JUMIO’S AUTOMATION EXCEEDS 1 MILLION VERIFICATIONS DAILY, RECORDS 118 PER CENT REVENUE INCREASE

KUALA LUMPUR, May 17 (Bernama) -- Jumio, an AI-powered end-to-end identity verification and eKYC solutions provider is now processing more than one million daily identity verifications, the vast majority of which are completely automated.

By consistently setting new records, Jumio has already cleared over 100 million different transactions so far this year alone, with YTD revenue growing more than 118 per cent year-over-year.

Based on a statement, Jumio’s sophisticated machine learning models now catch the majority of fraud attempts found.

Fraud detection has dramatically increased due to the state-of-the-art accuracy of Jumio’s Face Lookup feature.

This innovation flags potential fraudulent activity by the same face being used across multiple identity verification attempts, specifically targeting fraud rings and repeat fraudsters.

Additionally, Jumio’s automation recently won gold for AI in Security in the 2021 Cyber Security Global Excellence Awards.

“Scaling to meet this explosive growth has required both innovation and execution. We have even had customers transferring volumes from other identity verification providers that are unable to scale and keep up with their high volumes,” said Jumio chief product officer, Bala Kumar.

“Powered by automation and an infrastructure that is faster and more reliable than ever, we are excited about the benefits that Jumio’s next-generation innovations will unlock.”

Building on top of existing AI powered automation, the company continues to accelerate its investments in innovation by leveraging the US$150 million round of funding recently raised from Great Hill Partners. (US$1 = RM4.134)

-- BERNAMA