Trust Stamp Inc (OTCQX:IDAID). has announced that the US Patent and Trademark Office has awarded the company two new patents, Patent No. US11095631 for 'Systems and Methods for Identity Verification Via Third Party Accounts', and Patent No. US11093771 for 'Systems and Methods for Liveness-Verified, Biometric-Based Encryption'.
The company said both patents strengthen its competitive position in the identity verification and authentication space, with four issued, and nine provisional and pending patents now.
In a statement, Trust Stamp CEO Gareth Genner commented: "We are committed to growing and strengthening our IP portfolio to address diverse global needs in digital service delivery and drive our new product offerings. Trust Stamp's substantial investment in research and development continues to differentiate our identity and trust verification solutions, offering our partners a competitive edge from robust organizational security and compliance systems that deliver a low-friction customer authentication experience across any level of risk appetite."
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Genner added: "These two additional patents compliment our data transformation approach to privacy, security, and trust, and when combined, enable us to offer ground-breaking authentication products at a fraction of the cost of legacy biometric solutions."
The company said the 'Systems and Methods for Identity Verification Via Third Party Accounts' patent improves upon the multi-factor standard of authentication with greater protections against the risk of data exposure via intercepted credentials or user impersonation.
The innovation combines biometric or other assurances of identity, device metadata, and binary knowledge of existing authorization to a third-party system to establish the user's authenticity and grant account access. Unique from any other solution in the market, this technology complements Trust Stamp's range of user-focused digital identity services by adding two additional security factors in multi-factor authentication implementations.
Trust Stamp said the 'Systems and Methods for Liveness-Verified, Biometric-Based Encryption' patent leverages its proven fraud-resistant biometric capture and analysis, tokenization, and comparison technologies that can function on a standard smartphone to transmit encryption and/or decryption instructions only when verification is passed, thereby protecting access to sensitive data and systems with a form of authentication that cannot be forged or contravened.
The company's advanced proof-of-liveness algorithms block biometric spoofing attempts with speed and accuracy, including the use of printed images, recorded video, and feature-altering face masks. When coupled with core technology that cryptographically obfuscates biometric information and leverages the irreversible output for secure authentication, the company's proprietary approach to liveness-verified biometric security transforms personal privacy and data protection.
Trust Stamp is currently raising a public $5 million round of funding to support its application to list on the Nasdaq Capital Market and accelerate its growth trajectory, in part through accelerated productization of the company's IP portfolio.
The company is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located in seven countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the OTCQX Best Market and Euronext Growth in Dublin. Founded in 2016 by Genner and Andrew Gowasack, the company now employs over 80 people with flagship customers including Mastercard (NYSE:MA) International and FIS.
Contact the author at jon.hopkins@proactiveinvestors.com