US-based Jumio has entered into a collaboration with LatticeFlow AI to solidify AI-enable identity verification for fraud prevention and compliance. By teaming up, Jumio is set to utilise LatticeFlow’s artificial intelligence (AI) platform to identify model failure modes, scale performance, and increase its fraud protection capabilities across the Jumio Platform.

In addition, the company benefits from LatticeFlow AI Vision, which allows it to validate model performance and reliability. Integrating LatticeFlow’s computer vision features supports Jumio in further augmenting model fairness, minimising fraud, and meeting regulatory requirements, especially in preparation for the EU AI Act’s governance demands. The current news comes just after Tevau and Jumio started a collaboration that focused on ensuring an improved compliant onboarding experience for the former’s users globally.

The two companies intended to offer secure and convenient onboarding for Tevau’s customers, while also falling in line with Anti-Money Laundering (AML) regulations. Fraud prevention strategies In a bid to further advance its digital strategy, the EU aims to regulate AI and ensure optimised conditions for the development and use of this technology. The EU AI Act focuses on regulating particular AI systems based on their risk, which in turn makes compliance strategies critical for companies operating in the financial landscape.

Utilising LatticeFlow AI provides Jumio with the ability to be prepared to meet regulatory requirements while continuing to expand its operations in AI-supported identity verification. When commenting on the announcement, representatives from Jumio underlined that guaranteeing that AI models are safe and reliable represents a critical component for offering scaled levels of protection to consumers. The collaboration with LatticeFlow AI enables Jumio to proactively identify potential risks and improve the security of the company’s AI models.

In addition to entering several collaborative agreements, Jumio also launched research revealing that 78% of consumers in Singapore were prepared to switch banks over inadequate fraud protection. The results underlined the increasing concern among clients and users based on the weaknesses in their financial institution’s fraud prevention measures, which could in turn leave them exposed to scammers and fraudsters. .