T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), dba Trust Stamp, a leading provider of AI-powered trust and identity services, shares raced higher after it revealed it was recognized by the Federal Reserve as a Fraud Mitigation Service Provider.
Shares of the company had gained over 17% on Friday to reach $1.81 by midday.
Andrew Gowasack, Trust Stamp’s president, said in a statement that synthetic identity fraud “is of critical importance” to its clients. The firm works with 50 US banks and is currently participating in the ICBA ThinkTECH Accelerator.
“(O)ur AI-powered solutions are at the cutting edge of combating the ever-evolving cybercrime threat,” Gowasack told shareholders.
Trust Stamp's innovative AI-powered solutions are positioned at the forefront of the fight against evolving cyber threats, offering advanced biometric identity services across various sectors globally. The group operates worldwide, empowering organizations with robust identity solutions to reduce fraud, enhance privacy, and optimize operational efficiency.