Biometric authentication firm iProov has solid a partnership with Wultra, a digital banking safety supplier based mostly within the Czech Republic. Due to this collaboration, Wultra can now present iProov’s biometric options suite as a part of its portfolio of digital banking options.
As assaults on monetary service suppliers proceed to evolve, growing numbers of customers are calling on them to supply on-line entry to high-risk companies together with new account enrolment and account reactivation.
In an effort to satisfy rising demand, many banks work with the likes of Wultra to judge finest practices in balancing safety and comfort at essential factors of their end-user lifecycle.
One of many largest challenges banks presently come throughout is remotely verifying the identification of its customers, in a approach that’s simple to make use of and prevents mid-process dropout.
Raiffeisenbank, the Czech member of Central and Jap European banking group Raiffeisen Financial institution Worldwide (RBI), has carried out iProov’s biometric resolution from Wultra to supply its clients with the power to securely reactivate their financial institution accounts on-line at their very own comfort, with out visiting a bodily department or utilizing further {hardware}.
‘Backed by arduous knowledge’
Tomáš Rosa, PhD cryptology and biometric competence centre lead, and mathematical safety architect at Raiffeiesen Financial institution, mentioned: “A number of components had been instrumental in our resolution to implement iProov know-how: iProov has been efficiently deployed by main world banks and has achieved the trade’s highest completion charges. This offers us with clear proof of each its user-friendly qualities and skill to satisfy elevated buyer demand.
“In the course of the course of, iProov swiftly addressed our questions on biometric authentication efficiency by finishing an in-house statistical assessment and eased any issues relating to GDPR and deployment within the cloud.
“Lastly, as a safety skilled with a powerful mathematical background equally essential to me was the actual fact iProov’s facial authentication know-how was backed by arduous knowledge guaranteeing the answer could possibly be reviewed and, much more critically, trusted.”
‘Banks are hyper-aware of the evolving risk panorama’
Zdeněk Černý, CTO at Wultra, additionally commented. He mentioned: “Banks are hyper-aware of the evolving risk panorama, and cellular banking apps have gotten a prime goal for cybercriminals. Factors like account creation and rebinding are particularly weak to fraud, so growing the safety ranges of our product set to assist our clients sort out this was a precedence for us. iProov’s know-how delivers on all fronts and stood out from the RFP course of as ‘the actual deal’. One in every of our greatest clients, Raiffeisenbank, already adore it they usually actively inspired including iProov know-how to our stack.”
Andrew Bud, founder and CEO of iProov, additionally commented on the necessity for brand new options within the area, as threats evolve: “Monetary companies suppliers are a major goal for cybercriminals’ most subtle assaults. Our latest Risk Report discovered that AI-based assaults, reminiscent of deepfakes, are gaining momentum and basic-level biometric know-how is struggling to maintain tempo.
“iProov’s biometric options suite is uniquely in a position to guarantee liveness, a key determinant in mitigating AI-based assaults. We’re excited to associate with Wultra of their mission to safe and shield main banks and fintech firms with significant safety options for his or her web and cellular apps.”
