Jumio, the leading provider of AI-powered end-to-end identity verification and authentication solutions, 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.
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“We know that it’s fairly easy to get or create a fraudulent driver’s license, which demonstrates a growing need to verify in real time that an ID has been issued by the DMV”
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).
“We know that it’s fairly easy to get or create a fraudulent driver’s license, which demonstrates a growing need to verify in real time that an ID has been issued by the DMV,” said Robert Prigge, Jumio CEO. “But, other data services, such as address validation, can also be used to better corroborate the digital identity of online users. By consolidating these services into a single platform, modern enterprises can better orchestrate their identity proofing efforts and provide much higher levels of identity assurance.”
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