Banks and Financial Services Technology Providers Get Biometric Technology from Wultra and iProov 2023

Wultra, the premier Czech digital banking security provider, and iProov, the global leader in biometric authentication, established a cooperation today. Wultra’s digital banking solutions include iProov’s biometric solutions suite thanks to the cooperation.

High-risk services like new account registration and account reactivation are increasingly being requested online by consumers. Banks engage with Wultra to examine security and convenience best practices at important stages in their end-user lifecycle to satisfy this requirement.

Raiffeisenbank is RBI’s Czech branch. Wultra’s iProov biometric technology lets Raiffeisenbank customers safely reset their accounts online.

iProov has been successfully deployed by large worldwide institutions and has the industry’s greatest completion rates. Tomáš Rosa, Ph.D. Cryptology and Biometrics Competence Centre Lead, Mathematical Security Architect at Raiffeisen Bank, remarked, “This shows its user-friendliness and ability to meet high customer demand.”

Banks struggle to remotely verify consumer IDs without mid-process dropout.

“iProov quickly addressed our questions about biometric authentication performance by completing an in-house statistical review and allayed our concerns about GDPR and cloud deployment. Finally, as a security specialist with a solid mathematical background, iProov’s face authentication technology was backed by concrete facts, allowing it to be examined and verified.

Cybercriminals are targeting mobile banking apps, and banks are hyper-aware of the danger scenario. “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,” says Wultra CTO Zdeněk Černý. “iProov’s technology delivers on all fronts and stood out from the RFP process as ‘the real deal’.

It has been a terrific addition to our offering and is already valued by one of our major clients, Raiffeisenbank, who actively urged us to integrate iProov technology to our stack.”

The most sophisticated cyberattacks target financial services firms. “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,” says iProov founder and CEO Andrew Bud.

“iProov’s biometric solutions suite uniquely ensures liveness, a key factor in mitigating AI-based attacks. We are thrilled to join with Wultra to safeguard and defend premier banks and fintech firms with relevant security solutions for their internet and mobile apps.”

iProov’s facial biometric technology uniquely lets enterprises authenticate end users’ identities in real time. It uses its science-based liveness technology and 24/7 active threat mitigation Security Operations Centre (iSOC). Homeland Security, Eurostar, ING Bank, and UBS use iProov.

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