iProov Sees Over 60% Surge in Transactions Driven by Soaring Demand for Cloud-based Biometric Onboarding and Authentication

Overall Business Highlights:

63% transaction growth on iProov’s platform (August 2023-August 2024)
Expanded customer base with notable wins in the financial services, government, telecom, and education sectors including Charles University, Croatia Telecom, and Translink.
Became the first vendor to achieve the new global certification on face biometric identity verification from the FIDO Alliance
New partnerships with Avoco Secure, Guardline, and TrustCloud to enhance onboarding and authentication solutions
Featured in 14 different industry analyst reports across 2024 to date
iProov was named the Best Authentication Platform for the second year in a row in SC Awards Europe 2024

PHILIPPINES – iProov, a leading provider of science-based biometric identity solutions, today delivered its quarterly business update, highlighted by a surge of 63% in transaction volume on its platform compared with the same timeframe last year. The identity verification market is showing consistent growth, fueled by the rapid digitization of services, and the escalating threat of sophisticated cyberattacks, particularly deepfakes that leverage generative AI.

Financial fraud has reached record levels with the latest figures from INTERPOL stating in 2023 scammers stole $1 trillion from victims, (SOURCE: Global Anti-Scam Alliance). Organizations across all industries are waking up to the critical need for biometric onboarding and authentication solutions to protect themselves, their workforce, and their customers. At the same time, governments are increasingly prioritizing secure digital identity solutions to speed up the delivery of and access to important services, further driving the adoption of advanced verification technologies.

“Organizations worldwide are embracing facial biometrics with strong liveness to support secure and user-friendly onboarding and authentication to their digital platforms and for physical access. Our platform continues to deliver sustained and resilient growth and our focus remains on staying ahead of all the rapidly evolving fraud threats,” said Andrew Bud, founder and CEO of iProov. “Generative AI and crime-as-a-service have transformed the threat landscape because they make sophisticated and highly scalable attack technologies more accessible than ever.”

To address these challenges, iProov has expanded its partner ecosystem with industry leaders in identity verification and fraud prevention including Avoco Secure, Guardline, and TrustCloud. These new partnerships enable iProov to offer its customers more comprehensive solutions to protect themselves and their customers from evolving threats.

“As one of the leading providers of identity solutions to the UK government and financial services organizations, we understand the paramount importance of secure, flexible, and dynamic verification and authentication solutions,” Sandy Porter, founder and CEO of Avoco Secure, emphasized. “Through our partnership with iProov, we are synergizing our proven and cutting-edge technologies to confront the rising tide of fraud head-on. Together, we aim to deliver our customers a frictionless and secure user experience while simultaneously establishing an unprecedented benchmark in identity security.”

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iProov Recognized in Leading Industry Analyst Research

iProov’s innovative solutions and industry leadership have also been recognized by the analyst community, with the company being featured in 14 analyst reports already this year. Highlights include:

iProov named as a notable vendor in the Gartner Buyer’s Guide for Identity Verification. iProov was identified as a notable provider of liveness solutions that align with Gartner’s recommendations for secure online identity verifications, ensuring robust protection against fraud.
iProov has been named a notable vendor in five Gartner Hype Cycles, including Digital Identity, Generative AI, Financial Crimes, Enterprise Communication Services and Emerging Technologies. The Hype Cycles provide a graphical representation that shows the over-time progression of public excitement and adoption of new technologies and applications. Biometric verification is in the fourth phase in Gartner’s Hype Cycle where the technology begins to demonstrate its true value and potential.
iProov listed as a Luminary (Leader) in the Acuity Biometric Digital Identity Financial Service Prism report. The report provides a holistic analysis of the financial services industry framed around common pain points and the biometrics solutions that can solve them supported by evaluations of vendors operating in this area.

Commenting on the report, Principal at Acuity Market Intelligence, Maxine Most said: “The Biometric Digital Identity Prism grew organically out of research into how enterprise-scale digital transformation is impacting the evolution of the global digital identity marketplace. What we discovered is that not only is digital transformation driving the adoption of biometrics but there is growing awareness that the emerging identity infrastructure must have biometrics at the core. The Prism is a model for understanding how industry leaders like iProov fit into this biometric-centric vision of the evolution of the digital identity market landscape,” she added.

Full list of the latest analyst reports featuring iProov:

Gartner reports

Liminal reports

Acuity Market Research

Goode Intelligence

Quadrant Knowledge Solutions

SPARK Matrix for Identity Capture and Verification

Additional Achievements

Launched an independent global study entitled The Good, the Bad and the Ugly, into the impact of generative AI and deepfakes on organizations
iProov was named the Best Authentication Platform for the second year in a row in SC Awards Europe 2024