Entrust, a platform in payments, identities, and data security, has completed the acquisition of Onfido, the leader in identity verification. This acquisition now helps Entrust provide its clients with a comprehensive AI-powered, identity-centric security solutions portfolio. The terms of the acquisition were not disclosed.
“This acquisition comes at an inflexion point in the industry,” said Todd Wilkinson, president and chief executive officer of Entrust.
He added, “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 defence is best positioned to meet today’s threats. Entrust now provides the market’s broadest identity-centric security capabilities, which combine with strong encryption technologies to enable the evolution to Zero Trust.”
Entrust will service various business requirements by leveraging Onfido’s cutting-edge identity verification solutions across its portfolio, including its biometrics, AI/machine learning, and no-code orchestration capabilities.
Now, 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, organizations can secure digital-first experiences for customers, citizens, and their workforces while complying with global regulations and reducing fraud.
Founded in 2012, Onfido makes it easy for people to access services through digital verification. Before being acquired, the company had over $140 million in annual revenue and more than 500 employees. Onfido’s over 1,200 customers globally include leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.
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, which enables more sophisticated attack vectors.
According to a recent report by Onfido, organizations 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 an additional $6 billion in potential fraud.
