US-based company Jumio has announced the launch of its new AI-driven fraud prevention technology, in order to identify fraud patterns more accurately. Following this announcement, the Jumio 360° Fraud Analytics service was designed to look at multiple data points across the company’s cross-industry network in order to identify patterns based on behavioral similarities and other indicators.

By leveraging graph database technology, as well as machine learning (ML) capabilities, the solution groups identity transitions into clusters across the network and it determines the fraud risk of each of them. This is set to provide users and partners with a detailed view of each transaction, in addition to the cross-customer ecosystem as a whole. While going through the ID verification procedure, Jumio is set to perform a wider variety of AI-driven fraud checks.

By incorporating the new Jumio 360° Fraud Analytics product, the identity transaction process will also be compared to the clusters and generate a predictive fraud score which can be used to automatically reject the transaction if it exceeds a certain threshold. Key features of the new Jumio 360° Fraud Analytics service Included in the new features of the Jumio 360° Fraud Analytics are the graph database technology and machine learning capabilities, which classify identity transactions into clusters, as well as the predictive fraud score that can be used to automatically reject identity transactions, stopping and eliminating the possibility for fraudsters to access the platform in real-time. In addition, the product includes AI-driven predictive analytics, which can be leveraged to determine the likelihood of fraud risk for each identity transaction based on its cluster association.

Moreover, dashboards provide customers with transparency and improve the process of visualising connected data. Jumio 360° Fraud Analytics is currently available for select customers in its early release and will be generally available at the beginning of 2024. Jumio’s recent strategy of development Automated, end-to-end identity verification, risk assessment, and compliance solutions provider Jumio announced multiple partnerships and launches in the last couple of months, covering several different geographic areas around the world. At the beginning of October 2023, the company expanded its collaboration with pure-play data services provider NextWealth.

The expansion of the strategic deal marked an important development in Jumio’s aim to leverage technological innovation towards the eradication of increasingly complex online fraud and financial crime. At the same time, it also sought to improve the company in the process of scaling its AI-powered digital trust services. According to the press release published at the time, Jumio’s AI-powered products were set to be combined with NextWealth, in order to see the latter provide ongoing identity verification solutions for Jumio.

This was set to enable the company to continue its development process. Earlier in June 2023, Jumio released a new research, which revealed the disconnection that took place between customer awareness of AI and the deepfakes, along with their risks to security. The Jumio 2023 Online Identity Study represented the second installment of the firm’s annual global client research, which was conducted by Censuswide.

The 2023 results of the research highlighted an understanding among users around how generative artificial intelligence and deepfakes technologies were enabled to accelerate identity fraud, as well as the subsequent need for digital identities for the process of online verification and authentication. At the same time, the clients also appeared to overestimate their ability to spot deepfakes, which could render them even more vulnerable to attack. For more information about Jumio, please check out their detailed profile in our dedicated, industry-specific Company Database.

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