The reason behind the new network is the fact that the startup wanted to enable businesses to take a collaborative approach to fraud prevention. Also, the funding round was led by Entrée Capital, with participation from Slow Ventures, Vertex Ventures Israel, and Oryzn Capital.
Identiq offers membership in a distributed network which allows businesses to positively validate new users, and vouch for their existing users without sharing any personal data. Moreover, verification can be performed at critical points in the customer journey, including onboarding and first payment, by connecting data points such as email, phone number, address, IP, device, or funding source.
As such, the approach eliminates the risk of large databases of private user information being accidentally breached or stolen, and complies fully with GDPR, CCPA, and other privacy regulations. Also, Identiq’s Fully Anonymous Identity Resolution (FAIR) technology preserves complete consumer privacy by obtaining validation from network members with proprietary cryptographic protocols.
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