KYC providers add new layers as higher transaction volumes boost market

As more services around the world subject to KYC regulations move online and fraud methods become more sophisticated, identity verification providers like Jumio and Trua are adding new data sources to go beyond government issued ID documents and selfie biometrics. They are also reaching new highs in transaction volumes and in the case of Veriff gaining clients in emerging markets like decentralized environments.

Trulioo is reporting major gains among organizations with complex regulatory requirements in the Asia-Pacific region, including a 64 percent year-over-year revenue increase. The company made a strategic expansion into the region in 2023, and now reports a 37 percent increase in verification transactions for online marketplaces, and 55 percent for fintechs.

Tokyo-based Liquid says it’s KYC has the highest share in the market for the sixth year in a row, citing the “ITR Market View: Identity & Access Management / Personal Authentication Security Market 2025” report. Liquid performed roughly 130 million identity verifications for nearly 600 client companies, according to a company announcement.

Jumio introduces fraud risk network tool

Jumio has introduced a network capability to analyze the fraud risk of transactions with proprietary data to compliment its biometric identity verification and compliance portfolio.

The Cross-Transaction Risk capability is part of the Jumio Identity Reputation suite. It delivers ongoing fraud intelligence by analyzing identity attributes and behavior from the signal level to real-time alerts.

Jumio says its privacy-preserving cross-customer intelligence network includes more than 32 million known identities from legitimate and fraudulent transactions.

The company’s customers are averaging 28 percent more fraud detections using the technology, but a leading APAC region telecom provider has identified 50 percent more fraud attacks since implementing Cross-Transaction Risk monitoring, according to the company announcement.

Trua launches broker compliance tool

Trua has launched cloud-based regulatory compliance tool for financial institutions, dealer-brokers and registered investment advisors as part of its Continuous Evaluation platform.

The new TrueBroker provides identity verification, real-time monitoring and compliance checks against authoritative sources like FINRA BrokerCheck, the SEC Investment Advisor Public Disclosure (IAPD) and the National Futures Association’s BASIC database to strengthen KYC and AML controls.

Trua says the software can help improve confidence in hiring licensed professionals, prevent fraud, eliminate licensing gaps, streamline qualification checks and bring hidden red flags to the surface. It can help protect against insider threats, and brings visibility to arbitration processes.

Veriff signs Web3 client

Decentralized identity infrastructure pioneer Trident3 is integrating Veriff’s identity verification and authentication into its T3id platform for secure and regulatory compliance in digital interactions utilizing blockchain and digital wallets.

The T3ifd platform is intended to help enterprises and financial institutions with compliance in Web3 environments, such as for decentralized finance (DeFi), gaming and metaverse platforms, regulated markets and digital marketplaces.

Article Topics

biometrics  |  digital identity  |  fraud prevention  |  identity verification  |  Jumio  |  KYC  |  Liquid Inc  |  selfie biometrics  |  Trident3  |  Trua  |  Trulioo  |  Veriff