Why was iProov founded? It came from a lesson learned the hard way.
In 2008 Founder Andrew Bud was Executive Chairman of the previous business he founded, mBlox Inc. the largest provider of enterprise-to-consumer text messaging in the world. By 2007 it was also one of the largest processors of SMS mobile payments in the world, clearing and settling around $500m a year, with low fraud rates, growing revenues and happy mobile operators.
Then in 2008, it all went horribly wrong. Fraudsters in the UK discovered how to fake consumer consents and many people lost money.
Andrew was held to account by the press, and the company asked if it had been complicit or just negligent.
The answer, of course, was neither and the business was later commended by the regulator on its exemplary handling of the incident.
But it taught Andrew a lesson: the crucial importance of good, strong authentication. Simple enough to serve the needs of impatient mobile users, but secure enough to withstand the attention of even the most determined, sophisticated attackers.
Solving the SMS problem was straightforward. Solving the app and web problem was not. A new kind of solution was needed – intuitive, simple to use, cross-platform, impervious to compromise of the device or its software and immune to phishing. How might this be achieved?
The answer became iProov.
iProov continues to be trusted throughout the online ecosystem by delivering authentication and verification simply and securely, based on a genuine one-time biometric.
Ensuring the genuineness of a biometric is and will continue to be one of the great continuing challenges for the online ecosystem.
iProov will continue to lead by meeting that challenge, through unceasing research and development, observing and adapting to the changing threats and through collaboration with a worldwide network of trusted partners.