Fobi moves into digital ID and credentials space with AltID
Vancouver-based technology firm Fobi is taking a leap forward from business analytics, IoT, and AI into the field of digital ID with the launch of AltID, a digital identity verification service backed by selfie biometrics.
AltID is described by Fobi as a solution to meet the growing demand for digital ID and credentials across industries like hospitality and education, gambling, and regulated markets such as tobacco, liquor, and cannabis. The company partnered with Barnet Technologies earlier in February to promote an age verification program through Fobi’s PassPro digital wallet pass platform.
“As a result of our recent Barnet Technologies partnership, we identified the clear need in the market for digital age verification. We believe that AltID is positioned very well to deliver a convenient, secure and app-less mobile age verification solution to regulated industries such as alcohol, gaming, and cannabis,” says Fobi CEO Rob Anson.
Fobi says AltID will compliment PassPro to secure age verification to send more precise age-specific segmentation of customer engagement, such as promotions for alcohol and tobacco that are only received by people who are legally authorized to purchase the goods.
“The ability for organizations in regulated industries such as alcohol, gaming, and cannabis to be able to segment their users and provide access or promotions based on this segmentation is very important, as it will enable them to generate significantly more revenue from their sponsors and advertisers,” says Anson.
Beyond regulated markets, Fobi says AltID has potential uses in employee management, education, sports and entertainment, and retail. Fobi envisions AltID being applied for employee building access or validating students for university exams.
As a privacy measure, AltID says it does not store “unnecessary” personally identifiable information once it is verified by Fobi’s AI for credentials that businesses need access to. An example of this is an age-restricted venue only receiving age credentials and no other data, according to Fobi. The company also says the data is signed and secured on a Hedera Hashgraph ledger and has biometric and password protection on the mobile wallet to deter fraud. The company’s website clearly depicts the use of ID document checks and selfie biometrics, though a matching algorithm partner is not named.
Fobi notes the global shift across governments around the world in adopting digital ID, and says AltID is “timely” for the transformation. The company also cites the Canadian province of Ontario as a region that is launching a digital ID program to be stored on smartphones this year, and a 2020 report by the Digital Identification and Authentication Council of Canada (DIACC) that states a $4.33 billion loss every year to the economy from issues related to digital identity.