Raiffeisen Bank deploys biometrics to enable remote enrolment and account reactivation
iProov, the global leader in biometric authentication, announced a partnership with Wultra, the leading digital banking security provider in the Czech Republic. The partnership enables Wultra to provide iProov’s biometric solutions suite as part of its portfolio of digital banking solutions.
“Several factors were instrumental in our decision to implement iProov technology: iProov has been successfully deployed by leading global banks and has achieved the industry’s highest completion rates. This provides us with clear evidence of both its user-friendly qualities and ability to meet high customer demand”
Consumers are increasingly calling on their financial services providers to offer online access to high-risk services including new account enrolment and account reactivation. To meet this demand, banks work with companies like Wultra to evaluate best practices in balancing security and convenience at critical points of their end-user lifecycle. One of the most significant challenges banks encounter is being able to remotely verify the identity of consumers in a way that is easy to use and prevents mid-process dropout.
Latest Fintech News: Origence and Zest AI Introduce Zest Auto, the AI-Automated Underwriting Technology for Credit Unions
Raiffeisenbank is the Czech member of Raiffeisen Bank International (RBI), a leading banking group operating across 14 countries in Central and Eastern Europe. Raiffeisenbank has implemented iProov’s biometric solution from Wultra to provide its customers with the ability to securely reactivate their bank accounts online at their own convenience, without visiting a physical branch or using additional hardware.
“Several factors were instrumental in our decision to implement iProov technology: iProov has been successfully deployed by leading global banks and has achieved the industry’s highest completion rates. This provides us with clear evidence of both its user-friendly qualities and ability to meet high customer demand,” said Tomáš Rosa, Ph.D. Cryptology and Biometrics Competence Centre Lead, Mathematical Security Architect at Raiffeiesen Bank.
“During the process, iProov swiftly addressed our questions around biometric authentication performance by completing an in-house statistical review and allayed any concerns we had regarding GDPR and deployment in the cloud. Finally, as a security expert with a strong mathematical background equally important to me was the fact iProov’s facial authentication technology was backed by hard data ensuring the solution could be reviewed and, even more critically, trusted,” he added.
“Banks are hyper-aware of the evolving threat landscape, and mobile banking apps are becoming a top target for cybercriminals. Points like account creation and rebinding are especially vulnerable to fraud, so increasing the security levels of our product set to help our customers tackle this was a priority for us,” comments Zdeněk Černý, CTO at Wultra. “iProov’s technology delivers on all fronts and stood out from the RFP process as ‘the real deal’. It has been a great addition to our portfolio and is already loved by one of our biggest customers, Raiffeisenbank, who actively encouraged us to add iProov technology to our stack.”
Latest Fintech News: Coveo Study Unveils Balancing Act Between Privacy and Personalization in an Uncertain Economy
“Financial services providers are a prime target for cybercriminals’ most sophisticated attacks. Our recent Threat Report found that AI-based attacks, such as deepfakes, are gaining momentum and basic-level biometric technology is struggling to keep pace,” comments Andrew Bud, founder and CEO of iProov. “iProov’s biometric solutions suite is uniquely able to assure liveness, a key determinant in mitigating AI-based attacks. We are excited to partner with Wultra in their mission to secure and protect leading banks and fintech companies with meaningful security solutions for their internet and mobile apps.”
iProov’s proprietary facial biometric solution uniquely enables organizations to verify that end users are the right person, a real person, and are verifying in real-time. It does this with its proprietary science-based liveness technology and Security Operations Centre (iSOC), which provides 24/7 active threat mitigation. iProov is already used by security-conscious organizations like the Department of Homeland Security, Eurostar, ING Bank, and UBS.
Latest Fintech News: Array Launches Subscription Manager to Track and Manage Recurring Payments
[To share your insights with us, please write to sghosh@martechseries.com]
