Crypto CurrenciesSynaps Chooses iProov for Secure Cryptocurrency Onboarding & KYC

BusinessWire BusinessWireJuly 20, 20215 min

iProov, the world leader in facial biometric authentication technology, has been chosen by Synaps to support the company’s global expansion.

Synaps, the Paris-based provider of digital identity services for cryptocurrency, is implementing iProov’s Genuine Presence Assurance technology. This will verify the identity of users during the onboarding process using biometric facial authentication.

Genuine Presence Assurance uses a simple, passive face scan to assure that an individual is the right person, matching the identity in a trusted identity document. It also verifies that the user is a real person and not a presentation attack using a photo or mask, and that they are authenticating right now and not a digitally injected attack using a deepfake or other synthetic media.

“This is about using cutting-edge technology to mitigate risk and better protect our customers’ interests,” said Florian Le Goff, Synaps Founder and CEO. “The use of deepfakes is a very real threat and we need to prevent criminals from using them to create fake identities for Know Your Customer (KYC) checks.”

“With its face biometrics, iProov is helping us to ensure that we’re dealing with genuine users while providing a super-simple onboarding process to keep our user completion rates high and minimize drop-off rates.”

Individuals will benefit from a simplified user experience, and greater control of their data and where that data is being shared across the Synaps network. By completing the necessary Know Your Customer (KYC) procedure once, the user can then access multiple platforms without needing to repeat the process.

Le Goff continued: “In the physical world, individuals go through KYC maybe once or twice a year at most. In cryptocurrency, all of the services need to know who you are, so KYC has to be repeated. It’s like going to an airport and having to show your passport over and over again, every 100 meters.

“Synaps enables our users to do KYC once and get access to multiple platforms. iProov helps us ensure that the one-time KYC is completed in line with government-grade security levels. They’re also really good to work with: they know what they’re doing and we like working with them.”

Synaps offers decentralized identity management services to both individuals and cryptocurrency exchanges. It specializes in KYC (Know Your Customer) and KYB (Know Your Business) identity verification, with customers coming from many industries, including banking, insurance, cryptocurrency and other financial services.

The iProov process maximizes inclusivity by eliminating the need for users to follow instructions and by being available across all platforms and devices with a front-facing camera.

Andrew Bud, iProov CEO, said; “We’re very pleased to be working with Synaps. Too many organizations take unnecessary risks on security to protect their completion rates, while others lose business with complex online onboarding procedures. iProov and Synaps share a commitment to delivering security and compliance in a way that is effortless for the user.”

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