Leading identity verification service adds additional fraud signals that verify information on driver’s licenses, provide proof of address and sniff out synthetic identity fraud
PALO ALTO, Calif., June 23 (Bernama-BUSINESS WIRE) —Jumio, the leading provider of AI-powered end-to-end identity verification and authentication solutions, today announced the launch of a suite of data-driven services including address validation, proof of residence and a new partnership with the American Association of Motor Vehicle Administrators (AAMVA). These new data services, when coupled with Jumio’s identity verification solutions, deliver powerful fraud signals that help organizations better detect new account and synthetic fraud attempts.
New account fraud is becoming one of the biggest problems in the digital banking era, costing the financial services industry billions each year. In fact, 48% of all fraud value stems from accounts that are less than a day old (RSA Security). Similarly, synthetic identity fraud is one the fastest-growing — and hardest-to-detect — forms of identity theft in the U.S., according to the Federal Trade Commission, and is responsible for up to 20% of credit losses and costs lenders billions each year (Auriemma Consulting Group).