Jumio actually was the result of a major problem Mattes faced while at Jajah.

FORBES: How Jumio's Daniel Mattes Raised $25 Million

What we found when we were running Jajah is that even though telecommunications is a commodity it is wide open to online fraud.

FORBES: Solving the $190 billion Annual Fraud Problem: More on Jumio

Rivals abound, including other startups such as Fring and Jajah.

FORBES: Magazine Article

Applications, for instance, could be utilized to deliver calls on LTE, much the way Voice over Internet Protocol (VoIP) apps like fring and Jajah operate on 3G networks today.

FORBES: AT&T CTO Says Voice Over LTE Coming In 2013

The losses are the opportunity that Jumio, the soon-to-be-launched online and mobile payments system backed by Eduardo Saverin and founded and managed by ex-Jajah CEO Daniel Mattes, is addressing.

FORBES: Solving the $190 billion Annual Fraud Problem: More on Jumio