Jumio upgrades trusted identity as a service platform
Jumio has launched its upgraded trusted identity as a service platform to combat growing online threats, increased sophistication by fraudsters and high-profile cryptocurrency hacks.
The company’s latest Netverify solution suite includes expanded functionality to make its machine learning-powered online identity verification service significantly smarter, faster, and more scalable.
The upgraded trusted identity as a service platform takes a hybrid approach combining computer vision technology, machine learning, biometrics and human experts to quickly and accurately verify credentials, such as passports and driver’s licenses.
Trusted Identity as a Service better leverages machine learning, microservices, and compliance mandates to improve the overall online verification experience.
“Higher levels of sophistication by fraudsters demands that businesses take a more sophisticated approach to fraud detection,” said Stephen Stuut, president and CEO at Jumio. “Jumio is improving its identity verification solutions to better identify fraud and improve the accuracy, speed and scalability of our services.”
Jumio has added several features and capabilities to its core solution, including computer vision with machine learning, in which Jumio is able to process nearly 200,000 ID verifications daily and increase the largest database of identity verifications to more than 80 million total transactions processed.
Having a large dataset is important when it comes to machine learning and fraud detection, especially when considering that fraud typically represents a small fraction of overall traffic.
Drawing from its extensive experience in identity proofing and the large datasets of attempted fraud it has collected, Jumio is well-positioned to train its algorithms to more accurately identify fraud and detect fraud patterns.
Jumio also migrated its infrastructure from dedicated data centers to Amazon Web Services (AWS), which benefits from the power of microservices to increase its operational agility and scalability.
Microservices, coupled with Jumio’s cloud infrastructure, enable the company to dynamically scale vertically (run the same software on more powerful machines) and horizontally (adding more capacity to the existing pool).
Jumio is also leveraging microservices to increase the resiliency of its identity verification solutions and enable its development teams to work more independently and quickly.
The company has also expanded its document verification solution to include broader support of Latin-based documents and PCI-compliant credit card storage, allowing the solution to read a wide range of Latin alphabet-based documents for data extraction.
The document verification solution also now supports PCI-compliant storage of credit card information, in which Jumio extracts, redacts (masks), and stores merchant’s credit card information while adhering to PCI DSS.
Jumio’s Netverify suite combines machine learning, biometrics, automation, and live verification experts to provide the highest level of accuracy and fraud detection without falsely rejecting legitimate customers.
Jumio will be previewing its trusted identity as a service platform at Money 20/20 in Las Vegas from October 22-25.
Last month, Jumio was awarded “Entrepreneurial Company of the Year” in the biometric security solution industry by Frost & Sullivan.