Save Money and Protect Your Business with Jumio

icon-comments Comments

The internet is a minefield when it comes to security and identity verification. And with recent cybersecurity breaches, the stakes have never been higher. Making one false move can expose critical personal information and cost your company and your wallet a huge amount of money.

So here’s the key question: How do you verify a person’s identity when all you’re looking at is a computer screen? How can you make sure what you’re seeing in the digital world matches real life? That’s where identity screening companies like Jumio come in.

Dean Nicolls, Jumio’s vice president of marketing, spoke to RewardExpert. “Because of technology and the sophistication of today’s fraudsters, many of which operate as foreign commercial enterprises, it’s increasing important to match their level of sophistication with smart technology to ensure you’re staying one step ahead,” he said.

Image via jumio.com
Image via jumio.com

High-Tech for a Tough Problem

With massive breaches, traditional methods of verification, such as those famous security questions, have been falling out of favor. Every time there’s a hack, there’s a good chance that sensitive information ends up online.

“There’s just too much at stake for letting bad actors into your ecosystem,” said Nicolls. He says the company has left tradition in the dust and is instead embracing all sorts of methods including AI, machine learning, computer vision/OCR, biometrics and verification experts.

How to Stay One Step Ahead

Jumio’s technology allows a business to verify a digital customer’s real-world identity through its Netverify product. It provides real-world identity verification by matching a selfie to a person’s physical government-provided ID, so companies know that the person they’re dealing with is really the person they’re supposed to be dealing with.

Nicolls describes the typical process below.

1. Enter your name, rank and serial number (online application)
2. Take a picture of your ID, front and back
3. Take a selfie
4. Wait a minute
5. Jumio informs the vendor whether or not to accept the application based on a legit ID being present and a face match (between ID and selfie)

Accuracy Counts

Nicolls says that Jumio’s product is the most accurate solution on the market and that it has routinely come out on top of the competition. “The reason we are the most accurate is because we use a combination of state of the art technology, what we call computer vision—artificial intelligence—and we actually have live human beings to make sure that all is in the right place,” he said.

The human touch is a critical element of Jumio’s product offering. After all, people change, faces change and those dreaded driver’s license pictures often don’t look like our real selves. “Most competitors are automated solutions—they don’t actually have people, and that’s a real shortcoming to their solution because it can’t do that level of face matching,” explained Nicolls.

ID Scans

Jumio’s products can also help with simple ID verification and document verification. Nicolls says it can extract key information from an ID, like name and address.

“Some customers, like United Airlines, use Jumio to streamline the boarding pass process. Just scan your ID, and we tell United whether or not to issue a boarding pass to the passenger,” he said.

Image via jumio.com
Image via jumio.com

Save Money with Jumio

Signing up with Jumio can help lead to long-term savings for a business. Nicolls detailed the following ways that Jumio’s technology can save a company money.

1. Less costs for manual review: “Many companies hire people to go through the time-consuming process of verifying people’s identities. They typically cannot turn around a yes/no decision in minutes—it often takes hours or days.”
2. Higher conversion rates: “When customers can verify themselves online, and Jumio can quickly and accurately assess whether they’re legit or not, more applicants can become customers with dramatically less abandonment.”
3. Lower fraud rates: “We can quickly detect fraudulent IDs, and the identity verification part of our solution is a big deterrent since most fraudsters don’t want to have their photo taken and shared with the company they’re attempting to defraud.”
4. Reduced compliance costs: “We help companies tick these boxes—simply and affordably.”

A Growing Business

Right now, Jumio’s products are being swiftly adapted by many industries, including banking, payments, foreign exchanges, cryptocurrency, online gaming and the sharing economy (including Airbnb).  To see if Jumio is a fit for your business, check out jumio.com