Mitek Systems has brought a stake in the rapidly growing identify authentication market, with a US$49 million cash and stock deal for ID R&D.
ID R&D’s artificial intelligence-based facial and voice biometric software offers protection against increasingly sophisticated identity theft, such as deepfakes and synthetic voice augmentation.
“Today’s consumers are transacting in a digital-first world, and they expect to trust technology to keep them safe against burgeoning threats. Identity verification has never been more relevant,” said Max Carnecchia, CEO Mitek Systems.
“Rapid advances in artificial intelligence are enabling novel forms of fraud, which means technologies like those pioneered by ID R&D are critical in this fight.”
Gartner predicts that over the next two years, 20% of all successful account takeover attacks will utilise some form of identity augmenting technology. Consequently, the identity authentication market is expected to reach US$15.8 billion in the US by 2025, stated a report by Markets and Markets.
ID R&D deploys a multi-modal approach to ID authentication, combining passive facial liveness and voice anti-spoofing technologies to recognise even AI-based deceptions.
Mitek intends to integrate the ID R&D technology and offer a solution that secures the entire ‘transaction lifecycle’ for businesses and consumers. In addition to integrating with the Mitek solution, ID R&D will continue to offer its core biometric components directly to the market and operate under its own brand.
“We are proud to join Mitek to scale our leading voice biometrics, facial liveness and deepfake detection technologies,” said Alexey Khitrov, CEO at ID R&D.
“This move accelerates our vision to be the industry’s centre of excellence to fight fraud more seamlessly without inconveniencing customers,” he added.
