Endera launches nation's first Trust Exchange Network - a game-changer in the digital and gig economies
Posted 3.08.2021 by Editorial @ Endera
Trua generates a bias-free Trust Score based on an individual's verified identity, and criminal and civil histories
MCLEAN, Va., March 2, 2021 /PRNewswire/ -- Endera, provider of the first continuous evaluation platform for post-hire workforce risk, has launched Trua™, a user-centric, digital trust exchange network powered by cutting-edge, patented algorithms that facilitate a Trust Score based on an individual's verified identity, publicly available court records, and other verifiable data. Users can share their TruaScore™ with potential employers to establish credibility and trustworthiness, ultimately replacing the need for traditional background checks and credit-score inquiries that require personally identifiable information (PII).
Trua puts individuals in charge of their own data by enabling users to generate a dynamic Trust Score that's continuously monitored and updated. The score, ranging from zero to 360, is generated by verified and validated background information pulled from nationwide court and public records.
The score takes into account a person's identity, credentials, criminal and civil records, education, watch lists, and sanctions without exposing sensitive personal information such as Social Security numbers as in a traditional background check.
Over 8 million computations are factored into Trua's cutting-edge proprietary algorithms that simplify the typically arduous screening of an individual's background information into an easy-to-understand, personal Trust Score. Users have complete control over who to share their score with and the length of time it can be viewed by explicit authorization.
Trua's mission is to enable the exchange of trust for life's transactions and to empower people to have a confident and secure relationship with the unknown. The TruaScore is now the way to prove trustworthiness in person-to-person transactions such as workplace hiring, in-home-care and service providers, tenant screening, or even dating.
"Trust within the gig and sharing economies can be difficult to measure, especially because studies show that two-thirds of people solely rely on peer references and word-of-mouth in decision making," said Raj Ananthanpillai, CEO of Endera. "Many digital platforms that connect service providers with consumers cut the vetting process short, leaving consumers with little to no real trust in a provider's identity and credibility, which can be a safety or liability risk."
The nontraditional gig/share economy is dramatically expanding as a result of the COVID-19 pandemic, fluctuations in the economy, and technological advancements that make remote hiring and work more efficient. In this market, there is currently no universal, standardized trust exchange method that gig and freelance workers can rely on to drive professional growth and personal protection.
"There is a clear need for a fast, reliable solution to assess trust without infringing on privacy or exchanging sensitive personal data," Raj added.
By empowering people to take ownership of their data and personal information without compromising the integrity of the data, Trua allows users to prove their trustworthiness in person-to-person transactions without fear of identity theft or leaked PII. Unlike traditional background checks, the TruaScore is a non-biased trust exchange method because employers and hirers only see an individual's Trust Score, not a lengthy document with underlying data and personal details.
With the constant risk of data breaches that leave personal information vulnerable, TruaScore does not require companies to collect an individuals' PII and then outsource background checks to a third party. Instead, Trua lets individuals assemble their own background profile and enables the evaluator to verify them through the Trua Trust Exchange. This transformation allows Trua to reduce significant regulatory burden and liability risk for employers and better protects sensitive data.
"Employers should no longer have to bear the overwhelming responsibility of safeguarding every applicant's or employee's PII, especially as company data breaches are on the rise," said Raj. "Trua takes that burden off of employers and allows them to hire smarter, safer and much faster."
TruaScores are continually updated as new public information becomes available, eliminating the need for employers to run periodic screenings as they would with a traditional background check. It also provides situation-specific scores for employers interested in relevant history and credentials.
Trua users are able to review and dispute any incorrect data affecting their score, which is atypical during a traditional background-check process; applicants are merely informed that a background check is being performed on them and it ends there. Whereas Trua provides a dashboard of information on how to improve their score over time, similar to how individuals monitor and work to improve their credit scores.
Banking and financial service institutions will benefit from utilizing the holistic Trust Score, as Trua quickly verifies an individual's identity, criminal and civil issues, watch lists and sanctions, and financial compliance without the need for third-party background checks or storing an individual's personal documents.
"We are disrupting the archaic method of verifying a person's identity and background in order to adjust to the realities of the new digital landscape of our lives," said Raj. "Millions of people are renting vacation homes, hiring care givers and home services, ordering cars through rideshare, and meeting people from dating apps without confidently knowing if these individuals are safe and trustworthy. It's time that we drive a societal change in terms of safety, security and personal responsibility, and provide a turnkey digital trust exchange, putting individuals back in control of their personal data."
Trua Trust Exchange is based on blockchain technology and holds six patents for its proprietary processes, visual display and scoring technology. An individual's records are verified by multiple sources to ensure legitimacy, and are cryptographically signed and stored on a blockchain to provide a chain of custody of all data sources applied in the validation.
All user data is encrypted and accessible only by multifactor authentication by the individual. When users no longer want to use a Trust Score, their data is deleted and never sold to third parties as it is when using traditional background checks and credit bureaus.
Trua is powered by facial recognition technology and backed by 15 years of research and product development on behalf of major corporations and U.S. intelligence agencies such as Homeland Security.
For more information, please visit https://truascore.com.