Swiss bank deploys secure ID verification system for customer onboarding from iProov
Private Swiss bank UBS is using iProov’s automated face biometrics ID verification system to allow its customers open bank accounts in an easy, secure and convenient manner.
According to a company announcement, the move is part of efforts by the banking institution to align with modern trends in the customer onboarding process.
A blog article by iProov further explains the partnership has come to ease ID verification for customers carrying out transactions 24/7 with the UBS Key4 package, which includes personal and savings accounts, debit and other cards, mobile payments as well as other banking services.
Prior to deploying the automated system, UBS verified the ID of its customers via video calls.
The blog article also highlights face biometric verification technology as an asset for the financial services industry, underscoring its advantages that include quickly verifying that an online individual is who they claim to be and confirming they are a real person and not a spoof, thus protecting against identity theft and synthetic identity fraud.
The advantages notwithstanding, the blog notes that because of the growing nature of cybercrime, financial institutions have to put in place sophisticated mechanisms to fight against threats. It adds that not all face verification technologies have the same abilities to effectively verify or authenticate an identity or resist attacks.
iProov says its technology offers patented Flashmark technology to verify in real-time that someone is who they say they are and provides protection against digitally injected attacks and other cyber threats thanks to the iProov iSOC and other threat combat mechanisms.
The biometrics expert adds that its face verification technology benefits financial service providers by eliminating time-wasting, manual processes, and all the risks associated with traditional identity check procedures.
The company’s CEO Andrew Bud speaking at Trust Services Forum/CA Day in Berlin, Germany, in October, highlighted the importance of biometrics for digital identity security.