Mentioned:
There’s a massive new wave of identity fraud going on in payment financing. And a publicly traded technology company is aiming to solve it.
What’s happening:
- authID (NASDAQ: AUID) has landed a new deal with a American point of sale lending and payment financing platform to prevent identity fraud
Why it matters:
- Identity fraud is one of the largest challenges for payment financing companies due to stolen personal information being used to make purchases as well as the rising issue of synthetic media and deepfakes being able to be used to craft false identities
Going deeper:
- authID will leverage their proprietary identity verification technology known as Proof for confirming the legitimacy of government issued identification and their biometric authentication software known as Verified to prevent imposters from taking over the accounts of legitimate users
- authID’s biometric authentication software is purpose built to verify the identity of a human being without requiring a password and being able to spot the difference between deepfakes and legitimate users in under a second with exceptionally high levels of accuracy
The intrigue:
- authID’s patented PrivacyKey technology does not store any biometric data and is fully complaint with state privacy laws in America
