locii, a Sydney-based digital identity and data security company has been successful receiving funding under contract with AustCyber, the Australian Cyber Security Growth Network to deliver next generation solutions to combat identity crime.
The recent and rapid rise in ‘deep fake’ identities created by Artificial Intelligence and Machine Learning 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 could be as high as USD 2 trillion per annum.
locii is collaborating with AustCyber and leading Australian enterprises (Macquarie Bank, Australian Finance Group, Nu Mobile, and laava) to demonstrate the cybersecurity benefits of the trUUth Identity Platform. The $1.9m project is focused on mitigating the risk of identity crime by addressing inherent weaknesses in 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 deep fake 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. Protection of customer identity data has been central to the design of the trUUth platform. User identity credentials are fragmented, encrypted, and sharded across multiple trusted servers to ensure maximum security.
Mike Simpson, CEO & Co-founder of locii, reiterated the benefits of the trUUth Identity Platform. “The key benefit for consumers is their online identity is more secure and they no longer need to remember many different usernames and passwords for their online services, they will simply use a combination of biometrics to login. The benefit for enterprises is increased confidence in the identity of customers and the ability to dynamically request higher levels of security by simply asking the user to authenticate with an additional biometric. The trUUth solution can streamline many online journeys, enables compliance with data privacy regulations and automates processes that support Anti-Money Laundering and Counter-Terrorism Financing. We’re excited to collaborate with AustCyber and leading Australian enterprises to demonstrate the cybersecurity benefits of the trUUth Identity Platform.”
locii is a Sydney-based digital identity and data security company focused on delivering the world’s most secure and accurate digital identity solution. locii’s trUUth suite of digital identity and authentication services addresses deficiencies of current digital identity and authentication solutions such as reliance on insecure usernames and passwords, disconnect between KYC and ongoing authentication, and potential for fraud from deep fake and other synthetic identities.
For more information please visit www.locii.id.