Incode Acquires Identiq for Privacy-Preserving Fraud Intelligence

Incode is adding cryptographic peer-to-peer identity validation to its fraud-prevention platform with the acquisition of Identiq, a company whose technology lets organizations share fraud signals without exposing the underlying customer data. Incode framed the deal as part of a pledged 100 million dollar investment in privacy infrastructure, alongside its existing on-device processing capabilities.

Identiq’s network is built on what it calls fully anonymous identity resolution, a patented approach the company says it spent nearly a decade and more than 50 million dollars developing. The aim is to solve a long-standing tension in identity verification: how can institutions collaborate to catch fraudsters who operate across many companies without pooling sensitive customer data into shared databases that themselves become targets for attackers. Incode pointed to figures from the Identity Theft Resource Center showing that data breaches in the United States reached a record high in 2025, with third-party involvement rising sharply, as evidence that centralized stores of identity data carry growing risk.

The mechanism relies on cryptography rather than a central repository. When a user presents identity credentials at one institution, Identiq’s layer generates a non-reversible, anonymized signal from that verification event, and Incode says no name, document number, biometric, or raw identifier leaves the originating organization. That signal is then compared against equivalent signals from other participants using secure multi-party computation, a technique that lets two parties learn whether their inputs match without either seeing the other’s data. In practice, the company says, two banks can confirm they have encountered the same fraudster without revealing any individual’s personal information.

The approach echoes a wider move toward privacy-preserving biometrics and identity, seen when Ping Identity acquired Keyless for its secure multi-party computation biometrics and when Worldcoin rebuilt its iris processing around the same cryptographic method. Incode says its platform processes more than four billion verifications a year across regulated industries.

“Every institution we spoke to asked the same question: how do we fight fraud together without giving up control of our customers’ data?” said Itay Levy, co-founder and CEO of Identiq. Ricardo Amper, founder and CEO of Incode, said the acquisition lets the company broaden its fraud intelligence “without ever exposing a single user’s individual data.” Incode said Identiq’s capabilities would become part of its platform over the coming weeks and months.

Sources: Incode

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By the ID Tech Editorial Team