Entrust, a prominent provider of payment, identity, and data security solutions, is currently engaged in discussions to acquire Onfido, a cloud-based AI-powered identity verification technology firm. The potential acquisition, reportedly valued at over $400 million, underscores the increasing importance of robust identity verification measures in combating fraud and ensuring security in digital transactions.
Todd Wilkinson, President and CEO of Entrust, highlighted the pressing need for advanced identity assurance solutions, particularly in the face of emerging threats such as deepfakes and synthetic identity fraud. By integrating Onfido’s innovative identity verification solutions into its portfolio, Entrust aims to offer enhanced security, privacy, and trust in digital interactions across various sectors including banking, finance, government, and travel.
Onfido, founded in 2012 and recognized for its market-leading AI-based biometric and document IDV technology, has emerged as a key player in the identity verification landscape. With over 1,100 companies served globally and extensive experience in performing identity checks, Onfido’s expertise aligns well with Entrust’s mission to deliver cutting-edge security solutions.
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