ATLANTA, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM providing AI-powered trust and identity services used globally across multiple sectors, announces that it has integrated the Driver License Data Verification (DLDV) System, offered by the American Association of Motor Vehicle Administrators (AAMVA), into its low code orchestration platform.
While a significant amount of fraud is prevented by Trust Stamp's privacy-first, Irreversibly Transformed Identity Token (IT²), identity document validation remains a necessary part of “Know Your Customer” (KYC) regulations. US jurisdictions routinely issue driver's licenses, driving permits, and ID cards as proof of identity; however, these documents could be counterfeit or altered. Now through its low-code solution, Trust Stamp provides commercial and government entities with the real-time capability to verify drivers license/ID information against data from the issuing agency.
Trust Stamp has added 24 new customers to its low-code solution since it launched in February 2022. These new customers include 22 banks with over 850 of branches.
Trust Stamp President, Andrew Gowasack, said, "As a result of growing fraud losses and unprecedented economic conditions, we are seeing banks focusing on increasing deposits and reevaluating their online enrollment processes. Onboarding must be simple and fast for genuine customers, but difficult for fraudsters who seek to exploit these streamlined processes."
In 2021 the cost of fraud for US financial services providers increased nearly 10%, and every $1 of fraud loss now costs them $4.00, compared to $3.64 in 2020.
Trust Stamp evaluated the effectiveness of the DLDV system in collaboration with a Fortune 500 financial institution. "Most tellers at bank branches do not have access to ID validation data as robust as the DLDV system. Trust Stamp is committed to providing identity tools to financial and government service providers that are easy and cost effective for them to integrate and easy for their customers to use," Gowasack remarked.
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, 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 nine countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.
Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
Inquiries
Trust Stamp Email: Shareholders@truststamp.ai
Gareth Genner, CEO
Investor Relations Tel: +1 212-671-1020
Crescendo Communications, LLC Email: idai@crescendo-ir.com
