The IDENTITY.i Virtual Summit is 24 hours away and with the anticipation building, we sat down with Chase Larson, Marketing Director at Trusona to learn more about Identity Proofing technology - an industry first solution by Trusona and the theme of Founder, Ori Eisen's presentation at IDENTITY.i.
CGG: Can you share with us the founding story of TRUSONA?
CL: In 2015, after the successful exit of the online fraud company 41st Parameter, cybersecurity expert Ori Eisen and Frank Abagnale, renowned fraud prevention expert and subject of "Catch Me If You Can," decided to investigate what longstanding cybersecurity gaps were preventing the Internet from being secure. They soon came to a conclusion: passwords. Passwords are the most common threat vector as they are static, regularly stolen in breaches, rely on limited user expertise and cause headaches both for employees and consumers alike. With a digital landscape still largely anonymous, Trusona sought to disrupt traditional security measures by pioneering its passwordless multi-factor authentication and identity proofing technology, supported by funding from Kleiner Perkins and M12 (Microsoft Ventures).
CGG: What are some of the latest threats jeopardising end users' devices today?
CL: The outdated yet prevalent use of static credentials in today's digital landscape has continued to expose users to a wide array of threat vectors, including phishing attacks, SIM swapping, keylogging, credential stuffing, password reuse and more.For example, SIM swapping is a threat on the rise that takes advantage of organizations relying on SMS for security. In practice, a cybercriminal can simply call your mobile carrier and, through social engineering techniques, assume a victim's identity by answering a few easy-to-research questions to hijack your mobile number. When logging in to your various accounts, the attacker can now receive text messages with the one-time codes and capture powerful identity credentials in an instant, allowing them to do everything from access bank accounts to commandeer social media accounts — in essence, take control of end users' digital lives.
CGG: What's the future of digital identities, where is that headed in the next 5 years?
CL: With cybercrime rising even more rapidly amidst a growing dependence on digital and remote avenues, financial services are tasked with finding more effective ways to prevent fraud. Driven by regulations and compliance for KYC and AML, utilizing identity proofing as a key safeguard to accurately validate a person is who they say they are will become critical as a security best practice. Additionally, the end user experience with identity verification has historically been time-consuming and difficult. However, security and simplicity are not mutually exclusive concepts, nor should they be. Users will increasingly demand smooth digital experiences and providing such will become indispensable for businesses.
CGG: Can you tell us more about Identity proofing with AAMVA Verification Services?
CL: Trusona provides the industry's first identity proofing solution that 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 as the "source of truth" without storing PII. Businesses can embed this capability into their web applications or mobile apps, for use both in-person or remote. From new account openings to high-value transactions, identity proofing with AAMVA reduces synthetic fraud, facilitates eKYC compliance and increases customer satisfaction with a frictionless user experience.
CGG: What motivated TRUSONA to have a presence at IDENTITY.i?
CL: Trusona's mission is to curb the funding of evil — including terrorism, human trafficking, child exploitation, narcotics and more — by fighting cybercrime. Especially in such unprecedented times that have accelerated our collective reliance on digital avenues, attending IDENTITY.i gives us an opportunity to join our voice with other industry leaders to inform, discuss innovation and help provide customers with the most secure, intuitive solutions available. For financial services and users alike, ensuring a defense against cybercriminals has never been more critical.
CGG: Why would you recommend delegates attend IDENTITY.i and what are you most looking forward to at the Virtual Summit?
CL: Delegates in attendance have a great — and important — opportunity to better understand today's digital risk and learn from an array of experienced minds how to best protect customers and sensitive assets in a rapidly-changing security landscape. Trusona is eager to join in the conversations and delve even deeper into the core needs of financial services from a compliance and security perspective.
Chase Larson - Marketing Director | Trusona
For more information about IDENTITY.i and to download the agenda: Click Here
About Ori Eisen:
Ori Eisen is founder and CEO of Trusona, the pioneer and leader of passwordless authentication. He has spent the last two decades building technology to fight online crime and make the Internet safer. Prior to founding Trusona, Mr. Eisen founded fraud prevention and detection technology company, 41st Parameter (acquired by Experian in 2013), and served as the Worldwide Fraud Director for American Express. In his free time, Mr. Eisen volunteers with Thorn, the digital defenders of children, and is a founding member of Security Canyon, Arizona's Cyber Security Coalition.
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.