Transmit Security has appointed Matt Thompson, former president of Socure and co-founder of ID.me, as chief executive officer, and introduced Agentic Trust, a new offering designed to help financial institutions and merchants detect, investigate and control AI agents acting on behalf of customers.
Thompson succeeds Mickey Boodaei, who co-founded Transmit Security with Rakesh Loonkar in 2014. Boodaei will remain closely involved in product development, according to the company.
The dual announcement marks a new phase for Transmit Security as AI agents introduce another category of digital actor into banking and commerce. The company is extending its identity and fraud prevention platform beyond authenticating human users to identifying and governing AI agents operating on their behalf.
As AI agents begin taking on tasks such as account access, purchases and financial transactions, banks and merchants face questions that traditional identity systems were not designed to answer: Is an organization interacting with a human or an AI agent? Who authorized the agent, and what should it be permitted to do?
From passwordless authentication to agentic identity
Transmit Security’s expansion comes a little more than five years after the company raised $543 million in Series A funding in June 2021, at a pre-money valuation of $2.2 billion. The round, led by Insight Partners and General Atlantic, was described at the time as the largest Series A ever for a cybersecurity company.
The company was then focused on eliminating passwords through biometric authentication. Its BindID solution used native device biometrics, including facial recognition and fingerprints, to authenticate customers across channels.
Since then, Transmit Security has expanded into a customer identity platform combining identity orchestration, customer identity and access management (CIAM), authentication, identity verification and fraud prevention. Its technology allows enterprises to coordinate identity and fraud controls across customer registration, login, account management and transactions.
In September, the company received Morgan Stanley’s 2026 Innovation Award for its work supporting secure authentication experiences for the bank’s clients.
That existing identity infrastructure now provides the foundation for Transmit Security’s move into AI agent detection and governance.
AI agents challenge traditional identity controls
Traditional digital identity and fraud prevention systems have largely been designed to distinguish legitimate human users from malicious automation. AI agents complicate that distinction because they may be legitimately acting on behalf of customers while using valid credentials and existing sessions.
A customer might authorize an AI assistant to purchase an airline ticket, for example, without granting it permission to transfer money or change account credentials. The challenge therefore extends beyond verifying the customer’s identity to determining whether an agent is involved, whom it represents and whether its actions remain within authorized boundaries.
“As consumers increasingly rely on AI agents to act on their behalf, businesses face a new challenge: identifying who, or what, is accessing their applications, understanding the risks, and controlling what those agents can do,” Thompson says.
Travis Jarae, CEO of Liminal, sees the development as part of a broader shift in enterprise identity.
“As AI agents act on behalf of people and businesses, enterprises need to understand who they represent, what they are doing, and what they are authorized to do,” Jarae says.
He points to Thompson’s experience building identity businesses and Transmit Security’s background in identity orchestration as strengths in addressing the emerging market.
Agentic Trust: Detect, classify, then govern
Transmit Security says Agentic Trust is designed to identify AI agents accessing applications, including those operating through legitimate customer credentials or sessions without explicitly identifying themselves.
The platform follows a sequence the company describes as detect, classify, then govern.
It begins by detecting agent-driven traffic across online channels. The system then classifies which agent is operating, from widely used AI assistants to custom automation frameworks, and infers what it is attempting to do. Investigation tools allow enterprises to examine agent activity and assess potential risks.
Organizations can then apply policies that allow or restrict agent activity, require customer approval for higher-risk actions or block transactions. The company says these controls can include scoped, time-limited permissions.
The approach differs from traditional bot management, which generally focuses on distinguishing human traffic from automation and deciding whether to allow or block it.
Transmit Security argues that agent governance must begin with detection, particularly when AI agents operate through legitimate customer credentials or sessions. In an October 12 blog post, the company said agent registration and short-lived authorization tokens are insufficient on their own because they depend on agents identifying themselves.
For financial institutions, potential applications include controlling agents that initiate transfers, dispute charges or access customer accounts. Merchants could use the technology to distinguish legitimate agent-assisted purchases from unauthorized automation.
The announcement does not disclose independent detection accuracy results, customer deployment figures or detailed technical mechanisms for verifying the relationship between an agent and the customer it represents. Those questions will be important as financial institutions assess whether agentic identity controls can reliably establish delegated authority.
Consumer willingness to delegate financial activities also remains uncertain. A recent Ping Identity survey found that 22 percent of consumers would not allow an AI agent to make any financial transaction on their behalf.
Thompson brings experience scaling identity businesses
Thompson joins Transmit Security from Socure, where he served as president and chief commercial officer and helped grow the business by more than 500 percent over five years, according to the company.
Earlier, he co-founded ID.me and served as its president, helping build a digital identity business serving government agencies and commercial organizations. He has also held identity-related leadership roles at Capital One and Idemia.
His appointment brings commercial leadership experience to a company seeking to expand its position in enterprise identity while pursuing opportunities in agentic security.
“Now is our chance to capture a market opportunity that is moving at tremendous speed,” says Boodaei.
Competition grows around AI agent identity and authorization
Transmit Security enters an increasingly competitive market, with identity, fraud prevention and payment technology providers developing different approaches to governing AI agents.
At Money20/20, Tools for Humanity introduced World ID for banking and finance, including technology intended to allow people to delegate proof of their verified human status to AI agents. Okta is also pursuing agent identity capabilities, reflecting growing interest in connecting human identity and agent authorization.
Other providers, including Darwinium and PlainID, are addressing agentic security through behavioral intelligence and authorization controls.
Mastercard has also expanded its Agent Pay program with trust and intelligence services designed to help financial institutions and merchants evaluate AI-initiated transactions.
These approaches address related but distinct problems. Some focus on establishing an agent’s identity or its connection to a human user, others on enforcing delegated permissions or assessing transaction risk. Transmit Security is emphasizing the detection and classification of agents, including those that do not identify themselves, before applying governance controls.
The company’s expansion from passwordless authentication into identity orchestration and now agentic trust reflects a broader shift in digital identity. As AI agents begin acting on behalf of consumers, businesses must establish not only who or what is accessing their services, but whether those actions have been authorized.
For Thompson, the challenge will be turning Transmit Security’s existing technology and enterprise relationships into a position in this emerging market. His experience scaling identity businesses could prove valuable, but the company will need to demonstrate that Agentic Trust can reliably detect agents, establish the authority under which they operate and enforce permissions across real-world transactions.
Article Topics
AI agents | appointments | digital identity | identity orchestration | Transmit Security
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