Global: Australian Bank-Backed Digital Identity Protection Tool Alerts Users of Potential Fraud

Australia’s largest bank’s venture scaling arm has introduced a new digital identity protection tool aimed at alerting users to potential identity theft or data breaches. Truyu, spearheaded by x15ventures, a subsidiary of Commonwealth Bank, is currently undergoing pilot testing with early adopters. This initiative comes in response to Australia’s significant challenge with identity fraud, affecting nearly 200,000 Australians annually.

According to a post on LinkedIn, Truyu users will receive real-time alerts “the moment your identity is being used – or misused – online at major merchants, and if your email has been exposed in a data breach.” Developed in collaboration with independent digital design studio Supermassive and incorporating technology from identity vendor GBG, the digital ID app will be accessible to consumers across all banks. The post expresses anticipation for how Truyu will safeguard Australians from the financial, emotional, and social ramifications of identity fraud while promising transparency in sharing insights gained from its usage.

Despite the need for users to provide identity data to safeguard their information, Truyu assures users of its focus on security. The minimal required details are encrypted and hashed on their servers, ensuring privacy even from Truyu itself.

However, Truyu isn’t solely a philanthropic endeavor. Already available for download on the App Store and Google Play, x15ventures plans to market it as a service for merchants. Toby Norton-Smith, managing director of the venture firm, views Truyu as “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.”

This development coincides with Australian Minister for Finance and the Public Service Katy Gallagher’s announcement of $288.1 million in funding over a four-year period for Australia’s government-issued digital ID framework. GBG’s International Identity Index ranks Australia’s digital ecosystem 22nd among 48 countries, underscoring the nation’s ongoing efforts to bolster its digital identity infrastructure.