Trust Stamp Launches Biometric Multi-Factor Authentication Solution

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) has launched its Biometric Multi-Factor Authentication (Biometric MFA), a revolutionary solution that utilizes a simple selfie for secure identity verification. This innovative technology enhances security by replacing vulnerable one-time passcodes and proving liveness, which effectively mitigates fraud risks. Biometric MFA streamlines identity assurance processes and has shown success in enterprise applications, promoting customer retention and reducing fraud losses. Trust Stamp’s privacy-first approach positions it at the forefront of digital transformation in secure identity management.

Positive

• Launch of Biometric MFA that enhances security using a simple selfie.
• Reduces fraud losses and increases customer retention.
• Success demonstrated in enterprise implementations.
• Offers a low-friction authentication alternative.

Negative

• None.

A simple selfie that replaces one-time passcodes and multi-app user authentication

Atlanta, GA, April 28, 2022 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID), the Privacy-First Identity Company^TM, announces the launch of its Biometric Multi-Factor Authentication (Biometric MFA^TM) solution. The first-of-its-kind Biometric MFA^TM streamlines robust identity assurance with a simple selfie. Built on Trust Stamp’s advanced biometric tokenization, Biometric MFA^TM is spoof-resistant, verifies liveness, and replaces or supplements vulnerable one-time passcodes (“OTP”).

Learn more about the transformational Biometric MFA^TM solution and become a Trust Stamp partner here.

Biometric MFA^TM sits wherever OTP is currently deployed in an authentication process, providing a low-friction alternative that is more secure and privacy-positive. With one step, Biometric MFA^TM adds a second and third authentication factor by testing liveness and irreversibly tokenizing data from a simple selfie, eliminating the need for passcodes from SMS, email, authenticator apps, or hardware tokens.

Trust Stamp’s biometric authentication and data tokenization technologies have demonstrated success in enterprise implementations, with increased customer retention and reduced fraud losses. With established efficiency at scale, the unique Biometric MFA^TM offering is at the cutting-edge of digital transformation. Forward-thinking organizations can now craft dynamic digital journeys that keep pace with global customer desires and needs, as well as the evolving fraud landscape.

“Device-based multi-factor authentication is vulnerable,” says Kinny Chan, Trust Stamp’s Chief Commercial Officer. “Passwords and passcodes aren’t enough to ensure that genuine, authorized users are accessing their own accounts or initiating transactions. Biometric MFA^TM lets partners layer intuitive, convenient, and seamless identity authentication where vulnerable passcodes are used today.”

Trust Stamp’s Identity Orchestration Platform streamlines delivery and implementation of the Company’s technologies through a low-code approach. With applicability across the full identity lifecycle, including onboarding, KYC/AML, Biometric MFA^TM, account recovery, fraud prevention, compliance, and more, the platform puts partners in a position to develop and deliver value-added solutions, create new business opportunities, and grow commercial potential with innovative, privacy-first services.

Enquiries

Trust Stamp                                                                        Email: Shareholders@truststamp.ai

Gareth Genner, Chief Executive Officer                      

Nisha Naik, Executive VP of Communications

Davy (Euronext Growth Advisor)                                 Tel: +353 1 679 6363

Barry Murphy

Investor Relations                                                            Tel: +1 212-671-1021

Crescendo Communications                                           Email: idai@crescendo-ir.com

About Trust Stamp

Trust Stamp, the Privacy-First Identity Company^TM, 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 in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 100 people.

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 is Trust Stamp's new Biometric MFA solution?

Trust Stamp's new Biometric MFA is an innovative solution that uses a simple selfie for secure identity verification, replacing traditional one-time passcodes.

When was the Biometric MFA solution launched by Trust Stamp?

The Biometric MFA solution was launched on April 28, 2022.

How does Biometric MFA enhance security?

Biometric MFA enhances security by verifying liveness through a selfie, thus mitigating risks associated with one-time passcodes.

What are the benefits of Trust Stamp's Biometric MFA for enterprises?

The benefits include increased customer retention, reduced fraud losses, and a streamlined identity assurance process.

What stock exchanges does Trust Stamp trade on?

Trust Stamp trades on Nasdaq under the ticker IDAI and on Euronext Growth under AIID ID.