A complete, easy-to-deploy ecosystem for creating, issuing, and verifying tamper-proof employment credentials, using open-source decentralized identity technology delivering secure and reusable verification
SEATTLE, Dec 8, 2022/Accesswire/ Indicio, the market leader in developing Trusted Digital Ecosystems to verify and exchange high-value information, today announced the availability of Indicio Proven Works, a complete, off-the-shelf solution enabling continuous, seamless verification of employment status.
Indicio Proven Works reduces duplicative and time-consuming verification processes, and provides tamper-proof assurance of employee identity for global companies and external benefit providers. The Association of Certified Fraud Examiners (ACFE) estimates that 5% of businesses’ annual revenue is lost to occupational fraud and payroll abuse. This includes false timesheet entries and paychecks going to employees who don’t actually exist.
Putting this in context, if the 5% loss estimate were applied to the combined total annual revenue of the top 500 grossing companies in the world in 2021, it would result in a projected total fraud loss of almost $1.9 trillion. Indicio Proven helps combat occupational fraud using verifiable credentials and open-source decentralized identity technology that is privacy-preserving, secure, and GDPR compliant.
“Indicio Proven Works is a powerful way to simplify employment verification,” said Heather Dahl, CEO of Indicio, “and a simple way to experience the power of verifiable credential technology. Whether entering a facility or a Zoom meeting or enrolling with a benefits partner, a verifiable credential provides fraud-resistant and tamper-proof assurance that the employee presenting the credential is your employee. KYC once, verify continuously and seamlessly, save time, money, effort, and eliminate risk. And once you add a verifiable credential layer to your existing system, you’ll be ready to expand the scope for immediately actionable, verifiable data.”
With its Proven range of products, Indicio provides all the components to quickly integrate verifiable credentials into existing systems and scale to meet needs, thereby providing a low-cost, low-code way for companies and organizations to build their own Trusted Digital Ecosystem with zero trust architecture. Indicio provides all the support, training, and continuous upgrades needed. Indicio Proven Works is a fully open source product allowing customers to own it and can customize it in whichever way meets their needs.
Key benefits of Indicio Proven Works:
- Employees can be quickly verified without having to use either email or multi-factor authentication.
- Verifiable credentials can be layered onto existing systems quickly—implementations are quickly achievable and do not require replacing current investments.
- Credentials can be quickly revoked and reissued if they expire, the employee leaves the company, or a security issue is identified.
- The employee holds the information in a verifiable credential and can share it by consent using encrypted, peer-to-peer communication.
- Simplifies enrollment with external payroll and benefits providers.
- As a proof of identity, an employee credential can also be used in a wide variety of contexts where proof of employment is critical, such as insurance policies, mortgage applications, and bank loans
- Simple, intuitive user interface using QR codes and swiping.
- The credential verification process makes it easier to manage the continuous verification required by zero trust security architectures.
- Verifiable credentials can be easily scaled to manage thousands of employees.
“Usually, new technology requires replacing existing systems or complex integrations and lots of development time. Indicio Proven Works is designed to eliminate all these obstacles,” said Ken Ebert, CTO at Indicio. “We’ve removed the learning curve to open source code and built a product that can be layered into your existing systems so that you can start issuing verifiable credentials quickly. You can customize the product to highly specific needs—or we can do it for you. This is the quickest, lowest cost route to digital transformation that delivers privacy and security on top of immediately actionable data.”