Yoti and Mitek have teamed up with Synectics Solutions to develop a system in which the United Kingdom’s “Identity Service Providers” (IDSPs) can share data about compromised credentials, accounts, and identities. Dubbed “Project Shield”, the aim is to establish a proof of concept “shared signals co-ordination platform” that essentially lets companies providing identity services share intelligence concerning identity fraud.
Synectics Solutions is an ISO27001 certified, UK Government Specified Anti-Fraud Organisation. Yoti and Mitek, meanwhile, are both IDSPs (the latter via its subsidiary HooYu) in the United Kingdom’s regulatory framework for identity verification technologies.
Phase 1 of Project Shield will focus on testing the shared signals framework using test data related to fake and fraudulently obtained genuine documents. Synectics’ National SIRA platform will create a dedicated shared signals pathway to test Yoti and Mitek’s ability to create, send, and receive specific signals in real-time using an API and alert system. The project aims to showcase how collaboration among Identity Service Providers (IDSPs) can create a cohesive framework to identify and prevent fraud, benefiting both relying parties and individuals seeking secure digital interactions.
The success of Phase 1 will pave the way for Phase 2, in which the lessons learned will be tested with a broader pool of IDSPs at the end of 2023. The ultimate goal of Project Shield is to enable mainstream adoption of digital identity, simplifying customer journeys, promoting financial inclusion, and creating a safer and reliable digital identity ecosystem.
Earlier this year, Yoti launched a new digital signature solution that revolves around selfie-based identity verification during the signing process. The solution links a given signatory’s selfie image to their digital signature, offering a high level of identity assurance for the transaction.
(Originally published on Mobile ID World)