T Stamp Inc, doing business as Trust Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), announced that the United States Patent and Trademark Office (USPTO) has issued a notice of allowance in respect of the company’s Non-Provisional Patent Application No. 18/145,470 entitled: Systems and Processes for Multifactor Authentication and Identification.
Trust Stamp said the patent application covers proprietary techniques that utilize anonymized data from historic attacks to identify attacks in future transactions.
“Identity fraud and related scams cost American consumers an estimated $47 billion in 2024 including an estimated $15.6 billion from account takeover fraud and an estimated $6.2 billion from new account fraud,” Trust Stamp CEO Gareth Genner said in a statement.
“Through our work with leading financial institutions, we see attack vectors in real-time and can now incorporate anonymized data derived from historic attacks into algorithms that flag future attacks.”
Genner noted the growth in the volume and sophistication of the attacks is fueled by the use of Generative AI (GenAI), and it is critical for the defenses against such attacks to be constantly refined at an equal or greater pace.