The partnership enables Authsignal to embed iProov’s patented Biometric Solution Suite into its fraud prevention orchestration platform. This will better protect consumers and businesses across the US, Europe, and Asia Pacific regions.
The collaboration announcement comes after a recent increase in online fraudulent activities. Fifty-six per cent of UK and US respondents say they have been a victim of fraud, a recent report published by Feedzai says. According to the World Economic Forum, an estimated 70% of new value created in the economy over the next decade will be based on digitally enabled platform business models.
Because of that, organisations are now looking for ways to streamline processes, speed up customer onboarding, and generally maintain a smooth user experience all while ensuring strong protection against the evolving threat landscape. Among the emerging technologies, face recognition has increasingly become a secure and convenient alternative for client ID verification.
Reactions on the fraud-combating partnership
CEO and founder of iProov Andrew Bud welcomed the new collaboration with Authsignal.
“Balancing end-user experience and security is an evergreen challenge for organisations,” Bud said. “Our technology proves that it’s possible to marry the two into a solution that’s easily deployed, with a focus on user security and privacy. We are excited to be partnering with Authsignal to deliver this crucial service that provides companies and consumers with the utmost protection from online fraud.”
In February, iProov warned that digital injection attacks were five times more likely than persistent presentation attacks. According to the biometrics provider, spoofing metadata and compromising device data on mobile platforms increased by 149% between June and December 2022.
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Justin Soong, CEO at Authsignal, also commented: “We’re focused on enabling our customers to secure their user journeys and deliver best-in-class customer experiences. In doing so, we must continually look at how we can enable our customers to further enhance their user’s experience
“iProov is leading the way in facial biometric verification, and we’re delighted to be partnering with them to integrate the iProov Biometric Solution Suite into our orchestration platform. This will add yet another layer of assurance and protection in our one-click marketplace to protect our customers against the increasingly complex threat landscape”, Soong added.