The CEO and founder of Scottsdale-based Trusona has been saying his product TruToken can guarantee an authentic online transaction, but folks haven’t been believing him.
But now, in a Monday announcement, Ori Eisen has proof to his claims, as TruToken becomes the first authentication platform to be insured up to $1 million.
“It is not a comfortable and easy decision for the insurer and underwriter to do,” Eisen says about the 18-month process it took to get his platform insured. “And for that reason we had to take our time, we had to go through a lot of audits… to ensure that our claim is true.”
Trusona’s TruToken works through an external attachment on your phone where the user scans any type of card they have in their wallet with a magnetic strip. The information a magnetic strip contains, is used constantly, and can be easily skimmed, but TruToken goes a step further with its authentication process.
Trusona Technology Demo:
Every magnetic strip has a completely unique physicality, and each swipe is different, and what TruToken does is ensures the card being swiped is the same exact card initially registered. A copied magnetic strip can only contain the data, but the true card has a completely unique physicality, almost like a finger print or a snowflake, Eisen explains. Copied cards just can’t redesign the magnetic strip’s physicality.
Banks across the country and the world receive million dollar transactions everyday without knowing if it’s the actual customer on the other side, Eisen says.
But TruToken guarantees it’s the correct person, and TruToken has been tested and authenticated 119 million times with zero defects, Eisen says.
The third party auditor, Stroz Friedberg, has tested it every way they could, to validate the Trusona’s claims during the process to get TruToken insured, he says.
Trusona’s platform can be used to protect a number of things from wire fraud, call center authentication, social media accounts, health records, stock transfers and more.
One of the best parts is, customers don’t have to purchase the insurance with Trusona, and it’s almost like a “cherry on top” to the firm’s 100 percent guarantee that the person on the other end of the transaction is who they say they are, Eisen says.
Since TruToken is now insured, cynics and competitors can’t deny Trusona’s claims.
“People want their vendor to put their money where their mouth is, and we’re doing just that,” Eisen says.
