Knowledge-based authentication is an authentication process in which the user is asked to answer at least one “secret” question. Thanks to a steady stream of data breaches, chances are good that cyber criminals already have access to the answers of a user’s security questions.
“We had what we thought was a crazy idea to automate the identity verification process and Jumio brought the idea to life.”
- Nick Mourgue, Product Manager, WeWork
- More Robust Security Jumio provides a more secure alternative to KBA by requiring the user to validate their identity with valid credentials that are compared with a selfie in real-time.
- No More Forgotten Answers As many as 20% of users forget the answers to KBA questions which adds frustration, friction, and delay. Stop relying on your user’s memory and start relying on the one device that’s always within reach—their smartphone —to establish and prove their online identity.
- Compliance As more security standards take an increasingly dim view of KBA, compliance mandates will presumably follow suit. Get ahead of the curve and meet KYA, AML and other emerging requirements.
Consumers want a seamless digital journey whether it be ordering coffee, renting a car, checking their bank and investments or checking into their hotel. Tailoring and streamlining the user experience is critical to that journey and reducing abandonment rates.
"The combination of Jumio’s ID document authentication and facial comparison supports speedy account opening for our customers, and make for a better and faster customer experience."
- Ismail Ahmed, CEO at WorldRemit
- Tailored to Your Business With our fully enabled SDK & API, Jumio is made to be tailored to you and your customers needs.
- Sleek User Interface Jumio reduces abandonment by providing an engaging, responsive experience on desktop, mobile, and web.
- Fast, Accurate Verification Achieve seamless customer conversions with accurate verification that occurs in real-time, with a definitive yes or no answer.
In an ever growing digital world, verifying your customer’s real world identity to their digital one can be daunting. But as cyber criminals become more and more savvy, mitigating fraud risk is essential to a business's bottom line as well as a consumer’s experience.
“We had three main requirements from Jumio. Keep the fraudsters out, let the legitimate players in, and keep us compliant in all of our territories. All of these requirements have been met and we are pleased to be able to offer a secure onboarding experience which is significantly swifter than we offered previously."
- Russell Medley, Director of Fraud & Risk Management at 888.com
- Prevent Account Takeover and Online Fraud When password credentials can be easily guessed or purchased on the black market, cyber criminals can access a user’s account and penetrate other online accounts to maximize their return. Jumio can help secure these accounts are secure with more robust, reliable verification.
- 3 Layers of Authentication Jumio offers three layers of verification and authentication. It starts with ID verification where we scan and verify IDs. You can add Identity Verification that uses Face Match to confirm the identity of your customers and Document Verification to easily scan utility bills from their phone.
- Deter Fraudsters Because Jumio is the global leader in identity verification, it has amassed a massive database of fraudulent transactions and IDs that enable us to better detect fraudsters and spot trends on a macro level.
KYC & AML Compliance
As global regulatory requirements tighten, meeting global Know Your Customer (KYC) and Anti-Money-Laundering (AML) regulations without sacrificing the user experience puts even greater pressure on organizations.
“Jumio is the best way for us to verify physical IDs and give our customers a frictionless experience to access and scale with our services, while ensuring we prevent ID-theft driven fraud, as well as meet regulatory requirements and KYC for safe and secure transactions.”
- Soups Ranjan, Director of Data Science at Coinbase
- Comply with KYC/ AML Identity Verification Requirements in Real Time With the rise of a global digital environment, Jumio’s computer vision technology uses innovative machine learning to quickly and accurately verify a user's identity through three layers of verification.
- Reduce Fraud Anti-Money Laundering costs banks and financial institutions a fraud cost that far outweighs the cost of maintaining compliance. Adopting ID, identity, and document verifications solutions ensure companies know the customer signing up for an online bank account or a car rental.
- Easy to Use Jumio makes KYC & AML easy as 1-2-3. Your users are taken through a quick series of steps that includes ID capture, a quick selfie with "liveness" detection, and are then verified in seconds.
In a digital world you can be anyone online. Verifying an identity is more than just finding a similar image or crowdsourcing identity through social or online identities.
"Online remitters are increasingly being regulated to verify customer identity and prevent money laundering and fraud. The smarter ones are those using compliance tools such as Jumio as a differentiator to deliver a better slicker customer experience."
- Veronica Studsgaard, CEO at the International Association of Money Transfer Networks
- Age Verification Getting a real time response with a definitive yes or no answer ensures a better user experience while streamlining the age verification process.
- Omnichannel Support Consumers expect anywhere, anytime access to their favorite apps and sites. That's why it's imperative for identity verification solutions to have the flexibility to seamlessly integrate with a wide variety of implementation types including apps (iOS and Android), desktops (via webcams), APIs, and SMS.
- True Identity: Similarity vs Fraud A true verification of identity is checking not just for similarity, where images just look the same. Fraudsters have been known to crop a piece of an image or ID to manipulate verifications. Biometric Facial Recognition with Eyeball Tracking ensures an individual verifying their ID is the same the Identity holding the identification. This verification of checking similarity vs fraud is the Jumio difference.
High Risk Transactions
Establish or re-establishing identity is critical for “high risk” electronic transactions that involve access to customer information or the movement of funds to other parties. These transactions require higher levels of identity assurance since they are more susceptible to fraud, account takeover and money laundering.
“None of this would be possible without the security and trust Jumio enable us to provide our members.”
- Max Handler, Director of Community Strategy at WeWork
- More Robust Controls Given what’s at stake, banks and other organizations vulnerable to downside risk (i.e., if bad actors get through the front door) need to implement more robust controls as the risk level of the transaction increases.
- Layered Security A layered fraud prevention approach that includes server-based fraud detection and out-of-band transaction verification, including ID, identity, and document verification, can greatly mitigate the risks.
- Triggered Workflows More and more of our customers are implementing strong identity verification at account set-up and then triggering re-verifications whenever a risky transaction occurs.
Let a Jumio expert show you how easy it can be to integrate Netverify’s suite of verification solutions to your website or mobile experience. Start by requesting more information and we’ll be in touch shortly.