The Silicon Review
“Over 30 million ID verifications and growing.”
Jumio was founded in 2010, and in 2012 launched its flag ship product Netverity®. The company has a long and proven track record in the ID verification space. Jumio delivers the next-generation in digital ID verification, enabling businesses to reduce fraud, increase revenue and meet KYC and AML requirements, while providing a fast, seamless customer experience.
With over 30 million ID verifications and growing, Jumio helps financial services firms, sharing economy, travel and on-line gaming companies to grow their digital business from web and mobile devices. In addition to reducing account abandonment and improving the overall customer experience, customers will recognize improved fraud protection and more secure transactions for their customers in several areas including: account take over, account re-authentication, money transfers, reduction in false positives and account administration.
Jumio stands clear!
Today, Jumio has processed more than 30million ID verifications, the largest in the industry and supports more than 200 countries worldwide. Its unique combination of computer vision technology, biometric facial recognition and ID experts provides the most accurate model for correctly verifying IDs and connecting the ID to the identity in the physical world. While mobile usage is certainly expanding, it’s not a viable or preferred way for a vast number of people who still conduct first time account opening via a web-based transaction. For this reason, Jumio provides support for a larger percent of users with support for both on-line and mobile environments.
Nothing goes without verification!
The company’s digital ID verification solution, which includes Netverifiy®, Face Match and biometric facial recognition, is a three-pronged approach to ID verification. Jumio’s approach is different – it has been specifically developed to meet the challenge of how to verify identity in a digital world. It uses computer vision technology to validate, extract and auto-populate customer data from ID documents to deliver fast and easy account origination or other transactions. It’s a real-time process; document authentication takes place seamlessly in the background so that customers are not inconvenienced and the momentum of the remote transaction is maintained.
In addition to scanning and authenticating government-issued documents for ID verification to ensure compliance with industry regulations, Netverify®’s biometric facial recognition combats fraudsters who attempt to use static images to “fake” their identity. Netverify® will do both a Face Match and will also validate “liveness”. This improved process will not only increase customer conversions, it will also minimize fraud and the resulting costs associated with unauthorized transactions, all without impacting the customer experience.
It’s all about customers anyway.
Jumio’s digital ID verification solutions, including flagship product Netverify®, are broadly used by leading financial services, travel, on-line gaming and emerging shared economy companies. These markets require strict adherence to industry regulations including Know Your Customer (KYC) and anti-money laundering (AML)regulations, but also require an excellent customer experience that is fast, safe and secure. The big clients are United, Easy Jet,
Worldremit and Coinbase.
Success story; Coinbase
Coinbase Turns to Jumio to Enhance Compliance, Reduce Fraud, and Ensure a Frictionless Customer Experience. As a young company, Coinbase wanted to keep the processes streamlined. But as a financial institution, the company still needed to comply with regulatory requirements, including Know Your Customer (KYC) obligations, across its more than 33 globally supported countries.
Coinbase quickly began to recognize rapid growth and in 2014, as the price of Bitcoin went up to $1000/ BTC, the company recorded more than a $5B increase in transactions. The size of transactions also increased rapidly. As the Coinbase business expanded across end users and traders, there was a clear need to provide an automated digital ID verification process to complete ID verifications and comply with regulatory requirements throughout the company’s global business model.
Jumio was selected to help manage the expansive growth of Coinbase by providing a digital ID verification solution that would aid in fraud prevention, while ensuring a quick and easy experience for users.
Jumio’s Netverify® solution enables Coinbase to verify user IDs and then ensure the person holding the ID is the same person. This added level of security is enabled through the Jumio Face Match technology, which allows users to take a live webcam video of their face. Jumio’s technology detects even the slightest facial movement, ensuring that the user is a real person, not a photo, and that they are a match to the ID being presented.
This extra level of due diligence is completed in near real time for the customer, creating a seamless interaction. For both Coinbase and the customer, ID uploads in near real time provide a substantial improvement in both the customer experience and business productivity compared to the previous 24-hour wait for manual verification.
Meet the Executive Trio
Stephen Stuut, CEO: Stephen Stuut brings more than 25 years of experience fueling corporate growth in leading technology businesses. Prior to joining Jumio, Stuut served as CEO of TruePosition, a leader in location based services technology. Prior he was President and CEO of Broadband Innovations delivering digital interactivity services to cable TV providers. Formerly, Stuut managed the Telecommunications Practice at McKinsey & Company and did business strategy consulting for Booz-Allen & Hamilton in Germany and Braxton Associates (now Deloitte & Touche) in the United Kingdom.
Robert Prigge, CRO: Robert E. Prigge serves as Jumio’s Chief Revenue Officer, and leads the company’s global Sales, Marketing, and Sales Operations initiatives. Robert joins Jumio with a track record of excellence spanning more than 20 years in both enterprise and start-up companies across the software, security, and B2B space. Prior to Jumio, Robert was the Chief Sales Officer for Gartner Cool Vendor Infrascale as well as Chief Commercial Officer for Clean Power Finance.
Philipp Pointner, VP Products: Philipp serves as Jumio’s VP Product and facilitates Jumio’s product strategy. With his team of product managers and designers he turns visions into products. Prior to Jumio Philipp was responsible forpaysafecard, Europe’s most popular prepaid solution for purchasing online. At paysafecard he played a primary role in launching the KYC compliant mypaysafecard wallet.