iProov, a pioneer in biometric identity solutions, and TrustCloud, a leader in secure digital transaction technologies, have announced a strategic partnership aimed at revolutionising digital identity management.
iProov, renowned for its science-based biometric identity solutions, collaborates seamlessly with various sectors, including the UK Home Office and the U.S. Department of Homeland Security. TrustCloud, on the other hand, excels in providing cutting-edge secure digital transaction solutions, empowering organisations to safeguard sensitive data and digital assets.
The partnership is driven by the increasing demand for robust online security measures in critical sectors such as financial services and healthcare.
With digital transactions becoming more prevalent, and as cyber threats grow more sophisticated, there is a pressing need for secure onboarding and identity verification processes. This collaboration utilises iProov’s expertise in biometric verification and TrustCloud’s advancements in post-quantum encryption to set new standards in secure digital interactions and identity management.
The collaboration between iProov and TrustCloud addresses the critical challenge of balancing security with user convenience in the digital space. Their combined efforts aim to enhance the digital onboarding process, making it more secure and user-friendly, thereby reducing fraud and identity theft in high-risk sectors.
Additional insights from industry reports highlight the urgency of upgrading identity verification processes. According to McKinsey & Company, 90% of consumers used digital payment methods last year, while Juniper Research noted that fraud losses in sectors like banking and healthcare soared to $56bn in 2023.
TrustCloud CEO Saioa Echebarria said, “Amidst a global surge in sophisticated cyber threats, regulatory demands, and the desire for a seamless user experience, our collaboration with iProov is a timely response to the needs of organizations worldwide.
“TrustCloud has earnt an enviable reputation for offering post-quantum encryption and secure custody of digital assets, ensuring that agreements, contracts, and sensitive data are protected. By incorporating iProov’s biometric verification, our partnership will create an unparalleled level of security that enables organizations to confidently onboard customers remotely, backed by the best available fraud and identity theft protection.”
Andrew Bud, founder & CEO of iProov, said, “iProov empowers identity verification and trust service providers to deliver a uniquely secure, exceptionally usable experience.
“Trustcloud is a highly successful multi-national provider of identity and trust services with a great reputation for quality. We’re delighted to partner with them.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
Copyright © 2018 RegTech Analyst
