The partnership integrates iProov’s facial biometric liveness technology into Caf’s ‘Know Your Everything’ platform.
The vast majority of Caf’s customer base, including banks, retailers, marketplaces, and fintechs have already adopted the iProov solution.
Fraud in Brazil is at an all-time high as criminals exploit the country’s large population and high internet and mobile phone usage. Data from Brazil’s central bank for the first quarter of 2023 found there were 2800 financial fraud attempts per minute in digital channels, equating to 365 million actions in the period.
Caf’s own study for the same period shows that 1.73% of digital transactions in the country’s financial system had criminal intent. A report by the Brazilian Banking Federation found that digital fraud accounted for 60% of all fraud losses in Brazil, seeing almost one in three Brazilians fall victim to financial scams and fraud.
Unsurprisingly, the exponential growth rate is prompting businesses and government agencies to take action to combat the problem.
“We are very aware of the constantly evolving threat landscape in Brazil, and so we thoroughly researched the market for a top-tier liveness solution, which led us to this partnership with iProov,” explains Jason Howard, CEO, Caf.
“At Caf, our identity verification focus stems from a deep understanding of the risks involved in customer onboarding and a desire to protect our customers and mitigate the risk of fraud. We are thrilled to integrate iProov’s facial biometric solution into the Caf platform, thereby delivering another market-leading capability to our clients and helping them secure their user journeys.”
“Brazil is a market with unique challenges when it comes to identity verification and authentication, with high rates of biometric and document fraud,” said Andrew Bud, founder and CEO, iProov.
“Integrated with Caf’s platform, we are delivering a robust liveness solution with unrivalled visibility of threat actors, to help combat online identity fraud in Brazil on a large scale.”
Source: GMB
