Neural Payments integrates Trust Stamp orchestration to stop fraud

Trust Stamp has announced a partnership with Neural Payments, which will integrate Trust Stamp’s low-code Orchestration Platform to provide identity verification for Know Your Customer (KYC) processes and selfie-based re-authentication for payments.

A release from the Atlanta-headquartered company says the proliferation of popular P2P apps like PayPal, Venmo, Cash App and Zelle has created a fertile ground for fraudsters to plunder with generative AI and social engineering.

Trust Stamp President Andrew Gowasack, says that Neural Payments has taken a “proactive approach by enabling users to enroll using their face and government ID document, then to approve future payments with a selfie.”

“Rather than storing sensitive biometric information, selfies are converted into Irreversibly Transformed Identity Tokens (IT2) which can be compared to future IT2. There is no need for callbacks, insecure one-time passcodes sent via SMS or email, or authenticator apps. Approving a payment is as easy as taking a selfie.”

The comment on callbacks rings louder in the context of a building movement to ban “phone home” server retrieval for identity verification.

Mick Oppy, founder and CEO of Neural Payments, says that fraud mitigation is no longer a passive issue for financial institutions: “it’s a top concern that requires real-time and preemptive action. With Trust Stamp, we’re signaling our commitment to both our customers and our 2025 growth aspirations as we push towards becoming the FinTech of choice for P2P payments.”

Per the release, both Trust Stamp and Neural Payments are graduates of the Independent Community Bankers of America (ICBA) ThinkTECH Accelerator.

Article Topics

biometric authentication  |  digital payments  |  face biometrics  |  financial services  |  identity orchestration  |  selfie biometrics  |  Trust Stamp