Paxful selects iProov to provide security for cryptocurrency onboarding and transactions

By Edlyn Cardoza

iProov, the world leader in face biometric authentication technology, recently announced that Paxful, a global peer-to-peer FinTech platform, will employ its liveness technology to verify user identity during the onboarding process and when making transactions.

“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,” said George Georgiades, Chief Compliance Officer of Paxful. “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.”

When a user onboards with Paxful, they verify their identity using an ID document, such as a driver’s license. They then complete a brief face verification to confirm they are the right person and a real person. To carry out a transaction, a returning user then completes a brief face authentication instead of using a password or entering a one-time passcode (OTP).

iProov’s Liveness Assurance™ technology enables organisations to verify that an online user is the right person (not an imposter) and a real person (not a photo or mask being used in a presentation attack). Doing so helps businesses and public sector agencies protect themselves and their users by preventing stolen or fake identities from being used for new account fraud and account takeover fraud. Liveness Assurance is device- and platform-agnostic, working across any computer, tablet, or cellphone with a user-facing camera.

“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,” said Andrew Bud, iProov CEO. “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.”