Digital identity company Prove Identity has added two new members to its executive team to meet what it says is a rising demand for identity verification tools.
The New York company has named Nicole Jass as its chief product officer with the goal of expanding into new industries and use cases, Prove said in a Tuesday (Nov. 8) news release. Scott Bonnell has been named chief revenue officer “to help drive global scale and execution.”
Jass comes to Prove from FIS, where she served as senior vice president of growth solutions. She was also the founder and CEO of SpyderLynk, a mobile advertising technology company. Bonnell’s last position was as vice president of enterprise sales at Twilio, following leadership roles at companies that include Oracle, Mocana, and Passlogix.
Prove says Jass and Bonnell’s hiring will help it carve out a piece of the digital identity marketplace, which it projects will be worth $116 billion by 2030.
Read more: PYMNTS Intelligence: Leveraging Technology to Combat Identity Fraud
Identity fraud is growing as well, as PYMNTS noted last week. One recent study discovered that businesses lost $52 billion to identity fraud in 2021, an astounding 79% increase year over year. This fraud was divided into several different types, with new account fraud up 109%, account takeovers increasing 90%, along with a 69% rise in credit card fraud.
“The growth in identity fraud loss is untenable for businesses, especially if it continues on its current trajectory,” PYMNTS wrote.
Prove’s new hires arrive on the heels of a new product announcement from the company. Launched Oct. 24, Prove Auth is a passwordless login and omnichannel authentication tool that lets businesses reduce their reliance on passwords and one-time passcodes.
“Multi-factor authentication desperately needs to evolve, as one-time passcodes and passwords are cumbersome and vulnerable to social engineering and other fraud vectors,” Prove Co-founder and Chief Executive Officer Rodger Desai said. “These legacy methods are costly to businesses and also create friction that negatively impacts the consumer experience.”