SCOTTSDALE, Ariz., July 30, 2020 /PRNewswire/ -- Trusona, the pioneering leader in passwordless multi-factor authentication and identity solutions, today announced key enhancements to its industry-first identity proofing service that utilizes data from the American Association of Motor Vehicle Administrators (AAMVA). The service is the only one to utilize patented anti-replay technology, delivering an even more powerful method to accurately verify users and reduce synthetic ID fraud. Additionally, the service has been successfully deployed nationwide by one of the largest U.S. banks to reduce account opening fraud.
With cybercrime rising amidst a growing dependence on remote and digital avenues, organizations are tasked with finding effective ways to prevent fraud. Trusona's identity proofing service utilizes AAMVA's DLDV (Driver License Data Verification) service to quickly and accurately verify the true identity from a U.S. driver's license using a state's DMV without storing any personally identifiable information (PII). Enterprises can embed this service into their web applications or mobile apps, for use both in-person or remote. From new account openings to high-value transactions, Trusona's identity proofing service with AAMVA has reduced synthetic fraud, facilitated eKYC compliance and increased customer satisfaction for some of the largest financial institutions.
The enhancements to Trusona's identity verification service include:
Anti-replay technology — Patented technology ensures an identification request is authentic and not a replay of any previous request, providing unparalleled security insight.
Web and mobile use — Service can be used in web, mobile web and mobile apps, with support for both Apple iOS and Android.
RESTful API — The service exposes modern JSON REST APIs to facilitate fast and convenient integration.
State-based knowledge — Built-in logic layer to accommodate the nuances across each state in the way driver's license data is stored and presented on the driver's license.
"As the first identity proofing solution utilizing AAMVA's verification service, Trusona has acquired a wealth of proven field experience working with enterprise customers to accurately verify the identity of hundreds of thousands of users," said Simon Berman, Chief Product Officer at Trusona. "With Trusona, customers can build products and services that successfully mitigate the risk of synthetic identity fraud."
According to McKinsey & Company, "synthetic ID fraud is the fastest-growing type of financial crime in the United States"1 and LexisNexis Risk Solutions found "61% of fraud losses for [large] banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger banks is synthetic identity fraud."2
About Trusona Trusona, the pioneering leader of passwordless MFA for enterprises, secures the identity behind every digital interaction. The company's solutions provide a complete alternative to usernames and passwords, making authentication more secure and more convenient across all enterprise use cases. Organizations in financial services, healthcare, higher education, media and more, trust Trusona for omni-channel authentication across any digital asset. Trusona is leading the passwordless revolution where there are no passwords to be created, remembered, managed or compromised. Trusona is funded by Kleiner Perkins, M12 (Microsoft Ventures), Akamai, Georgian Partners, Seven Peaks Ventures and 2M. For more information, please visit www.trusona.com.