Prove Sees 300% Increase in YoY New Business Wins, Now Serves 8 of the Top 10 Financial Institutions
Increase in Digital Transactions Drives Surge in Demand for Prove’s Modern Identity Authentication Technology
Increase in digital transactions drives surge in demand for Prove’s modern identity authentication technology
New York, NY – September 22, 2020 – Prove, the modern platform for continuous identity authentication, today announced that it has seen a surge in demand for its phone intelligence technology over the past seven months, resulting in a 300% YoY increase in new business wins on a revenue basis. The dramatic growth is in the financial services, insurance, retail, and healthcare industries as companies in these sectors prioritize the modernization of their digital and remote processes to serve the spike in consumers interacting digitally as a result of Covid-19. Nine of the top ten financial institutions in the United States now work with Prove.
“Consumers overwhelmingly prefer businesses that are easy and safe to work with online,” said Rodger Desai, CEO and Founder of Prove. “With the acceleration of the digital economy, it’s even more vital to modernize business operations. Prove’s phone intelligence technology is driven by the cutting-edge data science required to displace cumbersome and weak identity authentication methods.”
Since the beginning of COVID-19, McKinsey reports a 45% to 100% increase in consumers who are willing to do most of their shopping online, while banking, health, education and entertainment have also surged in growth. The increase in online activity due to COVID-19 has driven companies to invest in more effective identity verification and authentication technology to not only prevent fraud, but also improve the customer experience by reducing time to verify and eliminating the need for cumbersome passwords and security questions.
Prove recently announced a $100 million investment round, which helped to fund its acquisition of Authentify from Early Warning Services, LLC and will drive R&D across phone intelligence innovation in the coming months. Prove now serves hundreds of financial institutions as well as major names in insurance, healthcare, and retail with a global platform that supports 195 countries.
About Prove
Prove is the modern platform for continuous identity authentication and is used by over 1,000 enterprises and 500 financial institutions including 10 of the top 10 financial institutions. Prove’s cloud solutions and phone intelligence-driven APIs are easily orchestrated to modernize every aspect of a business’s digital operations, from onboarding to servicing to payments, to deliver the highest Approve Rates while mitigating fraud. Prove’s solutions are available in 195 countries. For the latest updates from Prove, follow us on LinkedIn.
Press Contact
Emily Riley
pr@prove.com
914-330-1128
The modern
way of proving identity
Trusted by 2500+ leading companies to reduce fraud and improve consumer
Keep reading
Read the article: The Silent Drain: How SMS Pumping Is Bleeding Digital Marketplaces DrySMS pumping fraud is silently increasing verification costs for digital marketplaces by exploiting OTP workflows. Explore how these attacks operate, why traditional SMS authentication is failing, and how proactive phone intelligence can prevent fraud before an SMS is sent.
Read the article: Prove and Baselayer Partner to Bring Real-Time Business Verification to ProveXProve and Baselayer simplify business verification by combining trusted identity, real-time KYB intelligence, and seamless onboarding into a single workflow without requiring additional verification steps.
Read the article: Account Takeovers: The Silent Revenue Killer in Digital MarketplacesWhat is account takeover fraud, and why are marketplaces increasingly vulnerable? Discover the financial impact of ATO attacks on gig platforms, including chargebacks, refund abuse, customer attrition, and the identity-driven strategies leading companies use to prevent fraud.
Trusted by 2000+ leading companies to reduce fraud and improve consumer experiences, Prove is the world’s most accurate identity verification and authentication platform.
