Key outcomes
Complete development and testing for KYC, MBA, Biopress and Consent services to enhance the trUUth identity platform.
Economic impact
-
Targeted reduction in costs associated with identity fraud in Australia by at least 5% over the next 5 years, resulting in direct impact of at least $80 million per annum and an indirect impact of up to $750 million per annum
-
Facilitated a cross‐industry partnership between Laava, Macquarie Bank, Nu Mobile, and the Australian Finance Group (AFG)
Government funding
$950,000
Industry funding
$950,000
The AustCyber Projects Fund is a $15 million, three-year initiative designed to help the Australian cyber security industry grow and take ideas globally. Since launching in 2018, AustCyber has provided this funding to projects that are making a real contribution to growing Australia’s cyber security ecosystem, guided by the Sector Competitiveness Plan.
One of the participants in AustCyber’s Projects Fund was Locii, which used its involvement in the Projects Fund program to complete development and testing for KYC, MBA, Biopress and Consent services to enhance the trUUth identity platform.
The recent and rapid rise in ‘deepfake’ identities created by Artificial Intelligence and Machine Learning (AI/ML) algorithms is leading to significant fraud risks. Recent estimates by the Attorney‐ General’s Department indicate that identity crime costs Australia upwards of $1.6 billion each year, with the majority lost by individuals through credit card fraud, identity theft, and scams. Identity crime is also a key enabler of organised crime, which costs Australia around $15 billion annually according to the Australian Federal Police. On a global scale, the United Nations Office on Drugs and Crime (UNODC) estimates losses could be as high as US$2 trillion per annum.
During COVID‐19, as more enterprises and consumers turn to digital channels for their daily transactions, the risk of identity fraud has continued to rise.
The majority of businesses and consumers want to move away from insecure passwords for online interactions. It’s well documented that weak and stolen passwords account for more than 80% of hacking incidents.
Most consumers state a preference for using biometrics in place of passwords. As businesses and consumers migrate to biometric authentication solutions, it will be critical that we protect the users and their biometrics from malicious attacks. This project has fast‐tracked the deployment of advanced Verification of Identity (VoI) services that use AI/ML models to deliver a higher level of assurance in the identity of online users. The AI/ML models enable identification of identity document falsification, face-matching between the photo identity document and the user, and tests of user ‘liveness’ to prevent fraudulent attacks such as impersonation with photos, videos, deepfakes or 3D models.
Locii’s truuth Identity platform is focused on mitigating the risk of identity crime by addressing inherent weaknesses in the current Know Your Customer (KYC) and authentication processes by employing multiple user biometrics combined with state-of-the-art ‘liveness’ tests that significantly limit the potential for deepfake and other fraudulent identities. The truuth Identity platform enables consumers and enterprises to choose any combination of biometrics for online authentication, greatly improving online security while also delivering a seamless user experience.
The platform protects customer identity data by implementing layers of defence including data fragmentation, encryption, and ‘sharding’ across multiple trusted servers to ensure maximum security.
About Truuth:
trUUth is a Sydney‐based digital identity and cyber security company founded to deliver the world’s most secure and accurate digital identity solution. They specialise in verifying the identity of the humans behind the devices. truuth’s suite of digital identity and authentication services address deficiencies of the current digital identity and authentication solutions such as reliance on insecure usernames and passwords, disconnect between KYC and ongoing authentication, and the inability to detect deepfake and other synthetic identities.
Learn more about Locii at their website.
Stay up to date with news and opportunities from AustCyber by signing up to the newsletter.
Find out more about the other projects involved with the AustCyber Projects Fund.
