Concept: Argentina-based cybersecurity company ‘VU’ has created a fraud prevention and identity protection solution for both businesses and citizens. It aims to provide frictionless, secure digital experiences that digitally transform as well as enhance the business, tightening the security level of companies across the globe.
Nature of Disruption: VU’s technology provides robust citizen identity verification through the combination of traditional cybersecurity controls with geolocation, machine learning, ID recognition, and user behavior analysis. It enables a continuous authentication process that observes and connects their online and offline personas. It mostly assists government institutions in nations such as Argentina and Ecuador in determining whether or not people are who they claim to be. Its suite of the solution include Biometric – manages citizen’s life cycle during the digital transformation process, enables remote identification through the voice recognition, biometric authentication through facial recognition. Fraud Prevention – offers a transactional analysis of user behavior and channels for fraud detection and prevention, as well as supports the secure, fast-response exchange of sensitive data through references to a vault of encrypted data. Identity Protection – it focuses on protecting personal information thus offers on-cloud multifactor, multiplatform user authentication with customized flexible integration; digital document signs through authorization and auditing workflows; management of the life cycle of digital certificates through an on-cloud platform. It also offers a secure, unified messaging gateway through SMS, e-mail, Push, Telegram, Teams, and Spark. Risk Management – guarantees the success of cybersecurity solutions with monitoring and preventive actions with the help of a security incident response team that endangers reputation.
Outlook: While the ability to allow staff to work remotely when needed gives greater flexibility to corporations, it also comes with cybersecurity risks. Cyber attacks and threats are on the rise in the wake of the COVID-19. Some of the security risks faced during remote working are phishing schemes, unencrypted file sharing, and insecure home Wi-Fi. Moreover, working from home has led to complacency over security protocols. Also, verifying identity using traditional measures is time-consuming. Therefore, VU intends to deliver a smooth fraud and identity verification process for both businesses and citizens. The company has raised $12M in Series B funding led by Globant, Agrega Partners, NXTP Ventures, Bridge One, the IDB Lab and Telefónica. It has plans to use the funds to hire developers across Europe and in the US.