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Trust Stamp listed as fraud mitigation provider for Federal Reserve

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Trust Stamp listed as fraud mitigation provider for Federal Reserve

Digital identity and trust provider Trust Stamp has announced it has been listed by the Federal Reserve as a synthetic identity fraud mitigation provider. This follows after the company partook in a call for participation in September 2022.

Synthetic fraud could cost $23 billion in losses by 2030.

“We work with close to fifty US banks and are currently participating in the ICBA ThinkTECH Accelerator; therefore, synthetic identity fraud is of critical importance to our clients,” said Trust Stamp president Andrew Gowasack. “AI-powered solutions are at the cutting edge of combating the ever-evolving cybercrime threat.”

Trust Stamp also announced that at the end of January, it received a notice of allowance from the US Patent and Trademark Office for a new patent for facial recognition that can identify a subject even when their face is obscured by a mask or other covering.

“This unique technology was developed during the COVID pandemic, but the range of use cases is far wider than being able to identify a subject while wearing a surgical mask, and encompass both cultural and security considerations,” says Gowasack.

Because Trust Stamp uses a microservice approach to software development, the software can be implemented to existing biometric authentication systems on a low-code or even no-code basis, he says.

At the start of 2024, Trust Stamp filed a patent for tokenized identity technology called Stable IT2.

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