Trust Stamp launches identity authentication service for high-risk transactions

Trust Stamp has launched an AI-powered transaction authorization service for high-risk online transactions and announced the issuance notification for a patent covering its biometric hashing system.

AI transaction authorization service

The biometric trust service provider has announced the launch of Trusted Authentication, a transaction service that authenticates identity for high-value online financial transactions.

The rise of deepfake attacks has exposed vulnerabilities in legacy systems, demonstrating the need for higher assurance when conducting high risk transactions like wire transfers, says Trust Stamp president Gareth N. Genner in the press release.

“Trusted Authentication ensures the identity and live-presence of an authorizing party and can be integrated into or used in parallel to existing approval systems,” he continues.

The service is expected to be piloted with a bank partner in early Q2 of this year and will formally roll out before the end of the quarter.

Notification for hashing system patent

The company has also revealed it has received an issuance notification for a new U.S. patent for its AI hashing software that irreversibly converts biometric and other sensitive data to a secure token.

Patent #11,936,790 for “Systems and Methods for Enhanced Hash Transforms” will be issued on March 19th 2024.

“The threats from bad actors are multiplying across every market sector and their sophistication is accelerating, therefore, advances in AI-powered defensive technologies are critical in order to ensure that our clients remain protected against all identified attack vectors,” says Genner in the announcement.

Trust Stamp now has 19 issued patents and 14 provisional and pending patents, he says. Among them is a patent application for its Stable IT2 tokenized biometrics, which was filed in January.

Article Topics

biometric authentication  |  biometric hash  |  biometrics  |  patents  |  Trust Stamp