Proof reported $150 billion in approved transactions in 2024, reflecting rising demand for safe id options regardless of broader financial challenges. The corporate noticed 44% development in the true property sector, whilst dwelling gross sales hit their lowest ranges since 1995.
Fraud prevention has turn into a essential concern in insurance coverage and monetary companies, with companies more and more turning to safe digital verification instruments.
“State Farm Ventures is dedicated to investing in modern applied sciences that make digital transactions safer for our prospects,” Mike Remmes, vp of State Farm Ventures, stated in a press release. “Proof’s superior id verification platform aligns with our mission to assist the sort of innovation we wish to carry to the insurance coverage business — one which improves each safety and buyer expertise.”
Proof gives a community of id verification options, with its platform linking verified identities to digital transactions.
“This strategic funding affirms Proof’s position in remodeling how identities are verified within the digital world,” Proof CEO Pat Kinsel stated. “Simply as digital funds revolutionized monetary transactions, we’re setting a brand new commonplace for id verification. Our platform empowers companies and people to ascertain belief remotely and securely.”
Final 12 months, the corporate launched its synthetic intelligence-powered fraud detection instrument, Defend, which gives corporations with a “danger rating” for each transaction. The danger rating highlights particular fraudulent points behind every authorization, signature, notarization or id verification.
In October 2024, Proof introduced the discharge of Confirm, a deepfake detection instrument designed to “ship high-level assurance with id verification carried out within the presence of an agent.”