miiCard, a virtual identity card, received £500,000 pounds, or $880,000, in a seed round today, and plans to bring more security to online transactions in the same way we check IDs offline.
miiCard is like an online passport or driver’s license, proving your identity. To get a miiCard, you register and verify your account, much like any other website registration. After the validation goes through, you have the option to attach accounts to your miiCard, such as your bank account, credit accounts, social networks and utilities accounts. Adding these accounts strengthens your identify and allows miiCard to confidently confirm, you are who you say you are.
The company is trying to create a circle of trust for your online transactions, even if the seller can’t physically see proof of your identity.
“From buying and selling online to using social networks, we often need to be able to prove our identity online and in real-time. miiCard will do that by offering an alternative to the traditional offline checks of driver’s license, passport or utility bill,” said chief executive James Varga in a statement.
According to miiCard, 70 to 90 percent of online transactions fall through when proof of identity is requested. With numbers that high, this probably isn’t a result of sketchy buyers, but simply that the hassle of providing proof outweighs the purchase benefit. Having an ID up front will also speed up the purchase process.
And obvious concern is security for those precious accounts, which miiCard assures customers it has. Its measures include bank-level online security and authorization tactics as well as third party audits to ensure there aren’t any vulnerabilities. It runs its technology on Yodlee.
miiCard also announced that James Varga, a serial Canadian entrepreneur, would become the company’s chief executive.