Jumio, a leading provider of AI-powered identity verification solutions, today announced its new 360° Fraud Analytics platform at Money 20/20 in Las Vegas. The system leverages predictive analytics and machine learning algorithms to identify complex interconnected fraud patterns across billions of transactions.
Unlike most fraud tools that analyze transactions in silos, Jumio's technology takes a holistic networked view to uncover relationships and clusters indicative of organized attacks. The AI engine groups similar transactions into identity clusters and assigns each a predictive fraud score based on the risk profile. High risk transactions can be automatically declined before financial damage occurs.
The explainable AI behind 360° Fraud Analytics also provides visual map representations and data explaining why a specific identity was fraudulent. This enables analysts to clearly understand the reasoning behind the AI's decisions. Explainability is essential for organizations leveraging automated fraud prevention, according to Jumio's executives.
Philipp Pointner, chief of digital identity for Jumio said, “The combination of sophisticated analytics and easily consumable insights makes this new technology a game-changer for fighting fraud.”
Extensive beta testing indicates the advanced analytics improve fraud detection rates by over 30% compared to previous versions. The system continuously monitors Jumio's vast network, allowing the AI models to rapidly identify new fraud patterns as criminal tactics evolve.
Jumio estimates 25% of all fraud is done by interconnected rings executing organized attacks. The company has observed a rise in AI-enabled tactics like synthetic identities, which can evade rules-based fraud systems. 360° Fraud Analytics' networked approach is designed to uncover these stealthy AI-powered fraud clusters.
The Jumio 360° Fraud Analytics platform is now available in early release for select customers, with general availability expected in early 2024. Financial services, cryptocurrency, and online gaming sectors stand to benefit most from the heightened protection against AI-driven fraud.
