iProov reports substantial growth driven in large part by the growing prevalence of generative AI-based threats to remote onboarding and remote authentication processes.
2023 business highlights for iProov include a 30% increase in its production level customer base. It says that in the three years to December 2023, transactions on the iProov platform surged 21-fold. iProov reports that over a quarter of customers process more than a million high-risk transactions annually.
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iProov business highlights
- More than 100m unique individuals verified their identity using iProov;
- iProov grew its team by 12.5% with focused investment in its science and engineering functions;
- iProov expanded into Latin America adding staff in Mexico, Brazil, and Colombia, resulting in partner-led support for 175 enterprises in the region;
- These transactions were initiated from more than 27,000 different device models. It says this underscores iProov’s commitment to maximise inclusivity for users regardless of age, region, ethnicity, or socio-economic class.
“iProov has developed a science-based biometrics identity solution suite that is uniquely able to establish the genuine presence of an individual ensuring that they are the right person, a real person, and they’re authenticating right now,” explains Andrew Bud, founder and CEO, iProov. “This approach is the single most effective way to incapacitate generative AI-based attacks before they can cause damage.”
Rising threat from weaponised Gen-AI tools
In addition to traditional identity fraud concerns, organisations must now mitigate risks driven by a rapidly growing number of threats from weaponised generative AI tools.
Crime-as-a-Service networks have democratised the accessibility and affordability of these highly sophisticated tools. This allows even low-skilled threat actors to create lifelike synthetic media such as deepfakes to undermine remote identity verification processes.
This creates greater urgency for organisations that offer remote onboarding and remote authentication for high-risk transactions and services. It is now more difficult than ever before to prove that someone is who they claim to be online. Organisations utilizing video services for remote person-to-person identity verification are particularly vulnerable to deepfake threats. An Idiap Research Institute study which looked to quantify if humans can uncover a deepfake found that only 24% of people in their test could spot deepfakes.
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By GlobalData
