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JUMIO LAUNCHES REAL-TIME VERIFICATION SOLUTION, POWERED EXCLUSIVELY BY AI

Jumio Go is the first automated solution in the market to spot deepfakes, bots and sophisticated spoofing attacks with certified liveness detection

 

Jumio, the leading AI-powered trusted identity as a service provider, today announced the beta release of Jumio Go, the company’s first real-time, fully automated identity verification solution. It is designed to remove friction from the user onboarding process, while still fighting online identity fraud and meeting AML and KYC compliance mandates.

 

Modern organizations need to implement the requisite safeguards to prevent bad actors from creating online accounts. Given the growth of deepfakes, bots and sophisticated spoofing attacks, Jumio has integrated certified liveness detection to detect when photos, videos or even realistic 3D masks are used instead of actual selfies to create online accounts. Jumio is the first automated identity verification solution to integrate NIST/iBeta-certified liveness detection via FaceTec ZoOm which serves as a powerful chilling effect on would-be cybercriminals hoping to impersonate legitimate users.

 

Powered by AI, Jumio Go provides enterprises with a real-time, secure and reliable way to verify remote users, ensuring the person enrolling or logging in is who they claim to be online. Across a number of important use cases (e.g., renting e-scooters), verification speed is critical. One industry study showed that 40% of consumers abandon onboarding applications after initiating a process, citing the length of time taken as one of the primary reasons for not completing the application process.

 

“Given Jumio’s AI expertise, machine learning models and massive verification datasets, launching a fully automated solution was always a question of when, rather than if,” said Robert Prigge, Jumio president. “Jumio Go leverages the power of big data and big AI to equip modern enterprises with instant online identity verification that delivers a simple and intuitive experience for good customers. Just as importantly, Jumio Go prevents bad actors and bots from creating fake accounts thanks to our embedded liveness detection, which is a powerful deterrent for fraudsters and cybercriminals.”

 

The key benefits of Jumio Go include:

  • Unrivaled Speed: Employs state-of-the-art AI, OCR and biometrics to deliver our fastest identity verification solution ever.
  • Data Driven AI: Exploits the power of massive production data sets, which include over 200 million historic identity verifications, and machine learning to spot patterns and better detect when an ID has been manipulated or altered in any way.
  • Certified Liveness Detection: Detects and deters advanced spoofing attacks including deepfakes with FaceTec’s embedded NIST-certified liveness detection.
  • Global Coverage: Supports more than 500 ID types across the globe, helping enterprises scale to serve an increasingly international customer base.
  • Omnichannel Support: Supports a wide range of customer implementations, including mobile SDK (iOS & Android), mobile web, desktop and cloud API service options.

 

Jumio Go is being launched as a beta to give its customers an early look at the fully automated identity verification solution. The beta is available across a broad range of geographies and will expand to other geographies in the near future. Jumio will use the beta period to capture important feedback from customers and partners to better refine the experience and deliver the best fully automated identity verification solution on the market.

 

Jumio Go complements Jumio’s other leading-edge identity verification solutions that empower organizations to increase conversions during the onboarding process, reduce online abandonment (often associated with time-consuming verification processes), and meet evolving KYC and AML regulatory mandates.

 

Jumio’s full suite of identity verification solutions will benefit from and inherit the technology enhancements that have been integrated into Jumio Go. This provides another benefit to Jumio’s business customers — they can now choose between a 100% automated solution or opt for Jumio Identity Verification, a hybrid solution that leverages a combination of AI, computer vision and human review to deliver the most accurate solution in the market.

 

Over the past two years, Jumio has experienced dramatic sales growth which speaks to significant market opportunity and demand for biometric-based identity verification. Earlier this year, the company was named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2019, ranking 29th globally and the second in the Security category.

 

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ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY

ONESPAN

Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud and meeting PSD2 requirements

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the leading banks in Central and Eastern Europe, has integrated OneSpan’s Mobile Security Suite into its banking app MobilBank. Erste Bank Hungary selected Mobile Security Suite to enable and protect online and mobile transactions and to comply with PSD2 requirements for authentication and dynamic linking.

The European Payment Council has stated that social engineering attacks continue to increase and remain instrumental in fraud schemes, often in combination with malware.[1] Erste Bank Hungary chose to implement OneSpan’s Mobile Security Suite to protect against potential social engineering and malware attacks directed at its customers. OneSpan’s technology enables banks to integrate application shielding, biometric authentication and transaction signing.

Erste Bank Hungary added Mobile Security Suite’s Cronto visual transaction signing to replace the bank’s SMS authentication with push authentication for login and transaction signing. This new process improves security and eliminates significant costs related to SMS delivery. OneSpan’s Cronto technology also helps fight social engineering attacks like phishing, while enhancing the customer experience by  enabling transaction signing using a color QR code.

“OneSpan’s proven technology will help us maintain our leading position in the market without compromising on security or the customer experience,” said Erste Bank Head of Digital Services, Akos Andras Molnar. “As part of this roll-out, our customers can also make online purchases using push notification with any retailer connecting to Erste Bank via the 3-D Secure protocol.”

“Criminal hackers continue to target banking customers as social engineering remains a preferred technique,” said OneSpan CEO, Scott Clements. “In their search for security solutions, banks need to consider cost, convenience and regulatory compliance. OneSpan’s technologies address these concerns so that banks can focus on providing a secure and convenient customer experience.”

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HOW WILL LENDERS TREAT THE FINANCIAL SYMPTOMS OF COVID19?

FINANCIAL

COULD the coronavirus pandemic spark a financial crisis similar to that which was seen in 2008? Tim Kirby, Group Commercial Director of the global fintech Monevo, a personal lending marketplace and platform, discusses how Covid-19 could play out for lenders.

The 2008 financial crisis, explains Kirby, was about credit over-exposure. While strains are apparent in the money markets today, it is not 2008, when risky mortgage investments in the US banking sector and into the UK caused everything to collapse.

Kirby said: “The financial crash was self-inflicted for many reasons, including poor income verification, poor credit quality assessment and poor employment verification (self-certification). It was asset-backed predominantly as it was led by sub-prime mortgage lending.

“My thoughts are that once the virus is contained, the economy will most likely turn back on within a few months, however recovery to current levels will be somewhat longer.”

Kirby predicts that it is very possible this downturn will be shorter than the 2008 financial crisis based on a number of factors.

He said: “The financial crash was either at a house purchase level or encouraging debt consolidation through re-mortgaging that placed unsecured debt into secured debt over a longer term. The consumer then ramped up unsecured debt again with the same poor assessment applied and eventually ran out of headroom.

“This was propped up by the capital markets and warehouse funding lines being supported through securitisation models that rated the loans held in the bonds as AAA.”

Kirby adds that the coronavirus outbreak is more micro and consumer-led than the recession was.

“There is still a great deal of uncertainty, but consumers are certainly going to experience affordability difficulties in the short-term, perhaps three to six months,” Kirby explains. “Lenders are already tightening their criteria and that could lead to more tactical initiatives being introduced.”

Kirby points to the potential introduction of black-listing certain occupation types most affected, and reducing opening balances to applicants that they are most prepared to lend to.

He said: “At Monevo, we have been speaking to lenders who are predicting a 50% slow down, with some pausing to assess short-term strategies, as clearly there are aspects of credit / risk scorecards that aren’t working at the moment.”

Kirby also adds that access to capital markets will be a challenge in the short term: “Lenders who don’t lend off balance sheet may become constrained and you would have to question the Peer-to-Peer lender impact as the returns and appetite of investors could be under threat.”

“Additionally, those lenders nervous about funding certain cohorts of consumers, now have those very same consumers currently in their loan books.

“So, for lenders, focussing on forbearance and other support activity to protect these consumers in the short term of 3-6 months, will be a priority.

Kirby takes the view that it is important lenders relieve some repayment pressure from consumers in the short term, so they can rehabilitate when the new normal arrives.

“Lender feedback in the last week is that they haven’t seen a massive increase in defaults, it’s very early days though. Anecdotal feedback from lenders that are strong and well-funded is that they expect strong growth when the market returns, and that those who are optimised and agile will see an upswing.

“What I am hearing, is that consumers will remedially seek liquidity through debt, as the world normalises to address the short-term pain being experienced at present.”

Kirby adds that lenders who look at credit risk closely when the upturn comes in three to six months could see dramatic growth, albeit from a reduced base.

He added: “From Monevo’s perspective, day trading is difficult to predict and lenders are re-assessing short-term strategies.  We are using the time at present to apply additional focus on our internal tech pipeline in driving the product development roadmap forward to continue to deliver great solutions for our partners.

“We want to ensure when normality returns and the upswing in both demand and supply inevitably happens, that we are supporting our origination partners and the lenders on our panel as effectively as possible.”

 

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