Funding the future of digital identity management

Funding the future of digital identity management

AustCyber’s Projects Fund grant recipient truuth has been developing a digital identity platform for user identity verification, while protecting user privacy.

truuth uses technology that fragments, salts (injects false information), encrypts and shards user credentials across multiple trusted servers. The platform delivers a wide range of micro-services that improve online safety and eliminate the need to remember many different passwords, whilst ensuring no single entity has access to a user’s biometric data. The truuth platform is being deployed for enterprise customers including Macquarie Bank, NuMobile and Australian Finance Group (AFG).

“Most venture capital funds are focused on scale-ups that already have enterprise customers, while private equity is typically looking to invest A$5-10 million in Series A rounds,” said Mike Simpson, CEO & Co-founder of truuth. “AustCyber complements these by supporting early stage companies with highly innovative technology solutions.”

The truuth suite of digital identity and authentication services addresses deficiencies of current solutions such as reliance on insecure passwords. It also provides enterprises with higher levels of user authentication by using Artificial Intelligence (AI) and Machine Learning (ML) models to verify the user is present during the authentication event.

AustCyber funding support has been integral to the success of truuth.

“The Projects Fund enabled us to match funding from private investors to grow the team more rapidly and deliver our digital identity services far earlier,” said Mr Simpson. “truuth’s successes over the past 12 months would not have been possible without the assistance of AustCyber. Our participation in AustCyber forums has also opened up commercial conversations in the public and private sectors.”

The company provides a range of digital identity services including truuth KYC (Know-Your-Customer), truuth liveness, truuth faceKey and truuth biopass. These services help to safeguard against the recent and rapid rise in ‘deep fake’ identities created by artificial intelligence and machine learning algorithms which are exacerbating 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.1

This case study is featured in Australia’s Cyber Security Sector Competitiveness Plan 2020, which can be viewed here and downloaded here.

1. AustCyber (2020), trUUth: A next generation solution for digital identity and cyber security. Available at: https://www.austcyber.com/news-events/truuth-next-generation-solution-digital-identity-and-cybersecurity