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Yoti Joins Forces with Mitek and Synectics Solutions on “Project Shield”

Yoti partners with Mitek and Synectics for "Project Shield," exploring real-time sharing of fraud intelligence among identity service providers, promoting digital identity adoption and combating evolving fraud risks.

Yoti - a leading digital identity company - has reportedly inked an agreement with data insight specialist Synectics Solutions and Identity Service Provider (IDSP) Mitek to facilitate the analysis and rollout of a proof-of-concept (POC) initiative dubbed “Project Shield.” The partnership is aimed at investigating the viability and advantages of sharing fraud intelligence in real time between IDSPs, as reported by BIOMETRICUPDATE.COM.

This POC project will illustrate how securely and efficiently data related to compromised accounts, credentials, and identities can be shared by multiple identity service providers through using a shared signals coordination platform. The findings of the project are expected to help promote mainstream digital identity adoption while helping tackle continuously evolving fraud risks.

“While this is a relatively simple test scenario, it will potentially show how collaboration between Identity Service Providers can create a cohesive, shared framework that can identify and prevent fraud,” stated John Abbott, chief commercial officer at Yoti. “We’re pleased to be part of this important project and play our part in protecting individuals from the growing risks of fraud.” By fostering collaboration among IDSPs, this pilot project will allow them to ensure high-end identity security both for themselves and the users relying on digital ID tools.

Structured shared signals frameworks have long been considered an effective way to augment user verification processes and lock out fraudsters while building credibility for digital identity solutions. Moreover, complying with a standardised shared signals framework is often a prerequisite for certification under UKDIATF (UK Digital Identity and Attributes Trust Framework).

During the project’s initial phase, a dedicated shared signal pathway is planned to be developed. For this, Synectics’ National SIRA system will be used, focusing on fraudulently obtained or fake documents. The pathway will verify the aforementioned IDSPs’ capability to generate, transmit, and subscribe to receive particular signals from each other through a real-time API (Application Programming Interface) and an asynchronous alert system already implemented by banks subscribing to Synectics’ National SIRA.

Moving on to the second phase: It will involve testing lessons learned by employing a broader range of IDSPs - provisionally planned for the end of this year. As stated, the data shared in the process will contain information on compromised identities, accounts, and login credentials.

“At Mitek, we’re fully committed to advancing solutions that fight fraud and the many forms it can take. We also realise that in an increasingly digital world, the ability to prevent the spread of fraud across a Digital ID ecosystem will require cooperation and communication across identity service providers,” stated Chris Briggs, senior VP of Identity at Mitek. “That’s why we’re excited to help Synectics pioneer a solution that would support the many relying parties who use our services in their efforts to tackle financial crime and improve the customer experiences they offer. We know this will also be good news for members of the public who want to simplify their online interactions without compromising on security.”

Leveraging shared signals presents some legitimate concerns regarding data protection, data privacy, and the requirement for a standardised framework for sharing and utilizing shared signals. Shedding light on the company’s effort to mitigate the potential risks of using a shared signals framework, Chris Lewis, head of solutions at Synectics Solutions, explained, “The concerns related to privacy, data protection, and standardised sharing frameworks can be effectively addressed. This [Project Shield] will enable certified identity service providers to leverage the significant benefits of shared signals confidently combating fraud in an increasingly digital era and ultimately protecting their customers and the general public.”

Contact Info:
Name: Press Officer
Email: Send Email
Organization: Geeky News
Address: Parallel House, 32 London Road, Guildford, Surrey GU1 2AB, United Kingdom

Source: PressCable

Release ID: 89100501

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