Prove Identity Network® Wins Tech Of The Future Award at PayTech Awards 2024 for Digital Security & Fraud Prevention
We’re incredibly proud to announce that Prove Identity Network® has won the Tech Of The Future for Digital Security & Fraud Prevention award at the 2024 PayTech Awards. This prestigious recognition validates that Prove's innovative solutions that are revolutionizing the way businesses verify and authenticate their customers.
The PayTech Awards are an annual recognition and celebration of outstanding achievements in the payments industry. The awards are open to companies and individuals from all over the world, and are judged by a panel of fintech, payment, and technology experts. Prove was acknowledged along with HSBC Bank, Citizens Financial Group, NatWest, and other fintech and payment leaders.
Prove Identity Network® is a powerful platform that leverages the power of mobile phones to provide a secure and convenient way to verify identity and prevent fraud. It uses machine learning and cryptographic authentication to issue, maintain, and revoke tokenized identities called ProveIDs℠. These ProveIDs℠ enable convenience to sit alongside security, privacy, and control.
Prove Identity Network® uses a variety of data signals, including:
- Device signals: These signals include the type of device, the operating system, and the IP address.
- Network signals: These signals include the type of network, the signal strength, and the location of the device.
- Behavioral signals: These signals include the way the user interacts with the device, such as the speed at which they type and the way they use the mouse.
Prove Identity Network® uses these signals to create a unique identity profile for each user. This profile is then used to verify the user's identity when they log in to a website or app. Through this process, it delivers a seamless yet secure verification process when logging into websites or apps. Here's how it works:
- Data Collection and Analysis: The network begins by collecting vast amounts of data signals from various sources. This includes device-specific information and factors in network signals and the strength of their connection. Additionally, behavioral signals are captured to add another layer of detail.
- ProveID℠ Creation: Based on this analysis, Prove Identity Network assigns each user a unique tokenized identity called a ProveID℠. This ProveID acts as a digital representation of the user's identity, encapsulating all the information from the profile while ensuring privacy and security.
- Real-Time Authentication: When a user attempts to log in to a website or app that is integrated with Prove Identity Network®, the platform's technology compares the user's current data signals with the information stored in their ProveID. This real-time comparison allows the system to authenticate the user quickly and accurately without requiring them to remember complex passwords or undergo intrusive verification processes.
- Continuous Learning and Adaptation: The Prove Identity Network® is constantly learning and adapting as it encounters new data and interactions. This allows it to refine its algorithms and improve its accuracy over time, ensuring that it stays ahead of evolving fraud tactics and provides the most robust identity verification possible.
By combining data collection, advanced analytics, and tokenized identities, Prove Identity Network® creates a comprehensive and dynamic approach to identity verification. This approach offers several benefits, including:
- Enhanced Security: The platform's layered approach to identity verification makes it more difficult for fraudsters to impersonate legitimate users.
- Improved User Experience: Prove Identity Network® streamlines the login process, eliminating the need for users to remember passwords or undergo time-consuming verification steps.
- Reduced Friction: The seamless authentication process helps businesses reduce friction during onboarding and transaction processes, leading to higher conversion rates and improved customer satisfaction.
The Prove Identity Network® provides a powerful solution for businesses looking to enhance their security and improve the customer experience. By leveraging the latest technology and a data-driven approach, the platform is transforming the way we think about identity verification in the digital age, and is helping businesses to:
- Reduce fraud rates by up to 75%
- Increase onboarding completion rates by up to 79%
- Reduce abandonment rates by up to 35%
We encourage you to learn more about Prove Identity Network®.
Keep reading
Developers know identity verification is an essential element of effective digital onboarding and the customer lifecycle. Choosing the right one can feel like navigating a maze of features and complexity.
In an age where our smartphones have become almost like extensions of ourselves, the identity assurance achieved through smartphone possession and data is a natural evolution.
Rodger Desai, CEO of Prove, a leading identity verification solution provider, offers a unique perspective on the rising fraud in the gig economy, advocating for robust digital identity verification as a key defense mechanism.
