Jumio, a provider of artificial intelligence (AI) -based identity verification and KYC (know your customer) tools, Tuesday, July 20 ad that sales and revenue increased by more than 150% in the second quarter of 2021 compared to the second quarter of 2020. The company attributes the increase in sales and revenue to the need for today’s businesses to know and d ‘trust that their online users are who they say they are.
Verifying the identity of users online has become more critical since the start of the pandemic. Amid an increase in cyber attacks and data breaches, some have named medical identity theft as one of the country’s fastest growing crimes, according to a recent report. As a tool for preventing medical identity theft, Klever, a Finland-based cryptocurrency holding company earlier this month selected Jumio to provide biometric identity verification for automated integration compliant with KYC and anti-money laundering (AML) regulations.
Jumio said it processes more than 20 million AML transactions per month to help organizations accepting payments know their customers, identify suspicious activity, manage investigations and submit regulatory reports.
“As almost all businesses are now remote first, it’s more important than ever to build trust online,” said Robert prigge, CEO of Jumio. “A comprehensive AI-powered verification platform is essential to adapt to the explosive growth of our customers and help them build and maintain trust online. “
In April, Jumio added IProov liveliness detection to its KYX platform, ensuring that the online user is genuine, physically present and not a sophisticated cyber attack. Jumio added and extended a significant number of partnerships in the second quarter, including Microsoft, Copper River Computing, Australia National Crime Check and Veridium. Jumio has also signed a new distribution relationship with Ingram Micro and its emerging group of companies.
Additionally, as PYMNTS previously reported, Jumio joined Microsoft this spring to launch Azure Active Directory (Active AD) verifiable credentials designed to enable faster integration.