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authID Inc. (Nasdaq: AUID) is a prominent provider of biometric identity verification and authentication solutions, committed to ensuring that cyber-savvy enterprises “Know Who’s Behind the Device” for every customer or employee login and transaction. The company’s easy-to-integrate, patented biometric identity platform quickly and accurately verifies user identities, thereby eliminating any assumptions about the person behind a device and preventing cybercriminals from taking over accounts.
authID combines digital onboarding, FIDO2 login, biometric authentication, and account recovery to provide a fast, accurate, and user-friendly identity verification experience. The company’s platform delivers identity verification in just 700 milliseconds, establishing a biometric root of trust for each user that is bound to their accounts and provisioned devices. This approach stops fraud at onboarding, eliminates password risks and costs, and provides a faster, frictionless, and more accurate user identity experience demanded by operators of today’s digital ecosystems.
Headquartered in Denver, authID’s footprint spans North America, and its services cater to various industries including financial services, healthcare, gaming, and e-commerce. The company has recently achieved significant milestones, such as appointing new talent to key positions and expanding its sales, customer success, and engineering teams. authID is also exploring strategic partnerships, such as with Verified Inc. and IDMWORKS, to enhance its market reach and offer innovative identity verification solutions.
In terms of financial performance, authID has shown strong momentum with a significant increase in sales and revenue. For instance, the company reported a 1200% increase in sales in 2023 and has set ambitious targets for 2024. This growth is supported by a strong sales pipeline and an expanding list of enterprise customers. authID’s recent initiatives include launching new products and expanding its customer base through direct sales and channel partnerships.
authID is also committed to corporate governance and regularly engages with its shareholders. The company’s 2024 Annual Meeting of Stockholders will include proposals to elect directors, ratify the appointment of auditors, and approve other key measures. The meeting will be held virtually, ensuring broad participation and transparency.
For more information, visit authID.ai.
authID (Nasdaq: AUID) has been featured in a new Prism Project report by Acuity Market Intelligence, highlighting its leadership in biometric identity verification and authentication solutions. The report names authID as a 'luminary' for its platform, which achieves a one-in-one-billion false-match accuracy rate while maintaining zero-knowledge architecture for data protection.
The company's newly launched PrivacyKey™ technology, along with solutions Proof™ and Verified™, represents a significant advancement in balancing security and privacy. The Prism Project forecasts 300% growth in demand for privacy-focused biometric solutions over the next three years.
The report emphasizes authID's recent partnership with Salus to enhance credit union services for 120 million underserved individuals. The company has also secured partnerships with financial institutions, technology companies, and firms in staffing, philanthropy, and customer service sectors.
authID (Nasdaq: AUID), a biometric identity verification provider, has been selected by Salus, a microlending platform, to handle onboarding and authentication for their financial services targeting underprivileged communities. Salus, launched in 2023, partners with credit unions to provide credit access to over 120 million young, under-served adults without prime credit scores.
The partnership aims to deliver fast, accurate verification while protecting user privacy and maintaining regulatory compliance. Salus chose authID after evaluating various vendors, finding their biometric solutions superior to previous probabilistic fraud detection systems. The platform will help credit unions build trust with members and expand financial access to individuals typically excluded from traditional banking services.
authID (Nasdaq: AUID) has announced the granting of stock options as inducement awards to two new employees. The first employee received options to purchase 20,000 shares at an exercise price of $5.99 per share, while the second employee received options to purchase 30,000 shares at $5.89 per share. These options will vest monthly over three years in 36 equal installments, contingent on continued employment, and have a 10-year term. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).
authID (Nasdaq: AUID) has launched PrivacyKey™, a groundbreaking solution for its biometric identity authentication platform that eliminates biometric data storage risks and compliance issues. The technology enhances authID's Proof™ and Verified™ solutions by implementing a key-pair system that processes facial biometrics without storing actual biometric data.
The new system, available in Version 4.0, creates public and private key pairs during identity proofing, immediately destroying the private key and storing only the public key. During authentication, the private key is recreated and matched with the public key through an encrypted message. The platform maintains high performance with 700ms processing speeds and one-in-one billion false-match accuracy.
PrivacyKey™ also features advanced key-management capabilities, allowing enterprises to rotate and revoke keys while ensuring authorized-only access. This innovation addresses growing concerns about biometric data security and compliance with increasing regulatory requirements across different jurisdictions.
authID (Nasdaq: AUID) has been recognized as an Identity Proofing and Verification Luminary in The Prism Project's 2024 Biometric Digital Identity Flagship Report. The report, published by Acuity Market Intelligence, evaluated over 130 vendors in the global digital identity ecosystem.
The report highlights authID's key differentiators, including their proven team of identity-industry veterans, successful customer implementations with organizations like the American Board of Radiologists and ABM, and technical capabilities featuring one-in-one-billion false-match accuracy and 700ms-verification speeds.
According to The Prism Project, the global biometric digital identity industry is projected to generate over $315 billion in aggregate revenue, with biometric transactions expected to reach 5.6 trillion from 2024 through 2028. The report emphasizes biometrics' important role in reducing fraud, improving operational efficiency, preserving privacy, and enhancing user experience in digital transformation.
authID (Nasdaq: AUID) has joined the Accountable Digital Identity Association (ADIA) to advance standardized, interoperable framework for decentralized identity services. The partnership aims to promote portable digital identities, allowing users to use a single set of credentials across multiple online services.
The collaboration aligns with authID's mission of providing biometric identity verification and authentication solutions. Through its Proof and Verified identification solutions, authID offers one-in-one-billion false-match accuracy with 700ms processing time. The global market for shareable identity is projected to grow from $32.8 billion in 2022 to $266.5 billion by 2027.
authID (Nasdaq: AUID) announced a major expansion of its services with the EinStrong Foundation, implementing its biometric authentication technology to enhance transparency and accountability in philanthropy operations. The company's Verified platform enables identification of financial-disbursement recipients in 700 milliseconds, without requiring traditional ID documentation.
Following a successful test phase in spring 2024, the program will now extend to millions of recipients globally. The partnership aims to revolutionize NGO operations by providing unprecedented transparency to donors and reducing fraud through face biometric technology. EinStrong will utilize authID's de-duplication capabilities in its initial rollout to countries in Asia and Africa.
TurboCheck and authID (Nasdaq: AUID) have formed a strategic partnership to combat hiring fraud in the digital age. TurboCheck has already identified over 200,000 fake candidates, highlighting the urgency of this initiative. The collaboration combines TurboCheck's fraud detection platform with authID's biometric technology to enhance candidate verification.
The partnership addresses growing challenges including fake IDs, AI-generated resumes, real-time AI interview assistance, deepfakes, and moonlighting. The Federal Trade Commission reported 31,207 cases of employment identity theft in 2023, an 18% increase from 2022. authID's platform offers real-time verification of over 14,000 government-issued IDs, facial biometric matching in 700 milliseconds, and advanced Presentation Attack Detection to prevent deepfakes.
authID (Nasdaq: AUID) has signed an agreement with TurboCheck, a SaaS platform for employer and staffing firm identity verification, to deploy its biometric identity verification services. The partnership aims to combat the growing threat of fraudulent job candidates and employment identity fraud.
TurboCheck will implement authID's biometric verification capabilities to secure candidate vetting and remote onboarding, delivering identity verification in 700 milliseconds across devices and browsers. The solution validates identity documents and matches selfies to credential photos using facial biometrics.
The partnership addresses a significant market need, with 31,200 confirmed cases of employment-identity theft or wage fraud reported last year. The solution targets the $200B staffing and recruiting industry, offering protection against AI-generated fake IDs and deepfake videos.
authID (Nasdaq: AUID) has announced a partnership with Berify, making them a customer and OEM partner. Berify will implement authID's Proof™ and Verified™ solutions for onboarding and authentication across its global platforms. The partnership will focus on securing Berify's user base and integrating authID's biometric solutions into their platform, particularly targeting enterprise use cases in the Asia Pacific market.
Berify's platform combines blockchain, cybersecurity, and consumer engagement features, providing a single, reusable identity system across vendors. The collaboration aims to enhance security and user experience while preventing identity fraud through authID's duplicate identity recognition capabilities.
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