FutureBank partners with IDVerse for swift, secure digital identity verification, advancing its digital transformation and customer onboarding.
This partnership allows new FutureBank customers to access the IDVerse software as part of its offering. IDVerse customers seeking a middleware platform can connect their API credentials to leverage FutureBank’s platform.
Traditional bank technology is often cumbersome and inflexible, requiring forward-thinking technology partners to stay current. Middleware platforms provide the technological flexibility that banks and fintechs may struggle to build on their own, thereby preventing downstream fraud and supporting the entire customer journey.
FutureBank serves as an integration platform for core banking providers, embedding financial services. It serves as the bridge between a bank and a third-party provider they wish to integrate with, facilitating the faster, more secure launch of new products for banks and fintechs.
IDVerse holds the distinction of being the most certified Identity Service Provider (IDSP), boasting 20 certifications for Right to Work, Right to Rent, and Disclosure and Barring Service (DBS) from the United Kingdom’s Digital Identity & Attributes Trust Framework (DIATF).
IDVerse pioneers generative AI, using Zero Bias AI tested tech to train deep neural networks, guarding against race, age, and gender discrimination.
Sergio Barbosa, CEO at FutureBank, remarked, “Generative AI has given rise to various fraud types. With ChatGPT, fraudsters can produce highly authentic documents and profiles at a low cost. We were impressed by IDVerse’s ability to prevent fake IDs from infiltrating the system and its fully automated approach, surpassing human capabilities.” Barbosa added, “Cybercrime currently ranks as the world’s third-largest economy, and forecasts indicate it will become the largest in the next 18 months. We are thrilled to partner with IDVerse to protect our customers from unwanted attacks.”
Russ Cohn, General Manager of EMEA at IDVerse, noted, “Creating a realistic fake identity in just 15 minutes is already quite simple using readily available online tools. Synthetic media is increasingly the go-to choice for fraudsters seeking illicit gains. We estimate a 400 percent year-on-year increase in the use of deepfakes for forging fake identities.” Cohn continued, “Our fully automated identity verification system can provide FutureBank customers with a dependable solution to detect deepfake accounts that fraudsters are increasingly attempting to create.
IDVerse’s cutting-edge technology maps the facial genome and can detect subcutaneous activities, such as changes in skin color caused by a changing heartbeat—imperceptible to the human eye.
This natural yet invisible facial patterns aid in confirming the authenticity of an image as that of a real human, not a deepfake.”