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Stephen Stuut, CEOIdentity is the gateway for accessing services—from opening a bank account to activating credit cards to making purchases online using payment cards in today’s decentralized, mobility-driven, online world. To facilitate this, financial institutions have devised KYC procedures, which are often complex and time-consuming—partly due to the steps involved in mapping the digital identity of the customer to their real-world identity. These legacy customer verification methods such as email, fax, knowledge-based authentication or even the physical presence have been a tinderbox of unfavorable customer experiences and lost business opportunities. "We believe that customer verification processes should do more than just meet the letter of the law. In fact, the method by which you verify the identity of your customer can and should be an important differentiator between you and your competitors," says Stuut.
Keeping consumer experience as ‘supreme,' the objective at Jumio is to enable businesses achieve higher profitability through swift and simplified identity verification of the users. The company takes a hybrid approach that combines ID experts, machine learning, and the high-end engineering technology for verifying IDs, physical identity of the consumer, and the supporting documents to solve the challenges of KYC in the digital space.
"The method by which you verify the identity of your customer can and should be an important differentiator between you and your competitors"
The Hybrid Approach
Companies in the identity space often come from the flatbed scanner world whose performance hinges on controlled lighting and negligible vibration. The ground reality, however, is different in the on-line world. Most people use webcams that capture images with subpar quality that makes it hard to decipher the identity.
In case of poor image quality of driver’s license, passport, government issued documents, utility bills, or telephone bills, there is every chance that the verification system will reject a valid and prospective customer. “Customers go online to access services, and if they are turned down because a business cannot verify the identity, it's a big let down to the bottom line,” says Stuut. Replacing all these hurdles, Jumio makes online identity verification simple, easy, and fast. The customer has to just take the image of their ID and then their picture—whether it's on the mobile phone or the webcam, along with the image of the supporting documents for verifying their identity. Jumio's robust solution, Netverify, has the capability to auto-populate customer data from the documents. "It’s a real-time process; document authentication takes place seamlessly in the background so that customers are not inconvenienced, and the momentum of the remote transaction is maintained. It will boost the conversion rates as well while maintaining the KYC and CIP compliance mandates."
Technology Assurance for Digital Identity
Our liveness detection can differentiate between a real person and a fraudster using high-resolution printouts or even a pre-recorded video
Technology Assurance for Digital Identity
The real magic of Netverify happens at the backend in just three steps. NetVerify technology has the power to verify credentials issued by over 200 countries including the government IDs issued outside the U.S., even in Chinese language. Once ID scanning step is complete, Netverify uses a biometric facial recognition and unique liveness detection technique to compare the user’s selfie against the picture on the ID supplied. Jumio’s liveness detection technique has the capability to differentiate between a real person and a fraudster using high-resolution printouts or even a pre-recorded video. “This is a significant step toward tackling the identity concerns and fraudulent behavior in the online space,” adds Stuut.
Finally, NetVerify document verification checks the invoices, bank statements, and credit card statements, and completes the identity verification circle for its clients. “Even if the documents are crumbled, the user can unfold it and capture the image using their phone and we can extract all the information out of it,” notes Stuut. Once the user clears the authentication process, both the client and their customer will receive the feedback in less than a minute. This saves time and cost involved in the manual documentation for verification. With the ability to check more than 150,000 IDs a day, Jumio’s Identity as a service empowers CIOs to secure cost and save time while reducing 40 percent of the missed business opportunities— thus driving revenue. Additionally, all the data transmitted through the systems is secured using 256-bit encryption and supported by 24/7 monitoring.
Laser Focus on End User Experience
“Higher accuracy in finding the fraudulent behavior in the online space is the hallmark of Jumio,” says Stuut. With this, the company has strengthened online conversion rates for many businesses from across many industry verticals, including those from the shared economy—helping them fast pace identity verification and widen their customer base. At one instance, Coinbase, a digital asset exchange company wanted to simplify the process of exchanging digital currency for traditional currency. A consistent growth of the customer base and concomitant size of transactions were posing significant challenges for the client around completing ID verifications and complying with regulatory requirements. They engaged with Jumio to streamline customer onboarding while eschewing fraud and delivering enhanced customer experience. Through Jumio’s Netverify solution, Coinbase now verifies user IDs and authenticates the ID holder through biometrics technology. With the ability to detect even the slightest facial movement, Netverify ensures that the user is the real person—not a photo. Soups Ranjan, Director Of Data Science, Coinbase says, “Jumio is the best way for us to verify physical IDs and give our customers a frictionless experience to access and scale with our services, while ensuring we prevent ID-theft driven fraud, as well as meet regulatory requirements and KYC for safe and secure transactions.” Along the same lines, one of Jumio's large customers from the financial industry has been using the technology for two years, verifying its customers’ identity with 100 percent accuracy.
Frictionless Customer Conversion
Jumio’s intuitive identity verification technology is the recourse for businesses that require authenticating customers staying on foreign soil. Jumio allows users to hold their phone in front of their passport, and it reads the biometric chip automatically. The company then checks the databases to verify the details and then reads the Machine Readable Zone (MRZ) on the passport to verify the image. The entire procedure gets completed in around 20 seconds. “This technology is paramount for the companies due to the fact that even passport printing machines are being stolen in countries riddled with internecine strife,” explains Stuut. By providing their identity verification technology, Jumio allows businesses in the U.S. to transact with people from different countries and improve their revenue.
Catering to the global customer base and addressing the regulations and guidelines of most of the countries, it is a constant sustained effort of Jumio to improve their solution for the greater good of the entire world. "It’s wonderful to play a pivotal role in forging trust in the nefarious online world,” says Stuut. Along the journey, the company has also fostered a great team of experts who uphold integrity, accountability, and innovation as key ingredients for success. Jumio is now expanding its operations across Asia while focusing on continued innovation of all platforms, forging stronger relationships between its clients and their customers. With its unique approach, it won't be long, before we hear Jumio as the de-facto standard for identity verification services for businesses across the globe.
Jumio to Present at Gartner Identity & Access Management Summit in London
Monday, March 06, 2023
LONDON - Jumio, the leading provider of automated, end-to-end identity proofing, risk assessment and eKYC solutions, today announced its participation and exhibition at the Gartner Identity & Access Management Summit, taking place March 6-7 in London.
On March 6 at 2 p.m. GMT, Jumio CTO Stuart Wells will take the stage to present “The Ever-Increasing Sophistication of Fraudsters.” Deepfakes have been a looming fraud risk over the past few years, but as technology continues to become more sophisticated, so do fraud attempts that can hurt an enterprise’s bottom line. How do businesses implement and maintain the latest security measures while also providing a positive end-user experience for good customers?
Throughout the summit, attendees can also visit Jumio at stand #210 to learn how the Jumio KYX Platform can help accelerate digital trust throughout the entire customer journey.
What
• Gartner Identity & Access Management Summit 2023 helps IAM and security leaders make the right decisions about which identity-first security initiatives to prioritize, how to modernize existing staffing models and whether to invest in new tools to take their organization’s security posture into the identity-first era.
• Special Jumio Session: Learn about the evolution of fraud attempts used to circumvent the identity verification and biometric authentication, and the new technology advancements available to empower IAM teams, protect the ecosystems of businesses and keep good customers happy in this evolving digital age.
When
• Gartner Identity & Access Management Summit: March 6-7, 2023
• Special Jumio Session: Monday, March 6 at 2 p.m. GMT
Where
• Gartner Identity & Access Management Summit: InterContinental Hotel London - The O2
• Special Jumio Session: Exhibit Showcase Theater 2, InterContinental Hotel London - The O2
Jumio Recognized as Representative Vendor for Identity Verification by Gartner
Thursday, October 05, 2023
Jumio , a provider of identity verification solutions, has been recognized as a Representative Vendor in the latest Gartner Market Guide for Identity Verification. This is the fifth consecutive year that Jumio has received this recognition.
Vendors are selected for the Market Guide based on a number of criteria, including their capabilities and their representation of particular market segments or geographic regions among others.
The Market Guide notes,
“The purpose of identity verification is to establish confidence in the identity of a user during a digital interaction. As a result, across all geographies and industries, the use cases in which identity verification is required in the market today have become broad in scope.
This is accelerating as the pace and reach of digital transformation continue to expand the scope of digital interactions for both customers and workforce.”
Jumio was also recently recognized as a Representative Vendor in the 2023 Gartner Market Guide for User Authentication.
We think that the Market Guide reinforces what we believe to be true: that the rise of deepfakes warrants a stronger form of identity verification, and that organizations must adopt multimodal biometric authentication, multi-modal liveness checks, deepfake detection models, as well as technologies to prevent presentation and injection attacks,”
said Stuart Wells, Chief Technology Officer at Jumio.
Jumio Named a Representative Vendor in Fifth Consecutive Gartner® Market Guide for Identity Verification
Wednesday, October 11, 2023
The Market Guide discusses growing concerns about AI-enabled attacks using deepfakes, offers comprehensive market recommendations for security and risk management leaders responsible for identity and access management and fraud detection
SUNNYVALE - Jumio, the leading provider of automated, end-to-end identity verification, risk assessment and compliance solutions, has been recognized as a Representative Vendor for the fifth consecutive time in the latest Gartner Market Guide for Identity Verification,1 published on September 7, 2023.
Jumio has been recognized as a Representative Vendor, alongside other identity verification vendors, according to the Market Guide. The vendors listed in this research are considered to represent the core, extensions, and transformative aspects of the market.
The selection of these vendors was based on various criteria, including:
• Offering unique, innovative, and forward-looking product strategies that support identity verification.
• Attracting frequent inquiries from Gartner clients regarding their suitability for identity verification use cases.
• Representing specific market segments or geographic regions, showcasing the market's diversity.
• Ensuring fair representation over time, with the inclusion of vendors that may have met the criteria previously but were excluded due to space limitations.
The Market Guide defines the purpose of identity verification as establishing confidence in a user's identity during digital interactions. This necessity has broadened across geographies and industries, aligning with the expanding scope of digital interactions for both customers and the workforce, driven by the ongoing digital transformation.
The Market Guide also raises concerns about generative AI and deepfake technologies, highlighting Gartner's observation of increased client inquiries about the integrity of identity verification, particularly in response to potential threats from deepfake technology.
“Security and risk management leaders must make deepfake detection a key requirement, and should be suspicious of any vendor that is not proactively discussing its capabilities in this respect,” the Market Guide states.
“We think that the Market Guide reinforces what we believe to be true: that the rise of deepfakes warrants a stronger form of identity verification, and that organizations must adopt multimodal biometric authentication, multi-modal liveness checks, deepfake detection models, as well as technologies to prevent presentation and injection attacks,” said Stuart Wells, chief technology officer at Jumio.
Furthermore, Jumio was recently acknowledged as a Representative Vendor in the 2023 Gartner Market Guide for User Authentication, which was published on August 23, 2023. If you wish to access the complete 2023 Gartner Market Guide for Identity Verification, you can do so by clicking here.
Please note that the report title was altered from "Market Guide for Identity Proofing and Corroboration" to "Market Guide for Identity Proofing and Affirmation" in 2020 and later revised to "Market Guide for Identity Verification" in 2023.
It's important to emphasize that Gartner, in its research publications, does not endorse any specific vendor, product, or service, nor does it advocate that technology users should exclusively opt for vendors with the highest ratings or other designations. Gartner's research publications convey the opinions of their research organization and should not be interpreted as factual statements. Gartner disclaims all warranties, both explicit and implied, concerning this research, including any warranties related to merchantability or suitability for a particular purpose.
Please be aware that GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the United States and internationally. The use of this trademark is authorized and all rights are reserved.
Jumio Named Identity Verification Market Leader in 12th Annual Global InfoSec Awards
Wednesday, May 08, 2024
SUNNYVALE, Calif: Jumio, the leading provider of automated, AI-driven identity verification, risk signals and compliance solutions, today announced its recognition as the market leader for identity verification by Cyber Defense Magazine as part of the 12th annual Global InfoSec Awards.
Jumio Identity Verification solutions use artificial intelligence, machine learning and biometrics to automate the verification process and help companies improve conversion rates, comply with AML and KYC regulations and better detect fraud — all while delivering a definitive, risk-based answer in seconds. Jumio pioneered the ID + selfie approach to identity verification and provides unmatched global coverage, supporting over 5,000 ID types across more than 200 countries and territories.
“Criminals are constantly innovating, deploying complex attacks that are outpacing traditional security methods,” said Jumio CEO Robert Prigge. “Jumio provides organizations with the intelligence they need to identify legitimate users and build a strong line of defense against fraud. This recognition is a testament to our dedication to empowering businesses to establish and maintain trust online.”
“Jumio embodies three major features we judges look for to become winners: understanding tomorrow’s threats, today, providing a cost-effective solution and innovating in unexpected ways that can help mitigate cyber risk and get one step ahead of the next breach,” said Gary S. Miliefsky, publisher of Cyber Defense Magazine.
To learn more about Jumio and its award-winning, AI-powered solutions, visit jumio.com.
Tevau Partners with Jumio to Strengthen Identity Verification and AML Compliance
Thursday, August 29, 2024
Hong Kong, China-- Tevau, announced a strategic partnership with Jumio, the leading provider of automated, AI-driven identity verification, risk signals and compliance solutions. This collaboration will ensure a quick, secure and compliant onboarding experience for Tevau's users globally, while adhering to AML regulatory requirements.
Tevau aims to build the next-generation payment infrastructure and issues blockchain-powered cards for the convenient daily use of digital assets. In an era where secure and efficient digital transactions are paramount, Tevau will offer a swift onboarding process for its users while reducing the risks of fraud and potential illicit activity by integrating Jumio’s advanced identity verification solutions.
“We are delighted to partner with Jumio. Our users now can enjoy an easy and fast KYC procedure," said Mac Li, Founder & CEO at Tevau. "At Tevau, our mission is to empower individuals by providing seamless access to financial opportunities. This partnership allows us to uphold our commitment to security and compliance while enhancing the overall user experience."“Jumio is thrilled to collaborate with Tevau to streamline their eKYC processes, enabling them to efficiently and securely onboard new customers while helping them meet compliance mandates,” said Frederic Ho, VP of APAC at Jumio.
Tevau is gearing up to introduce both physical and virtual cards, providing users with a wide range of options for utilizing their digital assets in everyday transactions. Tevau card will convert digital assets to fiat currency in the backend, meaning merchants do not need to integrate blockchain payment tools, making daily transactions more convenient and smooth.
Furthermore, Tevau has made significant strides in regulatory compliance, having secured both the MSB (Money Services Business) license in America and the TCSP (Trust or Company Service Provider) license in Hong Kong. These licenses underline Tevau’s commitment to adhering to the highest standards of financial regulation and compliance.
Tevau has also recently launched an ambassador program to engage and reward its community. With these advancements, Tevau remains committed to enhancing user experience and expanding the possibilities for blockchain payment solutions.
Company
Jumio
Management
Stephen Stuut, CEO
Description
Provides intuitive identity verification technology to improve business bottom line and customer experience
