Global data security company Entrust has officially acquired identity verification pioneer Onfido, bolstering their security solutions portfolio. This move positions Entrust as a leading provider of AI-driven, identity-centric security tools.
The urgency of this acquisition is driven by the alarming rise in identity attacks, predominantly caused by compromised credentials – with an Onfido report showing a staggering 3000% surge in deepfakes and fivefold increase in forged identities over the past year. Onfido’s deployment of AI technology for liveness detection has been critical in thwarting $6 billion in loss from potential fraud in the past 18 months.
Entrust CEO Todd Wilkinson remarked on the acquisition’s timing, noting the importance of identity verification tech to meet new cybersecurity challenges.
Onfido, founded in 2012, specialised in digital verification, paving the way for secure access to services online. Before the acquisition, Onfido boasted annual revenues exceeding $140 million and a global workforce of over 500. Its clientele spans across various sectors, including leading financial services, e-commerce, and sharing economy platforms.
The merger enables Entrust to expand its portfolio, now including Onfido’s innovative identity verification solutions alongside its existing biometric, AI, and orchestration capabilities.
In the financial sector, digital onboarding is enhanced by authentic identity verification, facilitating rapid customer authentication and debit card issuance while reducing fraud risk and ensuring regulatory compliance. In identity access management, Entrust’s future IAM offerings will feature Onfido’s AI-powered security tools to secure transactions and critical assets with advanced authentication techniques.
Entrust is a Gold sponsor at Identity Week Europe 2024
