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FutureBank and IDVerse Partner to Fight Cybercrimes

  • IDVerse is the premier ID verification service on the FutureBank platform, providing quick and secure digital identity verification (IDV) services to its banking customers.
  • Through this partnership, new FutureBank customers can access the IDVerse software as part of its offering, while IDVerse customers looking for a middleware platform can use the benefits of the FutureBank platform.
  • Generative AI is breeding different fraud types, and cybercrime is predicted to become the biggest economy in the world in the next 18 months (1). FutureBank and IDVerse have joined forces to keep their customers safe from these unwanted attacks and manual bias.

London, UK – 5 September 2023  – The customisable and compliant embedded finance platform, FutureBank, has partnered with world-leading digital ID verification company IDVerse (previously known as OCR Labs Global) to further its digital transformation and accelerate customer onboarding through swift and secure digital identity verification (IDV).

Through this partnership, new FutureBank customers can access the IDVerse software as part of its offering. IDVerse customers looking for a middleware platform can connect their API credentials to benefit from FutureBank’s platform. 

Bank technology is clunky and rigid, and it needs forward-thinking technology partners to stay up to date. Middleware platforms offer technological flexibility that banks and fintechs can’t build themselves, thus preventing downstream fraud and supporting the full customer journey. 

FutureBank is an integration platform for core banking providers that embeds finance services. It acts as the glue between a bank and a third-party provider they want to integrate with. It helps banks and fintechs launch new products better, faster and more securely.

IDVerse is the most certified Identity Service Provider (IDSP), with 20 certifications for the Right to Work, Right to Rent and Disclosure and Barring Service (DBS) from the United Kingdom’s Digital Identity & Attributes Trust Framework (DIATF). 

Through its Zero Bias AI™ tested technology, IDVerse is pioneering the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age and gender.

Sergio Barbosa, CEO at FutureBank, said, “Generative AI is breeding many different fraud types. With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost. We were impressed by IDVerse’s capability to stop fake IDs from making their way through the system and its fully automated approach that works better than humans.”

Barbosa continued, “Cybercrime is currently the third biggest economy in the world, and predictions show that in the next 18 months, it will be the biggest economy in the world. We are delighted to partner with IDVerse to protect our customers from unwanted attacks.”

Russ Cohn, General Manager EMEA at IDVerse, added, “It is already very easy to create a realistic fake person in as little as 15 minutes using online tools readily available on the internet. Synthetic media is becoming the new tool of choice for fraudsters looking to make money. We estimate that there is a 400 percent year-on-year increase in the use of deepfakes in creating fake identities.”

Cohn continues, “Our fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create. IDVerse’s cutting-edge technology maps the facial genome and can detect below-the-skin activities, such as a heartbeat changing the colour of the skin, which the human eye cannot see. These natural yet invisible patterns from faces help verify that an image is of a real human, not a deepfake.”

For more information, visit www.idverse.com

ENDS

Notes to Editors

Data sources

1 https://www.statista.com/chart/28878/expected-cost-of-cybercrime-until-2027/ 

Press Kit: Available here

Press Contact

CEW Communications for IDVerse

Maddy Grigorie, , +44(0)741 202 6525

About Future Bank 

FutureBank is a scalable, secure, customisable and compliant banking platform, and fintech marketplace that helps banks, brands and fintechs deploy new banking and financial service products at scale with minimal cost and effort. Its simplified integration technology and partner network enable customers to directly embed best of breed offerings in any CX or core system to get to market faster than anybody else. FutureBank reduces integration costs by up to 85%, supports up to 80% of customer-facing functionality off-the-shelf, and integrates with 96% of core banking infrastructure today (including FIS, 10x Banking, and Mambu).

About IDVerse

IDVerse helps you quickly scale your business globally. Our fully-automated solution verifies new users in seconds with just their face and smartphone – in over 220 countries and territories with any ID document – without the burden of human intervention.

We empower true identity for people around the world. Through our Zero Bias AI™ tested technology, we are pioneering the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age and gender. 

Our advancements in Natural Vision Processing (NVP) are enabling machines to autonomously see and perceive as humans and excel in ways that humans cannot.

IDVerse is trusted by startups, governments, and global enterprises, including HSBC, Vodafone, BMW, Virgin Money, and ANZ, for borderless and inclusive identity verification. Founded in Australia in 2018, IDVerse is a Series B venture-backed company with headquarters in London and offices in North America, Asia and Europe.

For more information, visit https://idverse.com/

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