About Incode and AuthenticID
Incode, a Latin American digital identity unicorn known for its AI-based identity and trust solutions, announced the acquisition of AuthenticID, a Washington, USA-based company. This move aims to bolster their digital verification tools and processes in an environment where AI-generated fraud and the adoption of advanced AI agents are rapidly advancing.
Combined Strengths
- Together, the companies processed over 4 billion identity verifications in 2024.
- They serve eight of the ten largest banks in the US, collaborate with eight leading North American telecommunications companies, work with four of the top five Latin American banks, support three global neo-banks, and back numerous fintech, social media, e-commerce, transportation, and retail leaders against fraud.
The Rising Threat of Deepfakes and AI-Generated Fraud
Incode and AuthenticID’s partnership comes amidst a backdrop where digital threats include generative AI (GenAI) toolkits capable of creating deepfakes—real-time synthetic faces and voices mimicking real people. These technologies have driven a 300% annual increase in account opening fraud, as reported by Incode.
Moreover, there’s a growing use of AI agents in real-world operations. Gartner predicts that over 25% of all consumer interactions will be managed end-to-end by fully autonomous agents. Without a reliable identity infrastructure, these agents become easy targets for impersonation.
Incode’s Vision and Leadership
Reed Taussig, AuthenticID’s CEO, emphasized: “As fraud becomes more sophisticated, our clients need more than point solutions; they require a comprehensive end-to-end approach backed by a true strategic partner. Incode’s technological vision and leadership enable us to offer a nimble, secure, and highly adaptable identity platform for an ever-expanding customer base.”
Incode’s Growth and Market Position
The acquisition is expected to contribute to Incode’s current annual organic growth of 80% and solidify its market position. Ricardo Amper, Incode’s founder and CEO, stated: “With the AuthenticID acquisition, Incode reaffirms that a Latin American unicorn can compete and lead globally by driving innovation in our region. In 2024, cybercrime in Mexico caused losses exceeding 20 billion pesos. At Incode, we processed over 2.4 billion identity verifications last year, providing businesses worldwide with the assurance that every digital interaction is secure and trustworthy.”
Key Questions and Answers
- Q: What is the main goal of Incode’s acquisition of AuthenticID? A: The primary objective is to strengthen digital verification tools and processes amidst the rise of AI-generated fraud and deepfake threats.
- Q: How do deepfakes pose a risk to digital identity verification? A: Deepfakes, synthetic faces and voices generated in real-time, can mimic real people, leading to increased fraud risks. They have contributed to a 300% annual increase in account opening fraud.
- Q: What is the significance of this partnership for Incode’s clients? A: The collaboration offers a comprehensive, end-to-end approach to digital identity verification, backed by Incode’s technological vision and leadership.
- Q: How will this acquisition impact Incode’s market position? A: The acquisition is expected to contribute to Incode’s current annual organic growth of 80% and solidify its market position as a leading identity infrastructure provider.
