Jumio, the biometrics and digital identity firm known for its selfie-based ID verification system, is launching a new fraud analytics platform today at the Money 20/20 USA global fintech conference in Las Vegas. A news release says the biometrics and identity verification firm’s 360° Fraud Analytics platform “uses AI-driven predictive analytics to identify fraud patterns with more sophistication and accuracy than ever before.”
Jumio says the system leverages graph database technology and machine learning to monitor billions of data points across its broad network, in search of patterns based on indicators such as behavioral similarities. Instead of simply flagging individual linkages to known fraudsters, says the release, “it groups identity transactions into clusters across the network and determines the fraud risk of each cluster,” to provide a multi-dimensional perspective on each transaction and the customer ecosystem as a whole.
Once an identity transaction has been compared against existing clusters, Jumio 360° Fraud Analytics assigns it a predictive fraud score. If the transaction exceeds a certain risk threshold, it can be automatically rejected.
Jumio says the system improves fraud detection rates by at least 30 percent, and allows users to visualize data from audits via the Jumio portal or external APIs.
“Because explainability is a key requirement when using automation, we provide insights on why the identity transaction was rejected,” says Philipp Pointner, chief of digital identity for Jumio. “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.”
According to data insights from Jumio, 25% of fraud is interconnected, perpetrated by fraud rings or by individuals using duplicant credentials to open new accounts. The Sunnyvale, California firm has identified deepfakes, camera injection attacks and other AI-enabled fraud tactics as growing threats to digital privacy and security.
Visitors to Money 20/20 USA can visit Jumio at booth 5001. The Jumio 360° Fraud Analytics platform is now available in early release to select customers and will be widely available early next year.
Article: Jumio launches new predictive fraud analytics tool that looks at billions of data points