Jumio 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.

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.”

The AAMVA service is the newest addition to Jumio’s growing suite of data services, which includes:

• Jumio Address Validation: Determines if the address extracted from a government-issued ID exists in the real world. Jumio Address Validation standardizes, validates and geocodes addresses from over 200 countries and territories — in fractions of a second.
• Jumio Proof of Residence: Checks to see if the person being verified actually lives at the physical address extracted from their ID document. Jumio checks with government, credit and commercial data sources from around the world to corroborate the physical address and verify the person’s residence.
• Face Lookup: Flags potential fraudulent activity when Jumio spots the same face being used across multiple verification attempts. When we find duplicate faces from previous verification transactions within our platform and there’s a mismatch in key contact fields extracted from the ID document, such as name, address or date of birth, this is a powerful indication of potential synthetic fraud.

Given the sharp rise in fraud in 2020, organizations must keep pace with technology and exploit the tools and data that can detect and deter sophisticated fraud tactics. Cybercriminals are counting on the fact that the ID document will only be subject to visual or machine inspection — not a query back to the issuer.

The combination of identity verification and these additional fraud signals help banks and financial institutions corroborate digital identities with a high level of assurance and more effectively combat financial crime.

Source: https://www.helpnetsecurity.com/2020/06/24/jumio-aamva/