Technological change, revealing and adding new features to our products is the very nature of the JuicyScore team. No false modesty, we help our clients to achieve tangible and quantifiable results. By polishing up our technologies we find solutions that lead to a balance between conversion rate and usability of internet resources vs risk management for online companies.
We are really proud of launching two new products this year – JuicyID and JuicyBio – both of them are solving the abovementioned problem and today we would like to tell you more about all the features and advantages as well as the opportunities of joint use of our products.
JuicyID and JuicyBio are based on JuicyScore API 12 launched in March 2020. Device authentication system is based on 29 technologies that identify sustainable and resistant device fingerprint.
What is JuicyID?
JuicyID is the light version of JuicyScore. This product is intended to protect online accounts of various online-services. JuicyID not only took all the best features of JuicyScore, we also added a range of new utilities and higher-speed response.
Returned Device ID which is the most stable and steady digital fingerprint that exists on the market at the moment and vector of 81 attributes allow designing various rules to prevent risk of fraud and to balance payback and costs, taking into consideration the fact that online fraud has become one of the major issues of online business nowadays.
What is JuicyBio?
JuicyBio is an expansion for JuicyID and JuicyScore enriched by descriptors of the photo of prospective applicant for a loan or insurance. The applicant’s passport or other ID document’s photo is compared to the photo taken at the moment of application. Combining Device ID and descriptor comparison results, the authentication of the virtual applicant can be enhanced significantly. In response you can see whether applicant’s photo matches the passport or other ID document’s photo and the risk level is specified. The main advantage of JuicyBio is high level of accuracy and security: JuicyBio does not collect personal data or direct identifiers and does not store or process the original photos or their parts or any other personalized tags of these photos (for example, titles).
We have already revealed all the secrets of seamless authentication in our previous newsletters, today we would like to tell you about our practical experience and tools as well as the extended spectrum of online industries, which associate with high risk clients, personal accounts compromising and many other cases that lead to higher risk and can do harm to financial or quasi-financial information.
Taking into consideration the fact that all the products of JuicyScore do not process personal data and direct user identifiers, we will tell you about the part of the process related to device seamless authentication and virtual user.
Seamless authentication consists of the following stages:
In order to design a decision support system it is essential to find a balance between risk reduction, conversion management and costs.
Stages 1 and 2 of dynamic authentication allow to filter out up to 80% of high risk traffic without considerable reduction of conversion rate as authentication process is seamless for virtual users and rejection is driven by negative factors that barely have anything to do with the good clients.
It has to be said that the third stage of seamless authentication should be placed to the system really carefully. Here are the key issues of biometry:
- direct data forgery (paste-in slip, panoramic photo etc.), false and fake profiles in aggregated biometric data systems (via direct insertion of forged data or personal accounts hacking);
- incomplete database of biometrical information and low image quality;
- normal increase of irrelevance of biometrical data impairs the accuracy of matching;
- reduction of risk and reduction of conversion balance;
- high cost of biometry solutions including both direct operational expenses and the expenses for technological integration and system ownership.
What are the advantages of JuicyBio?
- combination of algorithms for digital profile design and search for matches in images of the client and client’s ID document’s photo;
- high response speed;
- safety – all the photos are stored in the client’s device or at the online business framework and are not copied to JuicyScore infrastructure;
- economically justified expenses which are much lower than the expenses the company could possibly bear for any other solution. It is also rather convenient that it does not require any costs to support the product by online business.
For that reason collection of data and analysis of biometry by the “safety biometry” technology should be made before the stage of client’s personal data collection and scoring, which leads to reduction of risks related to this category of data and costs for external data sources calling.
According to the results of dynamic authentication the application may be denied or client may be requested some additional standard personal data sources which is necessary for making a decision (stop-lists, verification of invalid passports, credit bureau, mobile network operators etc.) and the decision concerning the application for getting the financial product itself or, for example, access to personal account.
As an example of final metric of any system of seamless authentication the following metrics may be used:
- the total cost of verification of an applicant or a client – it is usually measured in absolute numbers and is considered to be the calculation basis for payback of every source of data used while seamless authentication is processed;
- end-to-end conversion rate - this metric is used to balance marketing and risks;
- risk level - this metric is one of the main tools to evaluate profitability and losses.
All Juicy product line is available for tests and installation and has proven its effectiveness in Russia and 13 other countries.
Effectiveness of use of our products is easy to count as it is based on service and data ROI principles.
All our products don't use or operate with personal or biometrical data or direct user identifiers.
Which seamless authentication solutions do you use? We will be happy to receive any comments or feedback from you!