In a groundbreaking move to combat identity theft and online fraud, Commonwealth Bank’s venture-scaler, x15ventures, has unveiled Truyu, an innovative digital protection tool designed to safeguard Australians’ identities in the digital realm.
As Australia grapples with a surge in identity theft cases, with nearly 200,000 victims reported in the last financial year alone, Truyu emerges as a timely solution to address this growing concern.
Truyu represents a pioneering approach to digital identity protection in Australia, offering real-time alerts to users when their name, date of birth, and driver’s license or passport details are used online at major Australian merchants. This proactive feature empowers users to promptly confirm the legitimacy of such transactions via the Truyu app, thereby thwarting potential identity misuse.
Moreover, Truyu goes beyond traditional identity protection measures by providing users with invaluable support and remediation prompts in the event of identity theft, helping them secure their information efficiently and mitigate further harm or loss.
In addition to ID usage alerts, Truyu also offers users proactive notifications in the event that their email address, registered with the app, has been compromised in a data breach, further enhancing their online security posture.
Developed in collaboration with GBG, a global leader in digital identity solutions, Truyu harnesses cutting-edge technology to deliver unparalleled protection against identity fraud and online scams.
Toby Norton-Smith, Managing Director of x15ventures, expressed pride in the innovative strides made by Truyu, emphasizing the importance of addressing the multifaceted impacts of identity fraud. Norton-Smith underscored x15’s commitment to fostering cross-industry collaboration on fraud prevention, positioning Truyu as a pivotal tool in this endeavor.
Operating within a secure but distinct environment from Commonwealth Bank, x15ventures leverages its platform model to expedite the development and deployment of groundbreaking solutions like Truyu. By marrying digital-first innovation with bank-grade standards, x15 accelerates the growth of its ventures, all while benefiting from the expertise and support of CommBank.
Truyu is now available for download on both the Apple App Store and Google Play Store, with all features offered free of charge during the three-month pilot phase. Following the pilot, users can access premium features, including ID usage alerts, through a $4.99 monthly subscription.
As Truyu enters the Australian market, it heralds a new era of digital identity protection, empowering consumers to navigate the online landscape with confidence and security.