Trust Stamp Announces Notice of Allowance for New U.S. Patent Related to Identity Authentication Via the Control of Third-Party Accounts
May 31 2023 - 08:30AM
GlobeNewswire Inc.
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
previous patent allowance 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 StampTrust 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 RemarksAll 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.
Inquiries:
Trust
Stamp
Email: Shareholders@truststamp.ai
Gareth Genner,
CEO
Investor
Relations
Tel: +1 212-671-1020
Crescendo Communications,
LLC
Email:
idai@crescendo-ir.com
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