iProov has picked up a new client in the identity space. Finema was established in Thailand in 2017, and runs an Enterprise Decentralized Identity Platform that is designed to help large organizations fight fraud and streamline the identity verification process for legitimate users.
Now Finema will be adding iProov’s Liveness Assurance technology to its platform to give clients more confidence in the results of each identity check. iProov’s solution uses facial biometrics to ensure that each person is who they claim to be, and to guard against various forms of spoofing. For example, iProov’s tech can distinguish a real face from a cybercriminal using a photo or a high-quality mask.
As a result, iProov makes it more difficult to use stolen or synthetic identities to perpetrate new account fraud. Finema, meanwhile, enables a number of different identity utilities for end users. Public and private organizations can use the platform for passwordless authentication and access control, or as the foundation for digital ID cards and other digital credentials. The solution can also be used for digital signatures. According to Finema, the platform is built to be interoperable, and can be integrated with any organization’s existing identity infrastructure.
“We are excited to enhance our decentralized identity product suite with iProov’s state-of-the-art Liveness Assurance technology,” said Finema CEO Pakorn Leesakul. “As identity fraud accounts for almost 1 trillion USD in losses every year, it is vital to form partnerships and invest in the best identity proofing technology that tackles the problem at its source.”
“To combat online identity spoofing and theft, we need to ensure it stops before it starts at the account enrollment stage,” added iProov Founder and CEO Andrew Bud. “We are thrilled to bring iProov’s secure and privacy-focused technology to Finema’s efforts to ID proof consumers.”
iProov is currently facing a patent infringement lawsuit from FaceTec, though the company has denied the allegations and filed a countersuit against FaceTec back in April. The European Union certified iProov as an eIDAS Qualified Trust Service earlier this year, which should facilitate iProov’s efforts to attract new partners.
May 31, 2022 – by Eric Weiss