Proof, the trusted platform for securing the digital economy, announced a collaboration with Visa, a world leader in payments, to enable verified identities to help secure transactions across high value or high-risk payments, digital commerce, agreements, and banking.

Ten years after EMV chip technology secured card-present transactions and largely eliminated the risk of massive payments data breaches for in-person, counterfeit fraud, Proof is building an identity authorization network to protect transactions beyond the physical checkout.

“Trusted digital identity is the next frontier for enabling secure commerce. We’re connecting Visa’s global network and payments innovations with Proof’s platform to fundamentally transform how identity is used in all types of transactions,” said Daniel Sanford, Senior Vice President, Global Products & Initiatives, Visa. “We will not only enhance fraud prevention for our clients in countless new flows, but also unlock a new era of identity-verified payments that will help drive higher acceptance rates in digital commerce and better consumer experiences.”

“Our goal at Proof has always been to bring trust to every digital transaction, and our work with Visa supercharges that mission,” said Pat Kinsel, founder and CEO, Proof. “We intend to create an identity network for the internet that is as robust and ubiquitous as the Visa network itself. From high-value banking transactions to everyday online purchases, we’re enabling a future where your identity verification can be reused as easily as a tap of a card – with strong fraud protections at every step. This alliance will reshape how institutions tackle KYC, AML, and fraud, while empowering consumers to transact with confidence. When people pay with Visa, they know they’re protected.”

Fraud and identity theft threats continue to rise as advances in artificial intelligence make it trivial to impersonate someone or falsify records. According to Liminal, 75% of financial services are concerned about fraud in their agreements and forms. In 2023, consumer losses from fraud reached an estimated $158.3 billion in the U.S. Visa and Proof’s work together aims to set a new standard for trusted digital identity in finance, fostering greater collaboration between financial institutions, fintechs, and merchants to protect consumers.