As EMV® Contact Chip cards secure in-person transactions, trusted identities will protect digital transactions

Proof, the trusted platform for securing the digital economy, announced a collaboration with Visa, a world leader in payments, to enable verified identities to help secure transactions across high value or high-risk payments, digital commerce, agreements, and banking.

Ten years after EMV chip technology secured card-present transactions and largely eliminated the risk of massive payments data breaches for in-person, counterfeit fraud, Proof is building an identity authorization network to protect transactions beyond the physical checkout.

“Trusted digital identity is the next frontier for enabling secure commerce. We’re connecting Visa’s global network and payments innovations with Proof’s platform to fundamentally transform how identity is used in all types of transactions,” said Daniel Sanford, Senior Vice President, Global Products & Initiatives, Visa. “We will not only enhance fraud prevention for our clients in countless new flows, but also unlock a new era of identity-verified payments that will help drive higher acceptance rates in digital commerce and better consumer experiences.”

“Our goal at Proof has always been to bring trust to every digital transaction, and our work with Visa supercharges that mission,” said Pat Kinsel, founder and CEO, Proof. “We intend to create an identity network for the internet that is as robust and ubiquitous as the Visa network itself. From high-value banking transactions to everyday online purchases, we’re enabling a future where your identity verification can be reused as easily as a tap of a card – with strong fraud protections at every step. This alliance will reshape how institutions tackle KYC, AML, and fraud, while empowering consumers to transact with confidence. When people pay with Visa, they know they’re protected.”

Fraud and identity theft threats continue to rise as advances in artificial intelligence make it trivial to impersonate someone or falsify records. According to Liminal, 75% of financial services are concerned about fraud in their agreements and forms. In 2023, consumer losses from fraud reached an estimated $158.3 billion in the U.S. Visa and Proof’s work together aims to set a new standard for trusted digital identity in finance, fostering greater collaboration between financial institutions, fintechs, and merchants to protect consumers.

The wide-ranging collaboration will encompass:

Protecting the Visa network with the power of identity

The collaboration will combine the power of Visa’s payment network with Proof’s identity authorization network. Similar to how the EMV chip changed the payment industry by providing cryptographic proof that the card presented is authentic, Proof’s Certify is bringing the same paradigm to everything else; it’s the “EMV chip for digital identity,” cryptographically secured with a biometric tied to one’s identity. Visa payments and other types of transactions signed with Proof Certify will help prevent first-party fraud for merchants and allow for a smoother user experience for valid consumers.

New potential payment flows

As a pioneer in digitizing more than $200 billion in transaction flows annually, Proof is positioned to help consumers and businesses transfer money securely and quickly. Through a collaboration with Visa Direct, Proof will enable people in the U.S. to seamlessly complete many of life’s most important transactions online and then transfer or receive funds quickly through Visa’s trusted payment network. Use cases may include insurance payouts, retirement withdrawals, tax refunds, real estate proceeds, and countless other transfers.

Visa fraud data to enhance Proof’s groundbreaking fraud model, OmniTrust

Many of life’s most important transactions, such as insurance claims, wire transfers, and retirement withdrawals, are still stuck in paper or flowing through digital channels with only basic identity and fraud checks. Proof has amassed a uniquely rich dataset from ten years of high value transactions across real estate, retirement, wealth management, and more, and nearly one million hours of recorded identity sessions. This has enabled Proof to create OmniTrust, the first fraud model purpose-built to stop fraud and help increase authorization rates in new business-to-consumer, government-to-consumer, and peer-to-peer money movement flows that represent $55 trillion annually. OmniTrust also includes a new, groundbreaking deepfake detection service designed to catch bad actors abusing the Proof Identity Authorization Network.

Visa innovated fraud detection in payments and analyzes more than 500 data points on up to 83,000 transactions per second. With $12 billion invested in fraud prevention over the past five years, Visa blocked over $40 billion in fraud in 2023 alone. By working together, Proof has gained data and intelligence from Visa Protect Risk Insights to enhance its fraud systems by comparing transaction data and fraud trends across both networks to help secure transactions.

The collaboration will create an identity-verified transaction network that is fraud-resistant, privacy-conscious, and scalable. By linking Visa’s global fraud insights with Proof’s persistent digital identity, Proof aims to minimize redundant ID checks, catch fraud before it happens, and give consumers and businesses an unprecedented ability to transact with confidence.

The new standard of trust is available today

Proof’s suite of products Identify, Notarize, Certify, and Verify now benefit from the strength of Visa’s network. Anyone looking to secure these workflows can deploy Proof in a matter of minutes or create rich integrations to transform any business process with certainty.

"Visa and Proof’s collaboration brings EMV-level security to digital identity, addressing the fraud migration that occurred as transactions moved online,” said Jim Mortensen, Strategic Advisor at Datos Insights. “The combination of Visa's global fraud intelligence with Proof's cryptographic identity platform creates a persistent identity layer that can reduce both friction and fraud. The real, longer term, opportunity is enabling that identity to follow consumers seamlessly across banking, insurance, real estate, and government transactions and becoming the identity infrastructure layer for high-value digital transactions."

EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

About Proof

Proof is the trusted platform for securing the digital economy. As critical commerce shifts online, Proof empowers companies to verify who is behind every digital interaction. From pioneering remote online notarization to launching a comprehensive identity authorization network, Proof secures transactions with industry-leading compliance and fraud prevention. Trusted by 8,000 organizations across financial services, government, real estate, and healthcare, Proof is defining trust in digital transactions. For more information, visit www.proof.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251023084854/en/