PALO ALTO, CA and LONDON, UNITED KINGDOM--(Marketwired - Feb 22, 2017) - Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), today announced the company has reached a new milestone in identity verification -- validating more than 50 million identities. This unprecedented growth is fueled by rapid expansion and adoption of Netverify Trusted Identity as a Service across both its new and existing customer base, with marked growth among leaders in the services and sharing economy sector. Jumio counts three of the top 10 U.S. unicorn companies with revenue over $5 billion as customers.
PwC estimates that sharing economy revenues will grow as high as $335 billion by 2025. Meanwhile, in 2016, $16 billion in losses due to fraud impacted more than 15.4 million people in the U.S. alone, according to Javelin Strategy & Research's 2017 Identity Fraud Study. What's more, the introduction of EMV cards (chip cards) and terminals drove fraudsters to a different approach -- opening fraudulent accounts. These two trends have brought increasing interest from companies that seek to establish trust in the sharing economy by verifying that someone opening a new account is who they say they are.
"Our rapid growth is based on our unique position in the market that combines leading technology, advanced automation, and industry experts to provide customers the highest level of identity verification," said Philipp Pointer, VP of Products at Jumio. "Our customers include some of the world's largest and fastest growing digital businesses who demand the highest levels of scalability to meet their expanding demands, while at the same time providing them the flexibility to design processes that ensure a safe and secure experience for their customers."
Coming off a year of strong growth, Jumio's Netverify® Trusted Identity as a Service added biometric facial recognition capabilities and document scanning to help businesses verify that customers are who they say they are. In addition to checking a user's photo against a government-issued ID, Netverify validates that a live person, not a static image, is being used to open the account by conducting a biometric facial scan. Businesses can further check the validity of customers by enabling them to scan documents, such as a utility bill, to confirm a physical address. These tools together enable businesses to better address Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements globally.
For more information on Jumio 2016 performance access, "Jumio Reports Momentous Growth in FY 2016 and Surpasses 50 Million Identities Verified."
Jumio, the creator of Netverify® Trusted Identity as a Service, enables businesses to reduce fraud and increase customer conversions while providing a seamless customer experience. With Netverify Trusted Identity as a Service customers have a complete identity verification solution that can be tailored to fit their specific business requirements. Netverify Trusted Identity as a Service combines biometric facial recognition, facial image matching, ID verification, and document verification to ensure the physical identity matches the real-world identity. Jumio has verified more than 50 million identities issued by over 200 countries from real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, higher education, retail, travel, and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US and Europe, and has been the recipient of numerous awards for innovation.
For more information, please visit www.jumio.com.