Predictive analytics and AI drive new anti-fraud technology

A new anti-fraud tool from Jumio uses predictive analytics and AI to look at billions of data points across the company's cross-industry network to identify patterns based on behavioral similarities and other indicators.

Jumio's analysis shows that 25 percent of fraud is interconnected, either being perpetrated by fraud rings or by individuals using the same information or credentials to open new accounts on banking sites, eCommerce platforms, sharing economy sites, etc.

Using graph database technology with a layer of machine learning, Jumio 360° Fraud Analytics -- launched today at Money20/20 USA -- groups identity transactions into clusters across the network and determines the fraud risk of each cluster. This provides a multi-dimensional view of each transaction and the cross-customer ecosystem as a whole.

"Jumio revolutionized online identity verification when it pioneered the ID + selfie approach," says Robert Prigge, Jumio CEO. "Today we are pushing the industry to evolve once again by harnessing the power of predictive analytics to identify fraud patterns across our vast network. This will allow us to identify and stop fraud rings and other coordinated attacks with more accuracy than ever before."

The tool uses AI-driven predictive analytics to determine the likelihood of fraud risk for each identity transaction based on its cluster association. The predictive fraud score can be used to automatically reject identity transactions, stopping fraudsters from accessing a platform in real time. Dashboards provide transparency and help users visualize connected data.

"Because explainability is a key requirement when using automation, we provide insights on why the identity transaction was rejected," says Philipp Pointner, Jumio’s chief of digital identity. "We also provide a graphical representation of the high-level linkages we found, which makes it easy to see connections between people, documents, devices and more. The combination of sophisticated analytics and easily consumable insights makes this new technology a game-changer for fighting fraud."

You can find out more on the Jumio site.

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