Trust Stamp launch AI-powered software on the NayaOne Marketplace
Trust Stamp has launched its proprietary AI-powered Identity HubTM on the NayaOne Tech Marketplace. The software offers advanced biometric authentication, robust identity verification, and synthetic identity fraud detection. Key features include liveness and presentation attack detection, anti-spoofing checks, and synthetic identity detection. The software also enhances data privacy by transforming sensitive personal data into anonymized identity tokens (IT2). This launch aims to help banks and financial institutions combat sophisticated fraud schemes and improve customer retention. Andrew Gowasack, President of Trust Stamp, emphasized the importance of evolving fraud prevention strategies, while NayaOne's Marketplace Manager, Varun Resh, highlighted the growing threats of phishing and social engineering.
- Launch of AI-powered Identity HubTM on NayaOne Tech Marketplace.
- Advanced biometric authentication with liveness and presentation attack detection.
- Robust identity verification and KYC with anti-spoofing and synthetic identity detection.
- Synthetic identity fraud detection using biometric velocity checks.
- Enhanced data privacy through anonymized identity tokens (IT2).
- None.
Insights
Trust Stamp's launch on the NayaOne Marketplace signals a significant advancement in the field of biometric authentication and AI-powered fraud detection. The combination of these technologies is particularly relevant in today's digital banking landscape, where security threats are becoming increasingly sophisticated. The use of advanced biometric authentication with liveness and presentation attack detection is a step forward in combating identity theft and account takeovers, which are persistent issues in the financial sector. This technology can potentially reduce fraud rates significantly by ensuring that only authentic users can access sensitive financial information.
Moreover, the integration of robust identity verification and KYC (Know Your Customer) processes will help banks to comply with regulatory requirements while enhancing the customer experience. The use of document validation, anti-spoofing checks and synthetic identity detection addresses multiple layers of potential fraud, adding an extra layer of security during customer onboarding and high-risk transactions.
The transformation of sensitive personal data into secure, anonymized identity tokens (IT2) is a notable innovation. This process not only protects user privacy but also maintains data utility, which is important for identity verification without compromising on security. This is particularly important given the stringent data privacy regulations in place globally.
From a technology perspective, the modular nature of Trust Stamp's solution, delivered via microservices, offers financial institutions the flexibility to build and test unique solutions tailored to their specific needs. This adaptability is a strong selling point in a marketplace where one-size-fits-all solutions are often insufficient.
From a financial perspective, Trust Stamp's entry into the NayaOne Marketplace could potentially bolster its revenue streams by tapping into NayaOne's customer base of banks and financial institutions. These organizations have a significant need for advanced fraud prevention and identity verification solutions, which plays well into Trust Stamp's offerings. The market demand for such technologies is robust, driven by the increasing prevalence of digital banking and the corresponding rise in cyber threats.
The strategic move to offer their solutions on a reputable platform like NayaOne can enhance Trust Stamp's visibility and credibility. Financial institutions are likely to prefer established marketplaces for sourcing their technological needs due to the assurance of quality and reliability that comes with platform vetting processes.
Investors should note the potential long-term benefits of this partnership. As more banks and financial institutions adopt AI and biometric-driven security solutions, Trust Stamp stands to gain from recurring revenue through subscription models or service agreements. Additionally, the co-creation aspect with NayaOne allows for continuous improvement and customization of solutions, which can lead to sustained customer engagement and loyalty.
However, it's important to consider the competition in the market. Several tech firms are offering similar solutions and Trust Stamp will need to continually innovate to maintain its competitive edge. Investors should watch for quarterly financial results to gauge how effectively this partnership translates into revenue growth and market share expansion.
Trust Stamp has launched on the NayaOne Tech Marketplace with AI-powered products to help banks and financial institutions combat fraud, retain customers, and reach a broader user base
ATLANTA, GA, June 18, 2024 (GLOBE NEWSWIRE) -- Trust Stamp announced that it has launched its proprietary Identity HubTM on the NayaOne Marketplace offering AI-powered software solutions that offer:
- Advanced Biometric Authentication with liveness and presentation attack detection to combat fraud and enhance security during customer onboarding, account access, and high-risk transactions protecting against identity theft and account takeovers.
- Robust Identity Verification and KYC including document validation with anti-spoofing checks and synthetic identity detection including identity deduplication.
- Synthetic Identity Fraud Detection via biometric velocity checks and identifying stolen or fabricated identities.
- Enhanced Data Privacy and Protection by irreversibly transforming sensitive personal data into secure, anonymised identity tokens (IT2) protecting privacy while maintaining data utility for identity verification purposes.
Varun Resh, Marketplace Manager of NayaOne, commented, “We’re excited to welcome Trust Stamp to the NayaOne Tech Marketplace. Banks and financial institutions are increasingly threatened by sophisticated fraud schemes, which exploit vulnerabilities through tactics like phishing, social engineering, and advanced digital forgery. These challenges require the evolution of fraud detection and prevention strategies, investment in cutting-edge technologies such as AI and biometric authentication, and the prioritization of robust compliance and data privacy measures.”
Andrew Gowasack, Trust Stamp’s President, commented, "As fraudsters become more adept at circumventing traditional security measures, prioritizing robust fraud prevention is crucial to protect customers, safeguard assets, and maintain trust in the banking system and banks must continuously evolve their fraud detection and prevention strategies by investing in cutting-edge technologies. NayaOne's platform provides financial institutions with the ability to build, test, and create unique solutions to the complex problems that they face and Trust Stamp’s technology is delivered through a set of microservices, which is ideally suited to the NayaOne platform and gives institutions flexibility in creating solutions. We are excited to be co-creating with NayaOne and we look forward to working with its customer base.”
Enquiries
Trust Stamp Email: Shareholders@truststamp.ai
Andrew Gowasack, President: agowasack@truststamp.ai
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global provider of AI-powered identity services for use in multiple sectors, including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.
Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
FAQ
What new product did Trust Stamp launch on the NayaOne Marketplace?
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