Paxful Selects iProov to Provide Effortless Security for Cryptocurrency Onboarding and Transactions

LONDON & NEW YORK--(BUSINESS WIRE)--iProov, the world leader in face biometric authentication technology, announced today that Paxful, a global peer-to-peer fintech platform, will employ its award-winning liveness technology to verify user identity during the onboarding process and when making transactions.

“We are thrilled to partner with iProov to offer our users a safe and secure experience while using the Paxful platform. Our mission as an organization is to provide greater access to Bitcoin by building a financial system that serves the global economy,” said George Georgiades, Chief Compliance Officer of Paxful. “To properly do so, we need to ensure we provide the highest level of security and peace of mind to users. iProov’s technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.”

When a user onboards with Paxful, they verify their identity using an ID document, such as a driver's license. They then complete a brief face verification to confirm they are the right person and a real person. To carry out a transaction, a returning user then completes a brief face authentication instead of using a password or entering a one-time passcode (OTP).

iProov’s Liveness Assurance™ technology enables organizations to verify that an online user is the right person (not an imposter) and a real person (not a photo or mask being used in a presentation attack). In doing so, it helps businesses and public sector agencies to protect themselves and their users by preventing stolen or faked identities being used for new account fraud and account takeover fraud. Liveness Assurance is device- and platform-agnostic, working across any computer, tablet or cellphone with a user-facing camera.

“With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom,” said Andrew Bud, iProov CEO. “Paxful’s mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.”

About Paxful
Paxful is a global peer-to-peer fintech platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful's mission is to help everyone have equal access to finance no matter who or where they are. More than seven million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with nearly 400 different payment methods.

As part of Paxful’s mission to support emerging markets, Ray Youssef, alongside Yusuf Nessary, set up the Built With Bitcoin Foundation, a U.S.-based registered 501(c)(3) not-for-profit dedicated to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support – all powered by Bitcoin and cryptocurrencies. To date, the Foundation has built and repaired 8 schools, 7 solar projects, and over a dozen water and farming systems across the globe.

About iProov
iProov is the world leader in online facial biometric authentication, working with governments, banks and other enterprises to securely verify customer identity. Used for effortless onboarding and authentication, customers include the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING, and others. iProov’s technologies include Liveness Assurance™ and Genuine Presence Assurance®, which ensures that an online customer is the right person, a real person, and is authenticating right now. This protects against spoof attacks from photos, videos, masks and digital injection attacks and the emerging threat of deepfakes. iProov was recognized as a Gartner Cool Vendor 2020 in Identity Access Management & Fraud Detection. For more information, please see www.iproov.com or follow us on LinkedIn or Twitter.