September 19, 2024
iProov, a science-based biometric identity solutions provider, and Guardline, a leading provider of software solutions for preventing financial crimes such as money laundering and fraud, today announced a partnership to enhance fraud prevention and increase operational efficiency for financial institutions and other regulated businesses in Latin America. As part of the partnership, Guardline will integrate iProov’s Express Liveness and Dynamic Liveness technologies into its product suite.
Digital connectivity across Latin America is advancing at an unprecedented pace, impacting sectors and communities in many positive ways but financial fraud is a significant concern, with 20% of regional revenue lost to fraud and 3.7% of e-commerce orders fraudulent. Criminals are using synthetic media, like deepfakes that are created using generative AI, to bypass identity verification processes and commit online fraud. Traditional knowledge and ownership verification methods such as one-time passcodes (OTP) or passwords that can be easily compromised are still in use by many financial institutions. However, oftentimes these security methods are no longer adequate, and banks must strengthen their defenses and invest in new technology in order to protect against these growing threats.
“The combination of deepfakes and the number of malicious actors using them to exploit the remote identity verification process has completely changed the threat landscape in Latin America leading to widespread fraud in this region and across the globe. iProov’s science-based facial biometric authentication with liveness detection technology helps to solve this challenge by allowing users to securely onboard and authenticate their identity using just their face while protecting against generative AI-based crime methodologies” said Leo Curran, VP of Global Partnerships and Alliances at iProov. “As a recognized leader of fraud prevention in Latin America, we are excited to be partnering with Guardline to reduce fraud and improve the security posture of organizations across the region.”
Rafael Nova, CEO of Guardline, said: “The partnership with iProov is a significant step forward in our mission to provide our clients with the most advanced and effective fraud prevention solutions and help in the fight against financial crime in Latin America. By combining Guardline’s expertise in fraud prevention with iProov’s liveness technology, the two companies will be able to provide financial institutions and other regulated businesses with the tools they need to protect themselves from fraud and money laundering.”
