Entrust, a global enabler of trusted payments, identities, and data security, announced that it has completed its acquisition of Onfido, a global leader in identity verification.
With this completed acquisition, Entrust now “provides the industry’s most comprehensive portfolio of AI-powered, identity-centric security solutions.”
Terms of the acquisition were not disclosed.
Attacks on identity are on the rise, “with nearly two-thirds of data breaches caused by compromised credentials.”
This is only becoming more prevalent as AI-powered fraud “becomes more accessible through technologies such as generative AI — enabling more sophisticated attack vectors.”
According to its recent report, Onfido saw “a 3,000% increase in deepfakes and a five-times increase in forged identities over the past year.”
Onfido’s technology fights fire with fire, “utilizing AI to deliver reliable liveness detection and spot deepfakes, video spoofs, masks, and similar identity theft tactics. Over the last year and a half, Onfido prevented over $6 billion in potential fraud.”
Todd Wilkinson, president and chief executive officer, Entrust said:
“This acquisition comes at an inflection point in the industry. With the acquisition of Onfido, our customers can leverage global-leading identity verification technology to meet the new challenges of cybersecurity in the age of AI. Identity-centric security is the starting point for Zero Trust frameworks and ensures a company’s cyber defense is best positioned to meet today’s threats. Entrust now provides the broadest identity-centric security capabilities in the market, which combine with strong encryption technologies to enable the evolution to Zero Trust.”
Founded in 2012, Onfido claims it makes it easy “for people to access services through digital verification. Prior to being acquired, the company had over $140 million in annual revenue and more than 500 employees.”
Onfido’s over 1,200 customers globally reportedly “include some of the world’s leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.”
Entrust will service a range of business requirements “by leveraging Onfido’s identity verification solutions across the Entrust portfolio, including its biometrics, AI/machine learning, and no-code orchestration capabilities.”
Capabilities include automated security defenses, “with a layered, enhanced approach to fraud detection, using AI developed in-house to verify genuine identities.”
With its updated and new solutions, organizations can “turn to Entrust to secure digital-first experiences for customers, citizens, and their workforces, while complying with global regulations and reducing fraud.”
As noted in the update, Entrust says that it “keeps the world moving safely by enabling strong identities, secure payments, and protected data.”
They offer a breadth of solutions that are said to be “critical to the future of secure enterprises, governments, the people they serve, and the data and transactions associated with them.”
