iProov, a provider of biometric identity solutions, reported a 63% increase in transaction volume on its platform this quarter, compared with the same period last year. This surge indicates growing demand for secure identity verification solutions as more organizations digitize their services and aim to counter cyber threats such as deepfake frauds and financial scams.
Global concerns about digital fraud have intensified. Citing the Global Anti-Scam Alliance, iProov said Interpol reported that scammers stole $1 trillion worldwide in 2023, highlighting the pressing need for robust identity protection. To combat this, companies are increasingly adopting biometric authentication to secure both digital and physical access, a trend observed across various sectors including government services.
“Organizations worldwide are embracing facial biometrics with strong liveness to support secure and user-friendly onboarding and authentication,” 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 tackle these evolving risks, iProov has expanded its partner ecosystem, working with firms like Avoco Secure, Guardline, and TrustCloud. These partnerships aim to strengthen iProov’s offerings in identity verification and fraud prevention.
“Through our partnership with iProov, we are synergizing our proven and cutting-edge technologies to confront the rising tide of fraud head-on,” said Sandy Porter, founder and CEO of Avoco Secure.
With more organizations prioritizing secure onboarding and verification solutions, iProov expects the demand for advanced biometric technologies to continue rising.