Trust Stamp Announces Notice of Allowance for New U.S. Patent Related to Identity Authentication Via the Control of Third-Party Accounts
Atlanta, May 31, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ providing AI-powered trust and identity services used globally across multiple sectors, announced that it has received a Notice of Allowance for an additional patent by the United States Patent and Trademark Office. This Notice of Allowance follows an announced earlier this month.
The patent titled, “Systems and Methods for Identity Verification via Third-Party Account," uses a proprietary process to establish control of one or more third-party accounts as a primary or secondary identity authentication factor and is intended to complement Trust Stamp’s AI-generated Irreversibly Transformed Identity Token (IT2) technology.
Andrew Gowasack, Trust Stamp’s President, commented, “With fraudulent transactions increasing at an alarming rate, multi-factor authentication is critical for all types of digital transactions. Trust Stamp provides not only a biometric-based privacy-first solution with the IT2 and Biometric Multi-Factor Authentication process, but also a suite of non-biometric tools to complement the IT2. This patent addresses our ability to utilize evidence of the user’s control of third-party accounts, including social-media accounts, for identity authentication.”
“With the highly successful launch of our SaaS Orchestration Layer, we are able to provide a range of no-code and low-code solutions that can be implemented quickly, and at minimal cost, increasing the availability of both biometric and non-biometric solutions, and keeping our customers one step ahead of the fraudsters.”
Trust Stamp launched its Orchestration Layer in 2023 as an important step in its evolution from a custom-solutions provider to a SaaS solutions provider. The Orchestration Layer was initially offered to existing customers and via a channel partnership and has attracted twenty-nine enrollments, including twenty-five banks newly enrolled through the channel partnership. The platform is now being offered on a broader basis through a direct-sales team being recruited by the Company.
About Trust Stamp
Trust Stamp, the Privacy-First Identity Company™, 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 nine countries 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.
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