By Faith Ashmore, Benzinga
In today's increasingly digital world, the prevalence of fraud is a growing concern. The rapid advancement of technology and the widespread use of the internet have created new opportunities for unscrupulous individuals to exploit unsuspecting individuals and organizations. With the convenience and anonymity offered by the digital space, scammers can carry out illegal activities from anywhere in the world with greater ease than ever before. From online identity theft to phishing scams, digital fraud has become more sophisticated, making it harder for people to detect and protect themselves. The sheer volume of personal and financial information being shared online also increases the risk of data breaches and unauthorized access.
Trust Stamp (NASDAQ: IDAI) is a company looking to revolutionize digital security and increase its penetration. The company is a global provider of AI-powered, privacy-first trust and identity services used across multiple sectors such as banking and finance, real estate, communications, regulatory compliance and government. Trust Stamp offers a range of innovative services. Their biometric capture and analysis technology enables secure and convenient identity verification, allowing businesses to streamline onboarding processes. By integrating advanced document verification, Trust Stamp helps verify the authenticity of important documents, reducing the risk of fraud.
In the face of increasing threats, Trust Stamp also provides cryptocurrency security and compliance solutions. Their expertise in this area assists businesses in safeguarding their digital assets, ensuring compliance with regulatory frameworks and protecting against unauthorized access or misuse. By facilitating accurate and reliable identity verification, Trust Stamp helps build trust between parties engaging in digital transactions, fostering secure interactions in a digital world.
Unlike other companies that may enable AI to make complex decisions regarding users' authentication and identification, Trust Stamp has constructed a process that uses ML and various metric and statistical methods to audit the AI system. Their AI is used to extract information needed for identity verification but does not make the final decision, which helps to ensure that all decisions made using their systems are transparent and auditable.
While Trust Stamps mission is similar to companies like Mitek (NASDAQ: MITK) and Nuance Communications (NASDAQ: NUAN), Trust Stamp has developed a proprietary process for tokenizing identity using an irreversible transformation via a convolutional neural network, creating an identity token known as IT2. The IT2 is generated by these AI processes, and data is removed and destroyed, making the token safe to store and reuse in the future. This process allows Trust Stamp to offer two unique value propositions to its customers: reauthentication and deduplication. Reauthentication enables users to reauthenticate using biometrics with ease, and deduplication allows for deduplication at scale to prevent synthetic identity fraud.
Additionally, Trust Stamp is utilizing AI to improve the capture process and enhance users' experience. Its work focuses on using AI and language models to dynamically instruct users on how to take a quality picture, guiding them on the necessary changes to phone position, lighting and head position, among other parameters. This technology not only makes facial matching accessible to those with special needs but also vastly reduces bias in outcomes from AI-powered decision processes.
As the digital landscape continues to evolve, Trust Stamp's emphasis on privacy and data protection is aimed at ensuring that users personal information is safeguarded at all times. By providing secure and trusted identity services, Trust Stamp positions itself as a crucial ally in the ongoing battle against fraud and identity-related issues, supporting a safer and more secure digital environment for all stakeholders.
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