iProov Report: Soaring Demand for Cloud-Based Biometric Onboarding Fuels 60% Surge in Transactions

iProov, a leading provider of science-based biometric identity solutions, has 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, fuelled by the rapid digitisation of services and the escalating threat of sophisticated cyberattacks, particularly deepfakes that leverage generative AI (Artificial Intelligence).

Financial fraud has reached record levels with the latest figures from INTERPOL stating in 2023 scammers stole USD $1 trillion from victims, (Global Anti-Scam Alliance). Organisations 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 prioritising secure digital identity solutions to speed up the delivery of and access to important services, further driving the adoption of advanced verification technologies.

“Organisations 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 of and CEO at 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 of and CEO at Avoco Secure, emphasised. “Through our partnership with iProov, we are synergising 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.”

iProov Recognised in Leading Industry Analyst Research

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

• 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.
• 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.
• 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.”