Trust Stamp Partners with Botdoc to Bring New Innovative ID Security to the Automotive Industry
Trust Stamp (Nasdaq: IDAI) has partnered with Botdoc to integrate its low-code Orchestration Platform into Botdoc Connect, enhancing Identity Verification and KYC for the automotive industry. This collaboration aims to combat rising fraud rates and cybersecurity concerns in auto dealerships. The integration includes document validation using the Driver License Data Verification (DLDV) System from the American Association of Motor Vehicle Administrators (AAMVA).
With nearly 80,000 cars stolen from dealerships last year, this partnership brings advanced security measures to fight fraud, including real-time verification of driver's licenses against issuing agency data. Both companies, graduates of the ICBA ThinkTECH accelerator, bring their expertise from regulated industries like banking and insurance to address critical issues in the automotive sector.
Trust Stamp (Nasdaq: IDAI) ha collaborato con Botdoc per integrare la sua piattaforma di orchestrazione a basso codice in Botdoc Connect, migliorando la verifica dell'identità e il KYC per l'industria automobilistica. Questa collaborazione mira a contrastare l'aumento dei tassi di frode e le preoccupazioni relative alla cybersecurity presso le concessionarie auto. L'integrazione comprende la convalida dei documenti utilizzando il sistema di verifica dei dati della patente di guida (DLDV) dall'Associazione Americana dei Funzionari dei Veicoli a Motore (AAMVA).
Con quasi 80.000 auto rubate dalle concessionarie lo scorso anno, questa partnership porta misure di sicurezza avanzate per combattere la frode, inclusa la verifica in tempo reale delle patenti di guida contro i dati dell'agenzia emittente. Entrambe le aziende, laureate nell'acceleratore ICBA ThinkTECH, portano la loro esperienza da settori regolamentati come quello bancario e assicurativo per affrontare problemi critici nel settore automobilistico.
Trust Stamp (Nasdaq: IDAI) se ha asociado con Botdoc para integrar su plataforma de orquestación de bajo código en Botdoc Connect, mejorando la verificación de identidad y KYC para la industria automotriz. Esta colaboración tiene como objetivo combatir el aumento de las tasas de fraude y las preocupaciones de ciberseguridad en los concesionarios de automóviles. La integración incluye la validación de documentos utilizando el sistema de verificación de datos de licencia de conducir (DLDV) de la Asociación Americana de Administradores de Vehículos Motorizados (AAMVA).
Con casi 80,000 autos robados de concesionarios el año pasado, esta asociación trae medidas de seguridad avanzadas para combatir el fraude, incluida la verificación en tiempo real de las licencias de conducir contra los datos de la agencia emisora. Ambas compañías, graduadas del acelerador ICBA ThinkTECH, aportan su experiencia de sectores regulados como la banca y los seguros para abordar problemas críticos en el sector automotriz.
트러스트 스탬프(나스닥: IDAI)가 봇독과 협력하여 봇독 커넥트에 저코드 오케스트레이션 플랫폼을 통합하여 자동차 산업의 신원 확인 및 KYC를 향상시킵니다. 이 협력은 자동차 대리점에서 증가하는 사기율과 사이버 보안 문제를 해결하기 위함입니다. 통합에는 미국 자동차 관리자의 협회(AAMVA)에서 제공하는 운전 면허 데이터 검증(DLDV) 시스템을 사용한 문서 검증이 포함됩니다.
작년에 대리점에서 약 80,000대의 차량이 도난당했습니다, 이 파트너십은 사기를 방지하기 위한 고급 보안 조치를 제공합니다. 여기에는 발급 기관 데이터에 대한 운전 면허증의 실시간 검증이 포함됩니다. 두 회사는 ICBA 씽크텍 가속기 프로그램의 졸업생으로서 은행 및 보험과 같은 규제 산업에서의 전문성을 바탕으로 자동차 산업 내에서의 중요한 문제를 다루고 있습니다.
Trust Stamp (Nasdaq: IDAI) s'est associée à Botdoc pour intégrer sa plateforme d'orchestration low-code dans Botdoc Connect, améliorant ainsi la vérification de l'identité et le KYC pour l'industrie automobile. Cette collaboration vise à lutter contre l'augmentation des taux de fraude et les préoccupations en matière de cybersécurité dans les concessions automobiles. L'intégration comprend la validation des documents utilisant le système de vérification des données de permis de conduire (DLDV) de l'American Association of Motor Vehicle Administrators (AAMVA).
Avec près de 80 000 voitures volées dans les concessions l'année dernière, ce partenariat introduit des mesures de sécurité avancées pour lutter contre la fraude, y compris la vérification en temps réel des permis de conduire par rapport aux données des agences émettrices. Les deux entreprises, diplômées de l'accélérateur ICBA ThinkTECH, apportent leur expertise de secteurs réglementés comme la banque et l'assurance pour traiter des questions critiques dans le secteur automobile.
Trust Stamp (Nasdaq: IDAI) hat sich mit Botdoc zusammengeschlossen, um seine Low-Code-Orchestrierungsplattform in Botdoc Connect zu integrieren, was die Identitätsüberprüfung und KYC für die Automobilindustrie verbessert. Diese Zusammenarbeit zielt darauf ab, die steigenden Betrugsraten und Sicherheitsbedenken in Autohäusern zu bekämpfen. Die Integration beinhaltet dokumentenvalidierung mit dem Driver License Data Verification (DLDV) System der American Association of Motor Vehicle Administrators (AAMVA).
Mit fast 80.000 gestohlenen Autos aus Autohäusern im letzten Jahr bringt diese Partnerschaft fortschrittliche Sicherheitsmaßnahmen zur Bekämpfung von Betrug, einschließlich der Echtzeitüberprüfung von Führerscheinen gegen die Daten der ausstellenden Behörde. Beide Unternehmen, Absolventen des ICBA ThinkTECH-Accelerators, bringen ihre Expertise aus regulierten Branchen wie dem Bankwesen und der Versicherung ein, um kritische Probleme im Automobilsektor anzugehen.
- Partnership with Botdoc to enhance Identity Verification and KYC in the automotive industry
- Integration of Trust Stamp's low-code Orchestration Platform with Botdoc Connect
- Access to AAMVA's Driver License Data Verification (DLDV) System for document validation
- Expansion into the automotive industry, potentially increasing market reach
- None.
Insights
The partnership between Trust Stamp and Botdoc significantly impacts the automotive dealership industry by addressing rising concerns over fraud and cybersecurity. The integration of Trust Stamp's low-code Orchestration Platform into Botdoc Connect enhances identity verification and Know Your Customer (KYC) measures. This approach involves using the Driver License Data Verification system, which is a critical step in reducing the use of counterfeit IDs.
This collaboration not only benefits dealerships by providing real-time verification capabilities but also leverages the expertise both companies cultivated in highly regulated industries like banking and insurance. The cross-industry knowledge transfer into automotive security will likely set new standards and improve overall security protocols. For investors, this partnership indicates a strategic move by Trust Stamp to expand its market reach and capitalize on the growing need for robust identity verification solutions in new sectors.
From a technological standpoint, the integration without operational friction is key, as it promises minimal disruption to dealership workflows while significantly enhancing security. This initiative reflects an innovative approach to handling cybersecurity threats, which is vital given the increasing sophistication of fraudulent activities.
The automotive industry is currently grappling with high fraud rates and this partnership is a timely solution to a pervasive issue. Trust Stamp's entry into this new market through its collaboration with Botdoc represents a strategic diversification. The adoption of Trust Stamp's AI-powered technology by automotive dealerships could lead to significant market penetration and revenue growth. This move aligns with the broader trend of increased security measures in various industries, driven by heightened regulatory scrutiny and consumer demand for data protection.
Trust Stamp's partnership with Botdoc also showcases the company's ability to adapt and apply its technology across different sectors, thereby reducing industry-specific risk and enhancing its market resilience. For retail investors, this diversification strategy not only indicates potential short-term growth but also long-term stability as Trust Stamp becomes a critical player in multiple high-stakes industries.
Moreover, the partnership's emphasis on reducing operational friction while enhancing security will likely appeal to dealerships facing tight margins. The potential for this integrated solution to set new industry standards could also drive competitive advantage and wider market acceptance.
The integration of Trust Stamp's technology into Botdoc's platform is a significant development for both companies financially. This partnership could lead to a rise in revenue streams for Trust Stamp, leveraging their expertise in identity verification to tap into the automotive industry's substantial market. Given that nearly 80,000 cars were stolen from dealerships last year, the demand for such solutions is high and Trust Stamp is well-positioned to capitalize on this need.
From a financial perspective, the strategic partnership suggests a potential increase in long-term value creation for stakeholders. Trust Stamp's ability to secure licenses such as the one from the American Association of Motor Vehicle Administrators adds credibility and trustworthiness to their offering, reducing the risk for investors. Additionally, partnerships with industry leaders like Botdoc are likely to enhance Trust Stamp's market reputation and facilitate future collaborations.
The news may also positively affect Trust Stamp's stock price in the near term, as investors react to the potential for new revenue channels and market expansion. For long-term investors, the partnership underscores Trust Stamp's commitment to innovation and adaptability, key factors for sustained growth in the ever-evolving tech landscape.
As auto dealerships face rising fraud rates, cybersecurity concerns and new data privacy regulations, Trust Stamp and Botdoc partner to decrease the risk of fraud and make dealerships more secure
Atlanta, GA, July 23, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI) announces a partnership with Botdoc to integrate Trust Stamp’s low-code Orchestration Platform within the Botdoc Connect product, providing robust Identity Verification and KYC. The integration includes document validation using the Driver License Data Verification (DLDV) System offered by the American Association of Motor Vehicle Administrators (AAMVA) and accessed by Trust Stamp under a license from AAMVA.
Trust Stamp and Botdoc have previously worked in parallel in other industries, such as banking, lending and insurance and are both graduates of the Independent Community Bankers of America (ICBA) ThinkTECH accelerator.
Andrew Gowasack, Trust Stamp’s President, commented, "I am thrilled to partner with Botdoc to bring our AI-powered technology to the automotive industry. Criminals are using counterfeit or altered driver's licenses, driving permits, and ID cards to commit fraud, and with nearly 80,000 cars stolen from dealerships last year, identity document validation is increasingly necessary. Now Botdoc customers can fight back using a variety of solutions through Trust Stamp’s low-code Orchestration Layer platform, which includes real-time capability to verify driver's license/ID information against data from the issuing agency."
Andrew Gowasack further commented, “Botdoc, the global leader in Secure Digital Transportation (SDT) Technologies brings the highest levels of security while removing operational friction between employees and customers. Leveraging Botdoc’s years of experience in regulated industries, dealerships now have the convenience of security through Botdoc along with the strength of Trust Stamp’s identity fraud detection.”
Karl Falk, founder and CEO of Botdoc, commented, “This partnership brings together our years of innovation in other regulated industries. Understanding how different industries operate is a huge advantage with the cross-pollination of best practices in innovation, cyber security, and fighting fraud. With increasing cyber attacks in automotive, it is imperative to incorporate the best practices from other industries into this (auto) environment. This initiative brings a different perspective with new and innovative insights to the automotive industry.”
Karl Falk further commented, “Trust Stamp and Botdoc’s partnership effectively highlights how collaboration initiated by an industry innovator, such as the ICBA, can tackle critical issues including fraud, across multiple industry sectors."
ICBA Executive Vice President and Chief Innovation Officer, Charles Potts, commented, "By combining their cutting-edge solutions, Trust Stamp and Botdoc are enhancing security and efficiency in identity verification, and cyber security ultimately protecting both businesses and consumers, while benefiting the industry as a whole."
To learn more about the capabilities of Botdoc visit https://botdoc.io/secure-your-dealership/
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.
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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
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