Posted 05 January 2021
Let's start with the name. We wanted the name of the product to reflect our mission and what we stand for.
idemeum is comprised of two latin words: meum and idem that mean "my" and "identity".
We aspire idemeum to be truly yours. Something that you can own, control, and share only with people and services you choose to. And we want idemeum to be your digital identity. Not some random string of characters that is hard to remember, but your true digital identity that you can use personally and professionally.
Use phone with biometric sensor to access online resources.
Access and sign up for services that require identity verification.
Control how and with who you share your identity information.
We have spent years in the identity and cyber security space, and yet we could not understand one paradox.
Digital identity is so critical to everything we do digitally, yet it gets compromised in almost every cyber security breach.
Every now and then we would hear the news and learn about yet another data breach where identity compromise would be at the core of it. And then we realized - we are not equipped with proper tools to protect our identity. We keep using old inefficient architectures and tools that have been invented years ago.
First passwords probably arrived at the Massachusetts Institute of Technology in the mid-1960s.
That is when we embraced on a journey to address the problems of identity privacy, fraud, and passwords.
As organizations store user accounts and credentials in centralized databases, hackers compromise these systems and release lists of usernames and passwords on the open web. We have a single point of failure that can be exploited with devastating results. The more we follow the centralized model, the more we sacrifice our privacy and security.
Use social login you would say? Sounds interesting, but... Are you ok with large social login providers knowing exactly when and where you log into? Knowing what services you use? It is quite a trade off - to forgo your privacy for simplicity and convenience. What is more, if your social account gets locked or disabled, you will lose access to everything you accessed with it.
Identity fraud is sophisticated and serious. Professional fraudsters work full-time, employing a range of creative and complex techniques to increase efficiencies and maximize profits. The fundamental issue is the issue of online trust - modern internet does not require user to confirm or prove one's identity.
As the proliferation of online services grow and enterprises undergo digital transformation, we are facing more and more cases where trust and identity verification are required. Obtaining healthcare, executing financial transactions, or opening accounts governed by KYC regulations - are all cases where identity fraud implications can be devastating.
We have "simple strings of characters" that can ruin our lives and reveal everything about us. Your email. Your bank account. Your files. Your private photos. Your location. No matter how complex, no matter how unique, our passwords can no longer protect us. We constantly try to patch passwords, but we are unsuccessful. For instance, despite the obvious benefits of multi-factor authentication, organizations tend to leverage this technology on a selective basis. Why? Enterprises are yet to determine what IT assets require MFA, and how to deal with user experience compromises.