iProov will deploy its face biometric authentication to Paxful, a P2P FinTech platform, as part of a new partnership.
This deal will help Paxful onboard users securely by verifying their identity with an ID document, such as a driver’s licence. They then complete a brief face verification to confirm they are who they claim to be.
When completing a transaction, a returning user simply completes a brief face authentication, instead of entering a password or one-time passcode.
iProov’s Liveness Assurance technology enables organisations to verify that an online user is the right person, not an imposter, and is a real person, not a photo or mask.
By doing this, businesses and public sector agencies can protect themselves and their users from stolen and fake identities being used to create new account fraud and account takeover fraud.
Paxful chief compliance officer George Georgiades said, “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 offers global P2P services for making payments, completing transactions and sending money through the buying and selling of cryptocurrencies.
iProov recently picked up $70m in a growth investment from Sumeru Equity Partners. The capital was raised to help iProov expand its leadership and expand its international customer base.
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