LOS ANGELES, July 12, 2022 (GLOBE NEWSWIRE) -- In response to the recent termination of the Twitter acquisition, Dentity, the leader in Web3 identity, is announcing that it has made its verified identity program free to all consumers. Thousands of consumers are already taking advantage of this offer, building trusted interactions with the people they interact with online and increasing their safety.
While fake social media accounts have been problematic for years, recent developments have raised the stakes and created a defining moment for consumers to take safety into their own hands. It's estimated that over 40% of the traffic on the Internet is bots, and bad actors and fake profiles continue to explode. Recent reports by Twitter indicate they delete over 1 million fake accounts a day, and according to Statista, Facebook deletes over 1.5 billion accounts per quarter. Pew Research indicates that 51% of online daters feel people set up fake profiles to scam others (according to the FTC, romance scams reached a record high in 2021, with reported losses exceeding $540 million — a 6x increase from 2017 and an 80% increase compared to 2020). Cases of online child grooming continue to rise, with social media accounting for the vast majority of these cases.
"The scourge of fake social media accounts multiply the malignancies of the Internet," said Jeffrey Schwartz, Founder and CEO of Dentity. "Bad actors use fake accounts to hide under the veil of anonymity to do us harm," Schwartz continued, noting that, "The social media and Big Tech giants don't require users to verify their identity during the onboarding process, largely driven by advertising business models which put a premium on an ever-growing user base. Moreover, consumers don't trust them with more of their personal information, given security breaches and their use of personal data to feed their advertising algorithms."
User Drive Solution to Social Media Safety and Fake Accounts
Today, Dentity is making its identity verification system free to all consumers. Available at www.dentity.com, consumers can verify their identity and request others do the same. Dentity's identity verification system is powered by advanced AI and machine vision and requires a valid government-issued ID tied to proof of liveness selfie. No images are saved and consumers end up with a digital identity credential that they can securely use and share anywhere online. Dentity is now free to consumers and takes less than a minute to complete.
Dentity's Web3 identity system is consumer-focused and leverages the power of Verifiable Credentials, which are the new standard for storing digital identity information. They are cryptographically secure, privacy-respecting, and machine verifiable. Verifiable Credentials leverage the power of blockchain technology to bring a new level of privacy and security to consumer identity information. Best of all, they give consumers the ability to securely store, share, and own their identity information, rather than turning over more information to Big Tech.
"Identity verification is not just good for Internet safety, but it's good for advertisers as well," noted Schwartz. "Advertisers rely on the number of users provided by the social media platforms to direct their advertising dollars, and fake accounts artificially inflate these numbers. Dentity offers businesses an easy way to verify identity using our platform."
About Dentity
Dentity is on a mission to make the Internet a safer place by enabling trusted interactions between consumers and people they meet or transact with online with shareable, verifiable identity information. The Dentity Web3 Identity and Verifiable Credentials platform includes the Dentity Wallet for consumers and a self-service platform for credential issuers and verifiers. Dentity is based in Los Angeles, CA. Visit dentity.com for more information.
Media Contacts
Contact admin@dentity.com or (877) 807-7054 for more information.
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