iProov, a provider of biometric identity assurance solutions, has partnered with UnionDigital Bank to launch iProov Dynamic and Express Liveness solutions.
The Philippines-based bank chose iProov’s solutions to power its risk-based authentication strategy and deliver the flexibility to apply improved security for high-risk transactions while ensuring a fast experience for customers. Risk-based authentication enables the bank to support its mission and deliver an inclusive digital experience for the underbanked communities in the Philippines who use devices for everyday financial services.
Combating account takeover and mule activity
The solution comes as organisations globally unite to mark Cybersecurity Awareness Month. Yet, a surge in sophisticated, AI-driven threats creates challenges for financial institutions, putting the Philippines on high alert to improve resilience against cybercrime like account takeovers and mule activity. To tackle these risks, UnionDigital Bank upgraded its device-based biometrics technology to align with increasingly robust global regulations, including the Bangko Sentral ng Pilipinas, on strengthening security measures to protect consumers.
iProov’s dual liveness solutions offer identity assurance and proactive deepfake and fraud detection. A key benefit is that the bank can select between them on every transaction for the right level of identity assurance for each specific action. Express Liveness provides fast verification for transaction limit increases, while Dynamic Liveness offers fraud prevention for new device log-ins. These capabilities together improve security and deepen customer confidence, as well as maintain a simple user experience.
UnionDigital Bank aims to support all Filipinos through secure and accessible digital banking offerings, and this goal requires deploying resilient infrastructure capable of detecting sophisticated fraud. The bank envisions a shift towards risk-based authentication, and it chose iProov for its internationally proven ability to deliver ease of use, speed, and high security assurance backed by vendor support. With this, the bank can evolve its fraud defences while sustaining customer trust, which is especially crucial for underbanked communities who rely on mobile devices for their financial needs.
