iProov, a London-based company that provides biometric authentication technology, has collaborated with Paxful, a global FinTech leader, to provide its liveness technology for user identity verification when users onboard and make transactions in cryptocurrency.
George Georgiades, Chief Compliance Officer, Paxful, commented, “We are thrilled to partner with iProov to offer our users a safe and secure experience while using the Paxful platform. Our mission as an organisation is to provide greater access to Bitcoin by building a financial system that serves the global economy. To properly do so, we need to ensure we provide the highest level of security and peace of mind to users. iProov’s technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.”
Paxful uses an ID document, like a driver’s license, to verify user identification during the onboarding process. After that, they complete a brief face verification to confirm the physical authentication of the person. To process a transaction, a returning user then accomplishes a short face authentication in place of using an OTP or password.
Organizations are empowered with iProov’s Liveness Assurance™ technology for identifying whether an online user is a right and real individual or not. With this identification, public sector agencies and businesses safeguard themselves and users from any fraudulent activities.
Andrew Bud, iProov, CEO, stated, “With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom. Paxful’s mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.”