the front door. This level of initial verification accuracy has lead to a significantly higher percentage of users being successfully onboarded, compared to those served by competing solutions.

What impact did the coronavirus pandemic have on your business, how did you overcome this impact?

Although 97% of companies believe the pandemic accelerated their digital transformation efforts, the new remote state of operations has made user verification progressively more challenging as fraudsters are finding new ways to exploit businesses. In fact, Americans reported over $124 million in losses and more than 184,000 COVID-19-related fraud cases. In 2020, financial institutions faced over $10 billion in global fines and penalties related to AML, KYC, data privacy, and Markets in Financial Instruments Directive (MiFID) regulations. On top of all of this, social distancing and office closures required organizations to verify their customers, employees, and patients, entirely remotely. However, with traditional authentication methods like passwords and knowledge-based authentication (KBA), it’s impossible to accurately and confidently confirm a user’s real identity behind a screen. With this long list of new challenges, Jumio’s KYX platform became an increasingly important solution for organizations in almost every industry to remotely verify their users. Following the onset of COVID-19, Jumio continued to add technological advances to further automated identity verification, expand the breadth of the KYX platform and grow its suite of AML compliance services. To do our part to help where we can, we also began offering free remote verification services to qualifying organizations involved in relief and assistance during the crisis.

We’ve continued to push forward on many fronts in 2021 by securing new funding and expanding key partnerships, including a collaboration with Microsoft Azure Active AD.  

What can we expect to see from Jumio in the coming year?

The prevalence of fraud isn’t slowing down, and fraudsters are continuing to pursue new ways to exploit businesses. The work we do becomes more and more important as time goes on and digital transformation moves forward. That said, we have several exciting product enhancements coming down the pipeline. Advancements in AI are accelerating digital transformation, and Jumio continues to strive to improve the ethical use of AI in identity verification technology, especially as we shift to a more global economy. In the year ahead, we will move forward on critical research to help eradicate demographic bias through advanced model training. This is an area of focus that is urgently needed in our industry, and we want Jumio to lead the charge on that. Lastly, we’ll prioritize developing strategic partnerships, fine-tune our customer experience and roll out new features to meet the evolving needs of the customer base.

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