- Evocabank and Oz Forensics Partnership
- Biometrics results
Oz Forensics – a global leader in preventing biometric and deepfake fraud – has become the leading biometrics provider for Evocabank, the most innovative and progressive digital commercial bank in Armenia. The Oz Forensics Liveness product is used for various services, such as registration and identity verification of new bank accounts and online loans request, and to make all these processes easy, fast, and safe.
“It’s a great pleasure for us to offer our products to Evocabank and integrate our technology into their business strategy,” says Artem Gerasimov, CEO of Oz Forensics. “Biometric fraud prevention and real person identification are one of the main elements of our strategy and making it with such an innovative bank like Evocabank it’s the perfect match. With Evocabank, we have customized the experience making the integration process smoother. All the systems we use are ISO and iBeta NIST level 1 and 2 certified and able to recognize and distinguish a fake from a real person in a blink of an eye. This represents a huge advantage for both the bank and the client. The chance of requesting an online loan, for example, that represents a financial risk for the company, with a secure and easy-to-use service makes the overall experience safer.”, concludes Gerasimov.
“Thanks to the simple and highly accurate solutions of Oz Liveness and Oz Biometry, our bank attracted more than 40,000 clients from all regions of Armenia in a year. The rate of biometric fraud cases last year was 0.5%. None of the biometric attacks bypassed the system. Oz Forensics protection is directly related to reducing potential losses. Fraudsters try to bypass the biometric system when lending online, thereby increasing the risk of non-performing loans. The use of Oz Liveness technology makes this process not only safe but also cost-effective,” - Ruben Sagoyan, Head of Digital Business at Evocabank.
In the last decade, digital financial services have rocketed across the world, and with the expansion of these new ways of interaction, potential threats and biometric frauds have increased. That’s why Oz Forensics has enhanced its technology to protect its clients and partners better. The union between Evocabank and Oz Forensics is the perfect combination of technological advancement. From one side, Evocabank has made its system focused on online and mobile services, and from the other side, Oz Forensics has created a KYC product to better support the company in its business.
Evocabank has welcomed more than 40.000 clients from all regions in Armenia with an easy and intuitive onboarding process that features the late biometric algorithms and expertise of Oz Forensics. The rate of biometric fraud cases in the past year has been -0.5%, with a massive benefit in terms of potential loss from these threats. None of them have bypassed the security layer. The excellent protection offered by Oz Forensics services is directly involved in lowering the possible loss that the company could have experienced because the cost of failure is equal to the average amount of loan issued to customers, making it not only safer but more profitable. None of the biometrics attacks have bypassed the system.
The company's plan includes increasing the level of integration and partnership with even more digital services and more ways to interact with the clients, lowering the risk of potential threats and keeping them safe.
Evocabank provides fast, simple, innovative services and stands out by active use of the latest information technologies. It`s focus is on developing mobile services. They work in mobile-first format, considering the convenience of using it via app first when designing a new service. The world is becoming digital, and Evocabank is ready for that.
About Oz Forensics
Oz Forensics is a global leader in preventing biometric and deepfake fraud.
The flagship products, Oz Liveness and Oz Biometry, play a critical role in helping the world’s best organizations defeat biometric attacks and verify and onboard customers securely. Oz Forensics tools are crucial in supporting global enterprises and governments to mitigate fraud, meet compliance mandates and deliver outstanding service.
Its signature product, Oz Liveness, has been validated by the industry’s most rigorous compliance testing standard, ISO 30107-3 certification by iBeta Quality assurance, and received a Level 2 certificate.