Online identity verification company miiCard today announced that it has been granted United States Patent number 8,332,322 for its method of establishing true online identity based on an individual's ability to access their online financial accounts.
The miiCard verified online identity solution eliminates a persistent roadblock in online transactions and trust by allowing individuals to prove their true identity to the level of an offline photo ID check, completely online and in just minutes. This enables a greater range of online products and services for a number of industries, including financial services, healthcare, online recruiting, and more.
"We live in a world of unlimited online potential that so far has been held in check by a scarcity of trust online," said miiCard CEO James Varga. "miiCard allows consumers to leverage the security they already hold in their banking accounts to prove their identity online. This raises the standard of online trust to the same level as verifying a photo ID in the real world, and it enables consumers to do more online through merchant or peer-to-peer interactions."
How It Works
As a Level of Assurance 3 (LOA3) identity solution, miiCard proves an individual's true identity to the level of an offline photo ID check. Most other solutions validate only a portion of one's identity, creating the potential for fraud. miiCard proves identity by confirming that a user can access multiple secure online accounts, such as a bank or investment account. miiCard re-confirms this access on a regular basis to maintain a verified identity. The company uses bank level security measures such as multi-factor authentication and Individualized Strong Encryption (ISE) to provide the highest level of protection possible.
miiCard users are always in complete control of their identity, and can confirm additional accounts to further document their identity. Users can choose how much information is shared with each service provider using miiCard.
Through its partnership with Yodlee, miiCard is able to verify over 300 million users across nine countries and five continents today.