Proof, a platform focusing on protecting the digital economy, has partnered with Visa to safeguard transactions for high-value or high-risk payments, digital commerce, agreements, and banking.
Following the success of EMV chip technology, which, since its introduction, has been securing card-present transactions and has mostly mitigated the risk of payment data breaches for in-person, counterfeit fraud, Proof now aims to develop an identity authorisation network to safeguard transactions beyond the physical checkout. Through its work with Visa, the company plans to advance trusted digital identity in finance, aiming to facilitate collaborative work between financial institutions, fintech firms, and merchants with the goal of protecting consumers.
Boosting security across digital payments
As part of their collaboration, Proof and Visa are set to:
Safeguard the Visa Network through identity
The partnership will merge the capabilities of Visa’s payment network with Proof’s identity authorisation network. Proof’s Certify delivers similar features to the EMV chip and extends them to everything else, cryptographically securing it with a biometric tied to one’s identity. Visa payments and other transactions signed with Proof Certify are set to support the prevention of first-party fraud for merchants and enable a more optimal user experience for valid consumers.
Deliver additional payment flows
By working with Visa Direct, Proof will allow individuals across the US to complete transactions online and then transfer or receive funds efficiently through Visa’s payment network. Among the use cases, the company mentions insurance payouts, retirement withdrawals, tax refunds, and real estate proceeds.
Improve Proof’s fraud model through Visa’s fraud data
After amassing a rich dataset and substantial hours of recorded identity sessions, Proof has developed OmniTrust, a fraud model built to prevent fraud and scale authorisation rates in new business-to-consumer, government-to-consumer, and peer-to-peer money movement flows. Additionally, the solution includes a new deepfake detection service developed to catch bad actors abusing the Proof Identity Authorization Network.
Through this collaboration, Proof has also received access to data and intelligence from Visa Protect Risk Insights, with the company planning to augment its fraud systems by comparing transaction data and fraud trends across both networks, with the aim of securing transactions. The partnership will develop an identity-verified transaction network that is fraud-resistant, privacy-conscious, and scalable. Linking Visa’s global fraud insights with its persistent digital identity is set to enable Proof to reduce repetitive ID checks, catch fraud before it occurs, and provide consumers and businesses with the ability to transact more confidently.
