back Back

Paxful selects iProov to provide security for cryptocurrency onboarding and transactions

By Edlyn Cardoza

July 07, 2022

  • Bitcoin
  • Face Biometric Authentication Technology
  • FinTech
Share

Paxful, iProov, Face Biometric Authentication Technology, Identity Verification, FinTech, Fraud Management, Bitcoin, Liveness Assurance, OTP, USAiProov, 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.”

Previous Article

July 07, 2022

Brite Payments announces the launch of Recurring Payments

Read More
Next Article

July 07, 2022

IndusInd Bank partners with MoEngage to deliver Gen Z digital banking

Read More








IBSi Daily News Analysis

Web3, Indian market

April 16, 2024

Bitcoin

Explosive growth in Web3: UAE and MENA region poised to lead crypto, DeFi, and Metaverse revolution

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Lloyds Bank makes first digital trade transaction on WaveBL platform

Read More

April 03, 2024

Bybit Card integrates with Google Pay for user convenience in Europe

Read More

April 02, 2024

WSPN and MathWallet launch StableWallet, an AA wallet for Web3

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023