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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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FINASTRA GLOBAL SURVEY SHOWS APPETITE FOR OPEN BANKING PICKING UP PACE WORLDWIDE

  • 86% of global banks surveyed are looking to use open APIs to enable Open Banking capabilities in the next 12 months
  • Banks believe regulators are stifling innovation: almost half (48%) believe ‘regulation is too tight’ and that there is ‘not enough government or industry support to foster innovation’

Finastra research reveals that 86% of global banks are looking to use open APIs to enable Open Banking capabilities in the next 12 months. In addition, 30% of banks surveyed believe Open Banking is already making a tangible impact in delivering improved overall customer experience. This is against a backdrop where regulation is perceived to be tighter than a year ago and close to half (48%) of those audited believe that regulators are holding back innovation.

The research, which was conducted prior to the Coronavirus outbreak amongst 774 financial institutions and banks across the US, UK, Singapore, France, Germany, Hong Kong and UAE1, shows a maturity of API adoption and calls for the harmonization of regulations between geographies.

Key findings include:

  • Open banking is on the up in 2020 compared to 20192: The percentage of financial institutions looking to leverage open APIs has substantially increased in the US (+23%) and UK (+17%), while Singapore (+1%), France (-1%) and Germany (-4%) are relatively stagnant since our research in 2019.
  • Improvements in the overall customer experience accelerate API adoption: the US (45%), Hong Kong (42%) and France (36%) are leading the way in harvesting this benefit of Open APIs (UAE: 32%; Germany: 20%; Singapore: 20%; UK: 19%). Overall, 41% of global banks say that they are ‘still in the early stages of adoption’, so it’s difficult to measure the impact of Open Banking on their business so far.
  • Regulation is perceived to be tighter than a year ago and industry or government support is required to foster innovation: Almost half of those audited believe that regulations are holding back innovation. 48% state that ‘regulation is too tight’ – 10% more than 2019 – and the same percentage (48%) believe there is ‘not enough government or industry support to foster innovation’, particularly so in Hong Kong (62%), France (50%) and Singapore (49%), compared to 38% in the UK.
  • A call for harmonization: 83% of financial institutions and banks agree that regulations regarding fintech innovation should be harmonized across different geographies.
  • Cost of fintech research and development is of concern in some regions: Cost of R&D in the US, UAE and APAC regions is highlighted, more so than in the UK. (USA: 55%; Hong Kong: 55%; Singapore: 51%; UAE: 46%; France: 43%; Germany: 34%; UK: 33%).

 

Simon Paris, CEO at Finastra said, “It’s encouraging to see Open Banking maturing on a global scale, but it’s still seen by many to be in its teenage years, with scope for creating even greater opportunities. We believe it will be the first step towards Open Finance which will see the next wave of innovation in financial services being created through collaboration on open platforms, like FusionFabric.cloud, using open APIs and open software solutions.

“Currently banks and technology vendors are rightly focused on business continuity and keeping their workforces safe. We’ve also seen many of these firms moving with amazing pace to bring innovative solutions to market, with the help of technology, to support customers in this new environment. As we come through this situation together, we must endeavor to emerge stronger, and it will be interesting to see how Open Banking and collaboration accelerate when this outbreak ends.”

 

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LIBERTY BANK REINFORCES ITS FRAUD STRATEGY TO FURTHER PROTECT ITS CUSTOMERS

Liberty Bank, the third largest bank in the Georgia, has reinforced its fraud strategy to address the rising volume of fraud the industry is currently seeing. The bank has teamed up with long-term partner Compass Plus to launch a new fraud detection and prevention system built on their solutions.

 

Following the completion of the project, which was implemented with technological support from Compass Plus, Liberty Bank can efficiently and effectively monitor and act on suspicious transactions, enabling them to substantially reduce the risk and losses associated with a wide range of fraudulent activities, while protecting their customers.

 

The key drivers for Liberty Bank choosing Compass Plus software were the ability to quickly create their own algorithms to detect and prevent suspicious transactions, the integration of the solution within their existing infrastructure, and the capability to provide services to sponsored banks.

 

“The partnership between Liberty Bank and Compass Plus began in 2005, and the implementation of this project has, once again, demonstrated the flexibility of Compass Plus’ software and its ability to meet the latest industry requirements and trends. With the help of our new fraud detection and prevention system, we are able to combat fraud on a brand new level – not only can we promptly respond to any potential threats, but also prevent suspicious transactions, making our card products convenient and safe for customers,” said Levan Tkhelidze, Deputy Director General  at Liberty Bank.

 

“Our long-term partnership with Liberty Bank is important for us, and for them to choose our software to build their fraud strategy around showcases not only the strength of our relationship, but the reliability and robustness of our solutions. This project has once again confirmed that Compass Plus solutions meet the advanced industry standards and correspond to market conditions, in which the volume of card fraud is constantly growing, and methods used by fraudsters are becoming increasingly complex,” said Dmitry Lenshin, AVP & Regional Business Development Director at Compass Plus

 

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