Jumio Boosts Fraud Protection

By Staff Writer June 23, 2020

Jumio, a provider of AI-powered end-to-end identity verification and authentication solutions, announced the launch of a suite of data-driven services including address validation, proof of residence and a new partnership with the American Association of Motor Vehicle Administrators (AAMVA). These new data services, when coupled with Jumio’s identity verification solutions, deliver powerful fraud signals that help organizations better detect new account and synthetic fraud attempts.

New account fraud is becoming one of the biggest problems in the digital banking era, costing the financial services industry billions each year. Similarly, synthetic identity fraud is one the fastest-growing — and hardest-to-detect — forms of identity theft in the U.S., according to the Federal Trade Commission, and is responsible for up to 20 percent of credit losses and costs lenders billions each year (Auriemma Consulting Group).

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Last modified on Tuesday, 23 June 2020 14:11