Entrust to Acquire Onfido to Provide Enhanced Identity-based Services
February 12, 2024
Entrust, a secure identity solutions provider, has announced the acquisition of Onfido, a London-based Identity Verification platform, recognized globally for its Artificial Intelligence (AI) driven, cloud-based technology.
Through this acquisition, Entrust is poised to fortify its portfolio of identity solutions by incorporating a top-tier, compliant biometric and document identity verification (IDV) technology stack driven by AI and machine learning (ML), as per Entrust’s press release. Entrust, providing solutions in more than 150 countries, would have the chance to enhance the implementation of biometric-based authentication, resistant to phishing attacks.
Todd Wilkinson, Chief Executive Officer and President at Entrust highlighted the need for developing identity verification solutions that can detect AI-based cyber attacks. He reportedly stated,
“With the proposed acquisition of Onfido, Entrust would have the opportunity to provide unmatched identity security solutions at a time when they are needed most among enterprises and institutions.”
Given the rapid evolution of cyber threats, the alliance between Entrust and Onfido is set to introduce advanced verification strategies, ensuring resilient defenses against emerging threats such as deep fakes, synthetic identity fraud, and identity spoofing.
Wilkinson further emphasized that,
“Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more. Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions.”
The acquisition also seeks to promote trust and security for people, enterprises, and institutions by bringing industry-leading technologies together.
Onfido, established in 2012, streamlines service access for people through digital verification and provides services to financial institutions, e-commerce, gaming, and gambling platforms, and sharing economy sectors.
While showing excitement to expand access to the most advanced and secure IDV solutions, Mike Tuchen, CEO of Onfido, reportedly said,
“The potential of Onfido’s powerful AI and machine learning-driven identity verification and Entrust’s proven identity security solutions would make a new world of digital trust possible.”
The execution of acquisition is dependent on regulatory approval and fulfilling essential requirements as mandated by the relevant laws.
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