Prove, the modern way for businesses to enable their customers to prove their identities with just a phone, kicked off the Money20/20 2021 conference in Las Vegas by announcing a new partnership with Paxful, the leading global peer-to-peer fintech platform with over seven million users. By joining Prove’s growing roster of leading financial institutions, including 2 of the top cryptocurrency exchanges, Paxful can now deliver a more seamless customer experience and onboarding process while enhancing accessibility to the exchange and simultaneously mitigating fraud.
Ray Youssef, CEO and co-founder of Paxful, said of the new partnership: “We are thrilled to partner with Prove. There’s no denying the rapidly growing interest in crypto investing – however, the industry has been faced with two major issues – accessibility and security. Our partnership with Prove will provide a seamless onboarding process for new users, strengthening safety and security for our platform’s entire community.”
After incorporating Prove’s phone-centric identity solutions, including Prove Pre-Fill™, Identity Verify™, and Trust Score, Paxful expects to be able to securely onboard customers in as little as 10 seconds or less. Additionally, with security features already trusted by eight out of the ten leading banks, Prove’s solutions are proven to decrease fraud by an average of 75% relative to the attack rate.
Prove’s Trust Score™ is a real-time measure of phone number reputation that can be leveraged for identity verification and authentication purposes. Trust Score analyzes behavioral and Phone-Centric Identity™ signals from authoritative sources at the time of a potential transaction to mitigate fraud such as SIM swap fraud and other account takeover schemes. Customers can utilize Trust Score to secure the customer experience in several scenarios, from digital onboarding to digital servicing and existing customer authentication.
“Prove is proud to play a role in progressing Paxful’s mission of building a financial system that serves the 100%, not just the 1%,” said Rodger Desai, CEO of Prove. “Prove’s approach to Phone-Centric Identity will allow Paxful to approve legitimate customers in real-time and ensure that its platform is a safe place to trade. By providing best-in-class phone-based authentication technology, Prove will help Paxful maintain its rapid growth by accelerating onboarding and mitigating fraud.”