AU10TIX partners with Microsoft on decentralized verifiable credentials
VCs are reusable, unalterable digital credentials that prove the identity of a person or entity and allow the safe sharing of personal documents and biometric credentials. VC architecture also gives users the self-sovereignty to share just the right information on-demand for actions such as opening an account, applying to college, paying taxes, etc.
AU10TIX’s document and biometric verification technology and the Instinct identity monitoring tool for synthetic fraud provide strong verification, encrypted as verifiable credentials assets.
Reusable ID allows enterprises to simplify and accelerate ongoing ID verification, reduce customer onboarding costs, automate workflows, and enhance the security of sensitive data. It also enables end users to store their information locally in a tamper-proof digital wallet and decide what to disclose to third parties.
“Compliance costs, privacy concerns, data liability, and rising synthetic fraud show that traditional identity management has been a struggle for individuals and organizations,” said Dan Yerushalmi, CEO at AU10TIX.
“Now, verifiable credentials are providing businesses and individuals with peace of mind regarding who holds and controls the keys of their personal data,” Yerushalmi added.
Microsoft Entra Verified ID enables the solution, which uses AU10TIX’s 25 years of experience in identity intelligence. Reusable ID enables businesses to simplify a wide variety of identity verification use cases across verticals such as finance, healthcare, education, hospitality, telecom, entertainment, and others. These applications include fraud detection, KYC reuse, money transfers, legal identities, user verification, insurance claims, and many more.
“Microsoft plans to include the Reusable ID technology in its third-party onboarding flow to streamline repeated validation of user identity verification at critical steps while preventing fraudulent activity and ensuring regulatory compliance,” said Deepak Marda, Senior Product Manager at Microsoft.
“Decentralized ID verification is a key imperative in the digital world, and the AU10TIX solution will increase security while reducing friction in the process of online ID verification,” Marda concluded.