CommBank’s venture scaler unit, x15Ventures, has launched a new digital ID app called Truyu, which alerts users when their credentials are at risk of being misused by fraudsters—a product announcement that happens to coincide with the Australian Federal Government’s commitment of $288 million to advance digital ID and combat identity theft. The additional funding follows the passing of a Digital ID bill in March, which outlines a government-issued digital ID framework set to receive this financial boost over four years.
The government is preparing to invite businesses to trial the new Digital ID system, with a two-year phase-in period included in the recently passed legislation. x15Ventures has preempted this initiative with the release of Truyu, developed in collaboration with digital design studio Supermassive and using technology from identity solutions provider GBG. The app is already available on the App Store and Google Play, offering users alerts when their identity is at risk or being misused online at major merchants.
Truyu is designed as both a direct-to-consumer product and a service that merchants can offer to their customers, providing digital protection tools regardless of the user’s bank affiliation.
“We believe there’s an advantage to be gained by the public and private sectors working in collaboration to make things safer for all Australians, particularly given the pace at which the private sector can move, test, and learn,” said x15ventures Managing Director Toby Norton-Smith. “Truyu is a great vehicle – already in the hands of consumers – to test what propositions drive most engagement and value for consumers, and how we can also reduce the cost for merchants to manage and respond to identity fraud.”
Commonwealth Bank of Australia (CommBank) is one of the largest and most prominent financial institutions in Australia. Founded in 1911, it has grown to become a major provider of integrated financial services, including retail, business, and institutional banking, as well as wealth management, insurance, and investment services.
x15 Ventures is CommBank’s venture scaler unit, focused on building, investing in, and scaling innovative digital businesses and technologies that it believes will enhance customer experiences and drive growth in the financial services sector.
Source: Finextra
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May 15, 2024 – by Ali Nassar-Smith
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