Fraudsters have access to fraudulent identification documents which allow them to pass siloed biometric systems. Annually, over $40 Billion lost to synthetic and stolen identity fraud and over $20 Billion lost to legitimate transactions failing legacy authentication
Legacy identity authentication takes place in a “silo” with matched data required for authentication. Data points used are virtually always PII and data leakage at one institution can invalidate authentication at multiple institutions.
Over 2 Billion people globally are undocumented & financially excluded, and 4 Billion people are financially under-served. This represents a potential $3.7 Trillion annual growth in global GDPR.