Entrust has bought Onfido’s technology portfolio, which will bolster their own suite of comprehensive AI-powered identity security solutions.
Entrust recently finalised the acquisition and scaled the number of technologies they can offer in identity verification to navigate the greater security challenges posed by AI.
Statistically fraudsters are finding more ways to breach business and user-centric systems. Identity attacks are on the rise five-fold, according to Onfido’s research into increased forged identities in the past year. Clearly observing the prolific volumes of fraudulent identities out there, Onfido has a reputation in the industry as one of the leading identity verification vendors. They reported a 3000% increase in deepfakes. Prevalent AI frauds are accessible through technologies like generative AI, enabling more sophisticated attack vectors. However, the acquisition proves these market players are responding strategically, leveraging their top technologies to “fight fire with fire”.
Preventing over $6 billion in potential fraud over the last year and a half, Onfido’s AI technology delivers reliable liveness detection and spot deepfakes, video spoofs, masks, and similar identity theft tactics. Both companies are exploring a re-direction together based on partnering their main assets, as the market is forced to keep innovating above the attackers.
“This acquisition comes at an inflection point in the industry,” said Todd Wilkinson, president and chief executive officer, Entrust. “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”.
The partnership now ensures Entrust owns the “broadest identity-centric security capabilities in the market, which combine with strong encryption technologies to enable the evolution to Zero Trust”, Wilkinson said.
