Jumio extends its KYX Platform

Monday 24 October 2022 13:34 CET | News

Jumio, a provider of identity proofing, risk assessment, and eKYC/AML compliance solutions, has extended Jumio KYX Platform.

The extension implicates an integrated orchestration hub benefiting from the company’s acquisition of 4Stop. The platform improves fraud and eKYC/AML compliance management with the intuitive one-stop orchestration hub, which brings together global data, risk signals, real-time analytics, actionable insights, and a configurable rules engine to help businesses defend against fraud without compromising user experience.

The Jumio KYX Platform helps businesses know and trust their users, players, patients – whoever the ‘X’ is in their business – online. Its intuitive orchestration hub assists professionals tasked with protecting the organisation and its customers from fraud, money laundering, and other financial crimes during account onboarding, authentication, and ongoing transaction processes.

Jumio helps with services varying from account opening to ongoing monitoring. The Jumio KYX Platform provides identity proofing, risk assessment, and compliance solutions to accurately establish, maintain, and reassert trust. Leveraging technology including automation, biometrics, AI/machine learning, liveness detection, and no-code orchestration with hundreds of data sources, Jumio helps organisations fight fraud and financial crime.

Jumio KYX Platform’s features

The platform includes identity proofing with expanded risk signals. Therefore, Jumio’s ID verification, identity verification, and document verification capabilities help detect sophisticated ID/document manipulation. Moreover, it complies and extensive portfolio of globally trusted data sources for added assurance when evaluating risk across the user journey.

Jumio, a provider of identity proofing, risk assessment, and eKYC/AML compliance solutions, extends Jumio KYX Platform.

The fully integrated orchestration hub, an enterprise-grade dashboard that presents business-critical information in a custom visual format with options to deep dive into data, includes:

  • access to 500+ global data sources for identity proofing, risk assessment, and eKYC/AML compliance;

  • real-time analytics and actionable insights to help business users respond to threats;

  • customisable consolidated fraud and compliance views along with visualisations/reporting.

The self-service rules engine contains customisable workflows that allow business users to tailor their processes according to their unique use cases across industry verticals. Besides, it has an extensive library of 800+ pre-configured rules that help business users jump start their fraud defense and edit and apply rules in real-time.

The importance of detecting fraud attacks

Organisations today must detect and respond to increasingly sophisticated fraud attacks accurately to reduce business impact while also maintaining customer trust. According to recent global Jumio research, 80% of consumers prefer the assurances delivered by digital identity verification measures when choosing online brands.

Many organisations rely on a plethora of point solutions to evaluate the fraud risk across the user journey. This creates friction in the onboarding process and can lead to transaction abandonment. The ever-present threat of new fraud vectors and constant change of compliance mandates across the globe complicate the organisation’s ability to keep up, forcing them to deploy considerable internal resources to manage fraud and compliance.

Most organisations have multiple counter-fraud measures and technologies deployed. Fraud prevention is generally additive in nature, with new defences layered on top of existing ones in an effort to keep up with new fraudster tools and tactics. Unfortunately, as Maya Ogranovitch Scott mentions, adding new technology or making significant adjustments to existing tools take time, money, and a variety of approvals.To find more about Jumio, check their profile in our company database.

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Keywords: KYC, AML, compliance, product upgrade, acquisition
Categories: Fraud & Financial Crime
Companies: Jumio
Countries: World
This article is part of category

Fraud & Financial Crime


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