Incode, a company specializing in identity verification, buys AuthenticID in a move aimed at combating AI fraud.
In a significant move, Incode, a San Francisco-based provider of AI-driven identity and trust technologies, and AuthenticID, a U.S.-based company renowned for its expertise in high-volume, regulated environments, have merged to create a global AI powerhouse.
The combined companies are betting on an AI-first approach to identity verification that can adapt as fast as fraudsters evolve. This merger is expected to reinforce the fight against identity fraud, especially in Latin America, where cyber fraud losses reached MXN$20 billion in 2024.
Incode, which was acquired by Fidelity National Information Services (FIS) in 2021, brings neural networks and large visual language models to the mix, capable of detecting fraud in real time. AuthenticID, on the other hand, adds two decades of experience in verifying government-issued documents and delivering automated, enterprise-ready fraud detection.
The merged companies are working with major banks in the U.S., neobanks worldwide, and leaders across telecom, ecommerce, and social media. Incode already counts four of the top five banks in Latin America among its clients.
The next generation of fraud is not limited to traditional methods. It includes impersonation of autonomous AI agents and deepfake-driven account openings. The global AI powerhouse aims to combat this next generation of fraud, making logging in, signing up, or verifying your identity feel at least slightly safer.
Competitors like Jumio and Onfido are also investing heavily in AI-based verification. However, the unique position of Incode, with its regional footprint and roots, gives it a strategic advantage to scale globally while tailoring solutions to markets like Latin America.
A future where the global AI powerhouse enters customer-facing roles could be possible if the companies deliver on their promise. AI has already been developed to create art, pictures, and videos. Now, it's being harnessed to create a safer digital world.
In 2024, the combined companies processed over 4.1 billion identity checks. With this merger, they aim to create a more secure digital future for all. A future where the next generation of fraud is met with the next generation of defense.
