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Financial Fraud Prevention in Armenia: Evocabank and Oz Forensics Partnership Yields Promising Results
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In a bid to strengthen financial fraud prevention measures, Evocabank, Armenia’s most innovative digital commercial bank, has partnered with Oz Forensics, a global leader in preventing biometric and deepfake fraud. The partnership has led to the integration of Oz Forensics’ Liveness product into Evocabank’s services, providing a secure and easy-to-use experience for clients.
A Perfect Match
According to Artem Gerasimov, CEO of Oz Forensics, the partnership represents a perfect match between the two companies. “Biometric fraud prevention and real person identification are key elements of our strategy, and making it with such an innovative bank like Evocabank is a huge advantage for both parties,” he said.
Results
The integration has enabled Evocabank to attract over 40,000 clients from all regions of Armenia in just one year, with the rate of biometric fraud cases standing at a mere 0.5%. Notably, none of these attacks have bypassed the system, resulting in significant cost savings for the bank.
Success Factors
Ruben Sagoyan, Head of Digital Business at Evocabank, attributed the success to the simplicity and accuracy of Oz Liveness and Oz Biometry solutions. “The use of Oz Liveness technology makes our online lending process not only safe but also cost-effective,” he emphasized.
Growing Digital Financial Services
In recent years, digital financial services have grown exponentially worldwide, accompanied by an increase in potential threats and biometric frauds. In response, Oz Forensics has enhanced its technology to better protect clients and partners.
Evocabank’s Commitment to Innovation
Evocabank’s commitment to providing innovative services has enabled it to welcome a significant number of clients using an easy and intuitive onboarding process featuring the latest biometric algorithms and expertise from Oz Forensics. The bank’s strategy is focused on developing mobile services, with plans to increase integration and partnership with digital services and other ways to interact with clients, reducing the risk of potential threats.
About Evocabank
Evocabank provides fast, simple, innovative services, focusing on developing mobile services in a mobile-first format. It is committed to staying ahead of the curve in the rapidly evolving digital landscape.
About Oz Forensics
Oz Forensics is a global leader in preventing biometric and deepfake fraud. Its flagship products, Oz Liveness and Oz Biometry, play a critical role in helping organizations defeat biometric attacks and verify and onboard customers securely. The company’s tools are crucial in supporting global enterprises and governments to mitigate fraud, meet compliance mandates, and deliver outstanding service.
Learn More
For more information on this success story or to learn how Oz Forensics can help your organization prevent financial fraud, please contact Svetlana Efimova, COO, at s.efimova@ozforensics.com.