Entrust, a leader in digital security solutions, has introduced a new AI-powered identity verification capability to its Identity-as-a-Service (IDaaS) platform. With cyber threats becoming increasingly sophisticated, businesses are at a higher risk of financial losses due to fraud. In 2024 alone, US businesses lost an estimated $112 billion, equivalent to nearly 7% of their revenue, to fraudulent activities.
The 2025 Identity Fraud Report highlighted the growing trend of digital forgeries, accounting for 57% of document fraud cases, marking a 244% increase from the previous year. Deepfake attempts, which occur approximately every five minutes, now make up 40% of video biometric fraud attempts. These alarming statistics emphasize the urgent need for advanced security measures to combat modern forms of cyber threats.
In response to these challenges, Entrust has enhanced its IDaaS platform with AI-driven biometrics, phishing-resistant passwordless multi-factor authentication (MFA), adaptive risk-based authentication (RBA), and secure digital onboarding. The latest feature allows biometric data to be stored directly on a user’s mobile device instead of in the cloud. This accommodates businesses seeking on-device data storage to comply with data protection regulations and improves security for privileged actions and high-value transactions through facial biometrics.
The innovative solution enables businesses to securely onboard users by capturing an encrypted biometric identifier, which can be stored on the user’s device or within a secure customer database. In high-risk situations, such as account recovery or significant financial transactions, users can recapture their biometric data for comparison with the original encrypted identifier. This method enhances fraud prevention by using physical biometrics that are significantly more challenging to replicate or steal compared to traditional credentials like passwords or tokens.
Some of the key benefits for businesses from this advanced identity verification solution include enhanced fraud prevention against deepfakes and synthetic identities, phishing-resistant authentication, improved data privacy by minimizing cloud-storage risks, and a streamlined user experience with fast and intuitive authentication methods.
Bhagwat Swaroop, President of Digital Security at Entrust, emphasized the importance of establishing verified identities from the onset to combat increasingly sophisticated fraud attempts. The facial biometric authentication combined with Onfido identity verification offers a seamless and efficient way to confirm user identities throughout their lifecycle. This approach helps businesses maintain security and address the critical question of whether a user remains the same individual they initially onboarded.
By leveraging AI-powered identity verification capabilities, Entrust is empowering businesses to safeguard their systems and users against evolving cyber threats. As fraud continues to evolve, advancements in identity verification technologies are crucial for maintaining a secure digital environment. With the introduction of AI-driven biometrics and secure authentication methods, businesses can better protect their assets and mitigate financial losses due to fraud.