iProov for Financial Services
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iProov for Financial Services
|Company (that provides the nominated product / solution / service)||iProov|
|Company size (employees)||50 to 99|
|Type of solution||Cloud/SaaS|
iProov Genuine Presence Assurance is being used by global banks and other financial institutions to confirm the identity of online customers in a way that is both highly secure and very easy to use.
The unique, patented technology is being used by ING, Rabobank, Knab and many others to onboard and authenticate customers online.
A customer wanting to open a bank account is asked to scan their passport or other approved document with the camera on their mobile device or computer. They then scan their face in a process that takes a few seconds. The face scan is matched to the photo in the document to confirm that the online user is the right person. A colored illumination during the scan checks that the user is a real person (and not a photo or mask being shown to a device camera) and that they are authenticating right now.
This very simple, very secure use of biometrics replaces the need for an in-person identity check and protects against fraud, identity theft and other online criminal activities. This helps to ensure that the bank is complying with Know Your Customer (KYC) and anti-money laundering (AML) regulations.
The pandemic of 2020 proved that identity verification must be possible online, even for the most secure processes such as transferring a large amount of money or applying for a credit card. The number of people ‘iProoving’ themselves worldwide increased by 549%, making 2020 a record year for iProov.
- Security and protection against fraud losses: financial services institutions require the utmost security, as they are targeted by cyber-criminals. Other 'liveness' solutions use face verification to confirm that an online user is the right person and that they are probably real. Only Genuine Presence Assurance can also detect scalable spoof attacks using deepfake videos or other synthetic media, which is where the real threat lies. It is also cloud based, ensuring that even if a computer or device is compromised the biometric check is not at risk. The iProov Security Operations Center also provides threat intelligence for iProov's biometric assurance, making it highly resilient to the evolving threat landscape.
- Compliance with regulations: in 2020 so far, 5 US banks alone have paid $8.36bn in penalties to the regulators for breaches of anti-money laundering and and Know Your Customer regulations. Genuine Presence Assurance helps banks to comply with AML and KYC regulations and prevent such breaches.
- Customer convenience and usability: the simplicity of iProov Genuine Presence Assurance enables banks to maximize completion rates for customers setting up accounts. It also enables quick, simple onboarding for other services making it easier to offer cross- and up-sell opportunities. Most important of all, it enables banks to appeal to digital natives who do not want to visit a branch to open an account or complete sensitive transactions.