A new blockchain-based identity platform called Civic wants to be a second-factor authentication for people who want to be insured for digital ID theft protection. The app, which just launched, notifies its users when their social security is used by a Civic affiliate allowing people to make sure the use of this information is legitimate.
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Vinny Lingham’s Civic Creates 2FA Against Social Security Fraud
Civic is a new project created by Vinny Lingham, a South African entrepreneur and the founder of Gyft. In 2014, Gyft was sold for over $50 million and Lingham has since moved on to his new digital identity protection service. Civic insures its customers from identity fraud for up to $1 million per user, free for life. The platform is still in beta but will charge banks and traditional finance institutions a small fee to take part in the second-factor layer of identification.
Lingham told Forbes this week:
The Social Security number system was not built for identifying people uniquely, but as an account for retirement savings. It has now become the de facto means of identity, but the system was never built