+0.9%
since Sep 30
The idea
I believe verifying "is this a real person" is becoming a permanent cost every platform and bank has to pay as AI-generated fraud spreads, and that spending has to land somewhere. This basket spreads across identity verification rails, bot defense networks, payment-turned-identity networks, content authenticity standards, and biometric hardware, seventeen holdings across five areas so no single company has to win. I'm holding about 8% in cash to add to the strongest names if they get cheaper, and I'm treating this as a multi-year structural bet rather than a trade.
What it owns
- Online identity verification is becoming a standard requirement as fraud rises, creating recurring revenue for companies that can prove a person is real before an account opens or transaction completes. · Okta, Inc.It sells the identity verification infrastructure companies use to confirm who is signing in, and that infrastructure becomes more valuable per login as AI-driven fraud increases., CLEAR Secure, Inc.Its entire business is verifying that a specific person is who they claim, starting at airports and expanding into healthcare and online identity checks where recurring verification demand grows., Equifax Inc.Its Workforce Solutions arm verifies that a person and their employment history are real, and banks and employers will pay more per verification as AI fraud pressures rise., TransUnionIt sells the data that proves an applicant is a real person with a real history, and synthetic identity fraud makes that answer more valuable for account opening and lending decisions., RELX PLCIts LexisNexis Risk Solutions unit is one of the largest sellers of identity verification and fraud checks to banks and governments, compounding as every account opening needs a personhood check., Mitek Systems, Inc.It sells the document and biometric checks that power mobile bank account openings and deposit verification, making it a pure play on rising per-verification volumes driven by fraud pressure., Telos CorporationIt runs government identity programs including TSA PreCheck enrollment, making it a direct bet on the state paying to verify people and renew those enrollment contracts.35%
- As AI-generated traffic grows, filtering bots from humans becomes a cost every internet property pays, making bot detection and verification services essential infrastructure. · Cloudflare, Inc.It sits in front of massive web traffic and sells bot detection and human verification as a service that grows more critical as AI traffic makes filtering bots a cost every site must absorb., Alphabet Inc.It runs reCAPTCHA, the most widely deployed human verification check on the internet, and profits from both the AI flood and the defenses it sells against it., Akamai Technologies, Inc.Its security business, including bot management, is now the growth engine as customers pay more to separate humans from scripts and protect against AI-generated traffic.20%
- Payment networks and blockchain platforms profit by selling trust between strangers, and higher fraud rates push merchants and users to pay more for identity checks and risk scoring. · Mastercard IncorporatedIt has built an identity and fraud business through acquisitions because every transaction is ultimately a question of whether a real person authorized it, creating a second revenue layer on top of payments., Visa Inc.It charges for trust between strangers in transactions, and merchants will pay more for identity services and fraud scoring as AI-driven fraud becomes costlier to ignore., Coinbase Global, Inc.It is the regulated on-ramp where crypto meets know-your-customer checks, and it is building onchain identity tools that could turn verifiable personhood into a product crypto platforms sell.16%
- Proving that images and videos came from real cameras, not generative models, will require standard authentication tools and metadata that creators and platforms must attach and verify. · Adobe Inc.It leads the Content Authenticity Initiative and the emerging C2PA standard for proving images and videos came from real sources, positioning its tools as where provenance labels get attached., Sony Group CorporationIt builds provenance signing directly into cameras and image sensors so photos can prove they were captured by a real device, not generated, creating value as authentication becomes a standard feature.11%
- Fingerprint sensors and secure enclaves already built into phones can serve as local proof of personhood for apps and banks, making biometric attestation a valuable feature that hardware makers improve over time. · Apple Inc.It runs the world's largest biometric identity system through Face ID and passkeys, and grows value by positioning the iPhone as the device that vouches for personhood to apps and banks., QUALCOMM IncorporatedIts chips carry the fingerprint sensors and secure enclaves that make on-device identity possible in the Android world, growing value per device as biometric attestation becomes standard.10%
- Cash8%