Jumio‘s patent involves a system and method for monitoring and preprocessing data from various sources, applying rules based on different vectors, and triggering actions for suspicious activity. The method includes generating vectors, determining suspicious activity, and identifying patterns like a wash cycle. GlobalData’s report on Jumio gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Jumio, Biometric transaction authentication was a key innovation area identified from patents. Jumio's grant share as of January 2024 was 57%. Grant share is based on the ratio of number of grants to total number of patents.
Monitoring and detecting suspicious activity in transactions
A recently granted patent (Publication Number: US11847655B1) discloses a computer-implemented method that involves receiving monitoring data from various sources, preprocessing the data using different vector types, generating vectors representing transactions, applying rules to detect suspicious activity, triggering actions based on the rules, and identifying patterns indicative of specific activities like a wash cycle. The method involves generating vector-specific monitoring features, utilizing different vector types such as account, party, payment source, position, and location vectors, triggering subsequent actions based on rules, and analyzing the impact of new rule sets on historic and incoming data.
Furthermore, the patent also describes a system that includes a processor and memory storing instructions for receiving monitoring data, preprocessing based on vector types, generating vectors, applying rules to detect suspicious activity, triggering actions, traversing vectors, creating linkage models, and identifying patterns. The system also involves generating vector-specific monitoring features, utilizing different vector types, triggering subsequent actions based on rules, and analyzing the impact of new rule sets on historic and incoming data. This innovative method and system aim to enhance the detection of suspicious activities and patterns in transactions, providing a comprehensive approach to monitoring and analyzing data from disparate sources for potential risks and fraudulent behavior.
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