Entrust finalises Onfido acquisition

Wednesday 10 April 2024 12:48 CET | News

Payments, identities, and data company Entrust has completed its acquisition of Onfido, an identity verification company, to combat deepfakes and AI-powered cyber attacks.


With this completed acquisition, Entrust now provides a comprehensive portfolio of AI-powered, identity-centric security solutions. Terms of the acquisition were not disclosed.Modern technology enables more complex scams for fraudsters

Identity attacks are on the rise, with nearly 66% of data breaches caused by compromised credentials. This trend is picking up as AI-powered fraud becomes more accessible through generative AI tech – enabling sophisticated attack vectors. According to its recent report, Onfido saw a 3,000% increase in deepfakes and a five-times more forged identities in 2023.

Entrust has bought Onfido to combat deepfakes and AI-powered cyber attacks.

Onfido’s technology fights fire with fire, utilising AI to deliver reliable liveness detection and spot deepfakes, video spoofs, masks, and similar identity theft tactics. Since 2023, Onfido prevented over USD 6 billion in potential fraud.

Officials from Entrust said that Onfido’s acquisition enables their customers to leverage innovative identity verification technology to meet cybersecurity challenges in the age of AI. Identity-centric security is the starting point for Zero Trust frameworks and ensures a company’s cyber defence can meet current threats. Entrust now provides broad identity-centric security capabilities, which combine with encryption technologies to enable the evolution to Zero Trust.

Entrust ready to deploy the new acquired capabilites

Entrust will service a range of business requirements by leveraging Onfido’s cutting-edge identity verification solutions across its business portfolio, including its biometrics, AI/machine learning, and no-code orchestration capabilities. Capabilities include automated security defences, with a layered, enhanced approach to fraud detection, using AI developed in-house to verify genuine identities.

With its updated and new solutions, organisations can turn to Entrust to secure digital-first experiences for customers, citizens, and their workforces, while complying with global regulations and reducing fraud.

Benefits for financial services and identity access management:

  • Financial services: Digital onboarding for financial services and payments starts with real identity, verifying the person and their credentials. Financial services and payments companies will now be able to onboard trusted customers, authenticate them, and issue debit cards in a matter of minutes while reducing their fraud exposure and remaining compliant with international regulations and standards;

  • Identity access management (IAM): Entrust will integrate Onfido’s AI-powered tools into its existing IAM solutions to protect critical assets and transactions with enhanced authentication, leveraging biometrics and digital certificates.

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Keywords: digital onboarding, identity verification, generative AI, fraud prevention, cybercrime
Categories: DeFi & Crypto & Web3
Companies: Entrust, Onfido
Countries: World
This article is part of category

DeFi & Crypto & Web3




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