In a move that aligns with the Australian Federal Government’s recent $288 million commitment to advancing digital ID and combating identity theft, CommBank’s venture scaling unit x15 Ventures has introduced Truyu, a new app designed to alert users when their credentials are at risk of being misused by fraudsters.
This development follows the passing of a Digital ID bill in March, which Finance Minister Katy Gallagher announced would receive substantial funding over the next four years. The bill includes a two-year phase-in period for businesses to trial the Government Digital ID system.
Meanwhile, x15 Ventures has outpaced public authorities by partnering with digital design studio Supermassive to launch Truyu, leveraging technology from identity verification company GBG. Truyu is now available on both the App Store and Google Play, offering a digital protection tool that alerts users when their identity is at risk or being misused online by major merchants. Additionally, Truyu will be marketed to merchants as a service they can offer to their customers.
Truyu, wholly owned by CommBank, is accessible to all consumers regardless of their banking affiliation. This initiative comes at a critical time, with nearly 200,000 identity theft victims reported in Australia in the last financial year, marking a 25% year-on-year increase.
Toby Norton-Smith, managing director of x15 Ventures, emphasized the collaborative potential between public and private sectors in enhancing security for Australians: “We believe there’s an advantage to be gained by the public and private sectors working in collaboration to make things safer for all Australians, particularly given the pace at which the private sector can move, test, and learn.”
Norton-Smith added, “Truyu is a great vehicle – already in the hands of consumers – to test what propositions drive most engagement and value for consumers, and how we can also reduce the cost for merchants to manage and respond to identity fraud. As we work collectively on solutions to tackle identity misuse, I’m confident what we learn through our pilot will prove valuable to Government.”
As the government and private entities like x15 Ventures work together to enhance digital security, Truyu represents a significant step forward in protecting Australians from the growing threat of identity theft.