In a significant development, iProov, a leading provider of science-based biometric identity solutions, has partnered with TrustCloud, a cutting-edge provider of secure digital transaction solutions, to transform digital identity management.
This collaboration aims to enable seamless and secure digital experiences for organizations across various sectors, including financial services and healthcare. The partnership combines iProov’s expertise in biometric verification with TrustCloud’s post-quantum encryption and secure digital wallets. As digital transactions become increasingly ubiquitous, the need for secure onboarding and identity verification has grown exponentially.
According to McKinsey & Company, 90% of consumers have used some form of digital payment in the past year, while fraud losses reached a record $56 billion in 2023, as reported by Juniper Research. Saioa Echebarria, CEO at TrustCloud, and Andrew Bud, founder & CEO, iProov, are leading this effort to create an unparalleled level of security for organizations worldwide.
Transforming Digital Identity Management with Post-Quantum Encryption
The partnership between iProov, a science-based biometric identity solutions provider, and TrustCloud, a cutting-edge provider of secure digital transaction solutions, aims to revolutionize the way organizations handle remote onboarding, account opening, and digital identity management. By combining their expertise in biometric verification, post-quantum encryption, and secure digital wallets, iProov and TrustCloud will enable seamless and secure digital experiences for organizations across various sectors, including financial services and healthcare.
The need for secure onboarding and identity verification has become increasingly important as digital transactions continue to rise. According to a report by McKinsey & Company, 90% of consumers have used some form of digital payment in the past year, highlighting the growing preference for online transactions. The stakes for organizations to get this right have never been higher, particularly in sectors like banking, healthcare, and e-commerce where fraud losses reached a record $56 billion in 2023 (Source: Juniper Research). The onboarding process has become a critical frontline guard against fraud, and organizations need to strike the delicate balance between safeguarding their operations and delighting their customers.
The partnership between iProov and TrustCloud is a response to the growing demands of organizations worldwide. Saioa Echebarria, CEO at Trustcloud, emphasized that “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.” By incorporating iProov’s biometric verification, the 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.
The Importance of Secure Onboarding and Identity Verification
The onboarding process is a critical component of digital identity management. It is during this stage that organizations verify the identities of their customers, ensuring that they are who they claim to be. However, with the rise of digital transactions, the risk of fraud and identity theft has also increased. According to a report by Juniper Research, fraud losses reached a record $56 billion in 2023, highlighting the need for secure onboarding and identity verification.
Organizations face a delicate balance between safeguarding their operations and delighting their customers. On one hand, they need to ensure that their customers’ identities are verified accurately to prevent fraud and identity theft. On the other hand, they need to provide a seamless user experience to avoid frustrating their customers and losing business. The partnership between iProov and TrustCloud aims to address this challenge by providing a secure and seamless onboarding process.
Biometric Verification: A Key Component of Secure Digital Identity Management
Biometric verification is a critical component of secure digital identity management. It involves the use of unique physical or behavioral characteristics, such as fingerprints, facial recognition, or voice recognition, to verify an individual’s identity. iProov’s biometric verification technology is designed to provide an exceptionally usable experience while ensuring that identities are verified accurately.
Andrew Bud, founder & CEO, iProov, emphasized that “iProov empowers identity verification and trust service providers to deliver a uniquely secure, exceptionally usable experience.” By incorporating iProov’s biometric verification technology, the partnership with TrustCloud will create an unparalleled level of security that enables organizations to confidently onboard customers remotely.
Post-Quantum Encryption: The Future of Secure Digital Transactions
Post-quantum encryption is a critical component of secure digital transactions. It involves the use of advanced cryptographic techniques that are resistant to attacks by quantum computers. TrustCloud has earned an enviable reputation for offering post-quantum encryption and secure custody of digital assets, ensuring that agreements, contracts, and sensitive data are protected.
The partnership between iProov and TrustCloud will leverage TrustCloud’s expertise in post-quantum encryption to provide a secure environment for digital transactions. By combining biometric verification with post-quantum encryption, the partnership will create an unparalleled level of security that enables organizations to confidently onboard customers remotely and conduct secure digital transactions.
The Future of Digital Identity Management
The partnership between iProov and TrustCloud is a significant step forward in the development of secure digital identity management. By combining biometric verification, post-quantum encryption, and secure digital wallets, the partnership will enable seamless and secure digital experiences for organizations across various sectors.
As digital transactions continue to rise, the need for secure onboarding and identity verification will become increasingly important. The partnership between iProov and TrustCloud is well-positioned to address this challenge by providing a secure and seamless onboarding process that balances the needs of organizations with those of their customers.
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