Incode Technologies, a global leader in AI-powered identity verification and fraud prevention, announced that it has completed the acquisition of Identiq, a company specializing in privacy-enhancing cryptographic solutions for peer-to-peer anti-fraud collaboration. Incode announced this acquisition as part of a $100 million commitment to advancing its original privacy-preserving identity infrastructure. The funds will be used to enhance on-device processing capabilities, continue R&D in privacy-enhancing technologies, and expand engineering resources and its global footprint.
“We have always believed that privacy and fraud prevention are not a tradeoff, but part of the same problem, solved together or not at all,” said Ricardo Amper, Founder and CEO of Incode. “Identiq is the piece that enhances our Privacy by Design architecture, the natural culmination of the decisions we made on day one.”
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Incode’s privacy commitment rests on three architectural decisions made at the company’s inception:
- AI-first identity verification: Incode builds on its day-one decision to limit human access to biometric and identity data. In the standard verification flow, Incode’s AI-powered verification, liveness, and document-matching capabilities are designed to automate verification while providing options for human oversight. In the age of agentic fraud, humans and traditional tools are much less effective than AI.
- On-device processing: Incode’s latest facial age estimation and identity verification products are designed to give the option to the customer to run biometric processing directly on the user’s own device. By keeping biometric data on the user’s device, customers are able to meet their compliance and privacy needs without sacrificing accuracy and security.
- Collaboration without exposure: With the acquisition of Identiq, institutions can now detect repeat fraud patterns across a network without exposing customer personal data. No central data lakes. No data brokerage. The attack surface that traditional fraud collaboration requires is minimized by design.
Identiq’s proprietary privacy-enhancing technology demonstrated that organizations could share fraud signals without exposing customer data to any third party. This validates Incode’s core belief that identity security and data privacy are not a tradeoff. This acquisition accelerates Incode’s vision of a world where verified identity travels with you, so trust earned in one place is recognized everywhere.
Identiq spent nearly a decade and invested over $50 million in developing patented privacy technology, solving the core problem in anti-fraud collaboration. Integrated into Incode’s platform, that work is projected to reach billions of verifications annually, adding network fraud intelligence to the platform’s capabilities.
“Every institution shared the same concern with us: how do we fight fraud together without giving up control of our customers’ data,” said Itay Levy, Co-Founder and CEO of Identiq. “Identiq built the answer to that very question. As part of Incode, that answer is now available to every organization that deals with massive amounts of user data.”
SOURCE: Businesswire