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Increase in Digital Transactions Drives Surge in Demand for Prove’s Modern Identity Authentication Technology

The acquisition will enable more than 1,000 financial institutions to access a broad range of consumer identity and authentication solutions directly from Prove

TechCrunch reporter Ingrid Lunden covered the news of our $100 million funding round led by Apax Digital in an exclusive

New York, NY (November 18, 2020) – Prove, the modern platform for phone identity, today announced the release of a new analysis highlighting critical consumer multi-factor authentication (MFA) vulnerabilities.

Heading to Aite Group's Financial Crime Forum on 9/16-9/17? Stop by our virtual booth to learn how financial institutions can use phone intelligence to mitigate fraud such as new account fraud while also enhancing the customer experience. This year's event is free for financial institutions!

68% of companies recognize that data quality issues are an obstacle to digital transformation (source: Experian), while companies with “high-quality data management” generated 66% more revenue than companies with insufficient data quality strategies (source: SiriusDecisions). For businesses, the negative impacts of poor data quality include productivity loss, operational expense, reputational damage, and missed marketing, sales or relationship-deepening opportunities. For customers, poor data quality often makes it difficult to complete processes designed for self-service.

Digital onboarding platform Instnt announced today that it has selected Prove as its identity authentication partner based on the company's modern way of authenticating identity based on the phone number.

Black Friday is right around the corner and while bargain hunters are preparing to find the best deals, fraudsters are making plans to prey on unsuspecting consumers. If your company uses multi-factor authentication (MFA) such as one-time SMS passwords (OTPs) to safeguard customer accounts, you might think you’re covered. But our recently published analysis of over 385,000 retroactive SMS & Voice OTP transactions, conducted using our Trust Score™ technology, unearthed 4 concerning multi-factor authentication vulnerabilities:

Customers can now have the option of fulfilling all their banking needs through an iPad.

With big banks denying the vast majority of small-business loan applications, the role of other lenders becomes increasingly important.

Here are some interesting examples of the applications of blockchain technology beyond financial services:

From digital currency to digital deposits, financial services organizations are having to divert from their old-school ways of closed, monolithic legacy applications.