In the week when the Australian Federal Government announced a commitment of $288 million to enhance digital ID and combat identity theft, CommBank’s venture scaling unit, x15Ventures, introduced Truyu—a new app designed to notify users when their credentials are at risk of fraudulent use.
Following the passing of a Digital ID bill in March, Australian Minister for Finance and the Public Service, Katy Gallagher, revealed that the digital ID framework will receive $288.1 million in funding over the next four years. Businesses will soon have the opportunity to trial the Government Digital ID system, which includes a two-year phase-in period as part of the recently passed legislation.
Meanwhile, x15Ventures has taken the initiative by launching Truyu in partnership with gateway service provider GBG. The app, which is already available on the App Store and Google Play, provides users with alerts if their identity is being used online at major retailers. Currently in pilot phase, Truyu is aimed at consumers, with potential plans to extend its offerings to merchants in the future.
Socially inclusive, Truyu will be accessible to all consumers, regardless of their banking affiliation. This launch comes amid a concerning rise in identity theft in Australia, with nearly 200,000 reported victims last financial year—a 25% increase compared to the previous year.
Toby Norton-Smith, managing director of x15Ventures, stated, “We believe there’s an advantage to be gained by the public and private sectors working collaboratively to enhance safety for all Australians, especially given the agility of the private sector in testing and learning new solutions.” He added, “Truyu serves as an effective tool already in the hands of consumers to explore which propositions foster the highest engagement and value, while also helping merchants reduce the costs associated with managing and responding to identity fraud.” Norton-Smith expressed confidence that insights gained from the pilot would be beneficial to the Government in resolving issues related to identity misuse.