Proof, the market leader for identity-secured transactions, launched Verify, a live face-to-face experience that delivers high-level assurance with identity verification performed in the presence of an agent, reducing the risk of fraudulent activities such as deepfakes by ensuring that users are legitimate.
Organizations and consumers alike are faced with two critical globally reaching problems: declining security and trust in digital transactions, and the rise of generative AI-powered deepfakes. Constructing a fake identity, generating a fake video, or falsifying records is now a trivial task, making it impossible to take people at face value online. Industries are grappling with security from a safety standpoint, but also a financial one. FINCEN reports at least $81 billion in annual losses in the U.S. caused by falsified records, forged signatures, and identity theft. Security leaders are now faced with the task of safeguarding from rising threads of fraud while also maintaining a seamless user experience.
Built on the Proof identity authorization network, which has secured more than $347 billion worth of real estate closings and more than $185 billion in financial contracts, Verify addresses these problems head-on. Verify empowers security teams to confidently protect their users and brands by utilizing advanced identity verification, face-to-face engagement, and deepfake detection at every critical user interaction and touchpoint. Companies using Verify can direct users to a secure video meeting with a simple link, connecting the user to a human agent instantly. After the user inputs their personal information (name, address, email, phone number and birthdate), the agent then joins and supervises the identity verification process by prompting the user to perform biometric identity verification, which includes taking a selfie and uploading their official identification documents. During the meeting, Proof will automatically perform a deepfake analysis using its proprietary algorithms to evaluate the fraud risk posed by the user in minutes. Verify’s deepfake detection process is also supported by Reality Defender, incorporating their RSA Innovation Award-winning deepfake detection models into the platform. The agent can then complete the meeting, and Proof will determine whether the identity has been verified or if the user is fraudulent based on the analysis of Reality Defender’s visual detection models.
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Verify is designed for real-time identity verification during key moments such as customer support interactions, password resets, or high-value financial transactions. Current fraud prevention methods are inefficient and ineffective, causing friction for legitimate users while failing to identify fraudulent actors. Verify addresses both of these problems by seamlessly integrating into existing workflows, adding a needed layer of security, reducing false positives and improving fraud detection accuracy.
“Trust and security in digital transactions is a challenge that society must solve – but we’re losing the battle. The average firm spends $5.2 million per year on account lockouts and password resets alone, but the fraud threat expands far beyond that to every form of authorization across paper, digital channels, and electronic signatures,” said Pat Kinsel, CEO and Founder of Proof. “Fraud is now ubiquitous, and existing technology offerings on the market do not successfully combat it. Companies can barely manage yesterday’s threats, but must suddenly combat a new world of deepfakes, in which their customers and employees can be perfectly impersonated and records perfectly falsified. Verify, with the support of Reality Defender, ensures that organizations can stand up to fraud from a place of strength, where every single online interaction is secured by our identity authorization network.”
“Reality Defender is proud to partner with Proof on their mission in securing all digital transactions,” said Ben Colman, Co-Founder and CEO of Reality Defender. “Trust is a fundamental tenet to the long-term success of our increasingly digital world, not to mention the billions lost annually to fraudulent actors impersonating consumers online. Proof’s Verify solution is the perfect vehicle for our award-winning deepfake detection platform.”
“With the rise of social engineering attacks, it’s clear that traditional identity verification isn’t enough,” said Mark Wilkins, Director of Customer Support at Prisidio. “Partnering with Proof has given us the added confidence to tackle these sophisticated threats with a smart, layered approach that blends technology and human oversight.”
Proof’s fraud detection product, Defend, can also be combined with Verify and used to analyze and reduce the risk for every transaction. Industry leaders including First American, Zillow, USAA, Green Dot, Carvana, Rivian, and Liberty Mutual trust Proof for its secure identity authorization network.
SOURCE: BusinessWire