BEAVERTON, OREGON. JANUARY 16, 2020 – Digital identity theft and fraud is a continuing – and growing – threat to both businesses and consumers. With the plethora of data breaches that keep happening, it is clear no solution has yet been able to get ahead of the problem. The need to protect individual identities has never been higher. Consumers demand it, businesses need it to establish and maintain customer trust, and compliance mandates it. Traditional methods of authentication and verification, passwords, SMS passcodes and knowledge-based authentication are increasingly vulnerable.
Against this backdrop launches Q5id, a new multifactor biometric enrollment solution technology that provides an unprecedented level of protection for its users. Q5id and its new Proven Identity Management (PIM) technology is poised to be the toughest combination of biometric and live real-time authentication, reducing the probability of identity theft to one out of trillions. Screened with the latest biometric enrollment and authentication methods, it succeeds in efficiently and effectively proving identity for securing transactions at the highest level.
The Q5id solution is a true win-win for consumers and businesses. It protects individuals at every point, starting by enrolling them into the system by proving their identities and then authenticating future transactions against that identity—something that cannot be stolen or replicated. For businesses, the Q5id solution gives them a way to support their customers by protecting their identities. It also enables companies to prevent the financial and brand damage associated with breaches or other events.
According to the Identity Fraud Study from Javelin Strategy & Research, the number of consumers who were victims of identity fraud was 14.4 million in 2018. The report also found that criminals are improving their attempts to foil authentication processes for mobile phone account takeovers, with victims doubling to 680,000. The Consumer Sentinel Network maintained by the Federal Trade Commission showed consumers reporting losses of $1.48 billion to fraud in 2018. And 2019 brought to the forefront a new scandal in the college admissions bribery event, nicknamed Operation Varsity Blues, highlighting the vulnerabilities in the exam proctoring sector.
Q5id proves that a person’s digital identity and real-world identity are the same. This unique enrollment and authentication solution delivers a proven and secure digital identity for everyone. The applications are broad and diverse: financial services, telecommunications, higher education, proctoring and more. Q5id is the only company that truly proves identities; the only solution that includes a live video interview to prove liveness; the only solution that offers the breadth of factors to prove an identity. Many providers use one or two of the factors as Q5id but no other service puts together the end-to-end comprehensive solution that Q5id does.
Q5id was founded by Steve Larson, a successful businessperson and entrepreneur with a history of demonstrated success in identity enrollment technologies. Larson officially launched Q5id in January 2019 and serves as the CEO and Chairman of the Board. In 2001, Mr. Larson founded SureID, Inc., a leading provider of identity management and access control solutions for the Departments of Defense and Homeland Security, serving as Chairman and CEO. In 1987, Mr. Larson founded Unicru, Inc. Unicru was the leader in Human Capital Management (HCM) automation technology and was among Oregon’s fastest-growing private companies prior to its acquisition by Kronos, Inc. for $150 million. Steve is recognized locally and nationally for his leadership skills and business expertise. Steve has participated on the boards of several technology companies and has assisted in funding and recruiting executives and board members for other companies.
Q5id’s mission is to provide consumers and businesses with the most robust Proven Identity Management platform available. Through a comprehensive, powerful and frictionless biometric enrollment and authentication process, Q5id meets every customer and proves their digital identity is secure, preventing identity theft and fraud. Founded in 2019, Q5id is headquartered in Beaverton, Oregon. Visit www.Q5id.com