Jumio, the end-to-end identity proofing, risk assessment and eKYC/AML compliance solutions organisation, has unveiled at Money20/20 USA its extended its Jumio Platform, with an integrated orchestration hub benefiting from the company’s acquisition of 4Stop.
The platform streamlines fraud and e-KYC/AML compliance management with the one-stop orchestration hub, which brings together global data, risk signals, real-time analytics, actionable insights and a configurable rules engine to help businesses defend against fraud without compromising user experience.
Organisations today must detect and respond to increasingly sophisticated fraud attacks quickly and accurately to reduce business impact while also maintaining customer trust. According to recent global Jumio research, 80 per cent of consumers prefer the assurances delivered by digital identity verification measures when choosing online brands.
Unfortunately, many organisations rely on a plethora of point solutions to evaluate the fraud risk across the user journey. This creates friction in the onboarding process and can lead to transaction abandonment. The ever-present threat of new fraud vectors and constant change of compliance mandates across the globe complicate the organisation’s ability to keep up, forcing them to deploy considerable internal resources to manage fraud and compliance.
“Businesses’ ability to effectively manage fraud by stitching together myriad point solutions is no longer sustainable amidst increasingly robust attacks and IT resource constraints,” said David Mattei, strategic advisor at Aite-Novarica Group.
“In addition to enabling organisations to fight fraud in real time as the threat landscape evolves, orchestration platforms provide greater agility to respond to fraud and are simple to use. In fact, our research shows that global fraud executives whose fraud solutions are integrated were two times more likely to report that managing fraud was ‘somewhat to very easy’ versus those whose fraud tools were not integrated,” Mattei concluded.
The Jumio KYX Platform helps businesses know and trust their users, players, patients — whoever the “X” is in their business — online. Its intuitive orchestration hub assists professionals tasked with protecting the organisation and its customers from fraud, money laundering and other financial crimes during account onboarding, authentication and ongoing transaction processes.
The platform includes:
Identity proofing with expanded risk signals
- Jumio’s market-leading ID Verification, Identity Verification and Document Verification capabilities significantly enhanced to detect sophisticated ID/document manipulations.
- An extensive portfolio of globally trusted data sources for added assurance when evaluating risk across the user journey.
- Name, address, phone, email and device risk signals to provide additional assurance and support compliance.
Fully integrated orchestration hub
An enterprise-grade dashboard that presents business-critical information in a custom visual format with options to deep dive into data, including:
- Access to 500+ global data sources for identity proofing, risk assessment and eKYC/AML compliance.
- Real-time analytics and actionable insights to help business users respond to threats.
- Easy and customisable consolidated fraud and compliance views along with enhanced visualisations/reporting.
Self-service rules engine
- Customisable workflows allow business users to tailor their processes according to their unique use cases across industry verticals.
- The industry’s most extensive library of 800+ pre-configured rules help business users jump start their fraud defense and edit and apply rules in real-time – without waiting weeks or months for their technical teams to implement them.
Industry-leading data and intelligence
- Backed by the largest and most comprehensive network of global data.
- Leverages Al algorithms to automate the verification processes, remove bias and detect fraud faster and with greater accuracy
“Our customers trust us to safely and quickly move their money around the globe,” said Tom Mazzaferro, Western Union chief data and innovation officer. “Whether they want to transfer money via the Western Union app, or at our retail locations, Jumio helps us to minimise fraud, maintain eKYC compliance standards from a single platform and improve overall customer experience.
“We look forward to continuing our partnership with Jumio as we launch new products and services to serve the needs of our customers even better, while improving their overall experience.”
“By putting business users at the center of the verification process and providing them with a holistic view of incoming threats as they occur, Jumio allows organisations to bypass the standard set-up of disparate point solutions that slow down the ability to fight fraud and serve customers,” said Bala Kumar, Jumio’s chief product officer. “With Jumio, businesses save time and money while effectively defending against fraud at the speed of business.”
“The new innovations and scope of Jumio’s extended KYX Platform is proof of our unwavering commitment to eliminating digital fraud,” said Robert Prigge, Jumio CEO. “Jumio continues to lead the industry with solutions powered by AI, biometrics and other innovations that help organisations outpace tech-driven fraud advancements, which are expanding in terms of volume, origin and sophistication.”
