Trust Stamp's Biometric Privacy Technology to Serve 30M People by Mastercard and Paycode
Sep 17, 2021, 07:30 ET
ATLANTA, Sept. 17, 2021 /PRNewswire/ -- The work of Trust Stamp (OTCQX: IDAID*, Euronext Growth: AIID ID) to deliver a secure authentication solution in low-resource environments for Mastercard's Inclusive IdentityTM initiative has gained even greater significance as Mastercard partners with African FinTech and Trust Stamp's fellow Start Path participant, Paycode, to unlock services for the underserved and unbanked in Africa. As a result of this recent announcement, Trust Stamp's unique AI-powered data transformation and comparison technology is positioned to protect the personal data of millions of individuals who are being empowered to achieve financial inclusion through Mastercard's Community Pass™ platform.
Trust Stamp's technology is used to turn sensitive biometric data into unique Irreversibly Transformed Identity Tokens (IT2) that are probabilistically compared to enable effective authentication, without the need to store or share biometric images or templates anywhere in the ecosystem. This innovative approach to biometric tokenization strengthens authentication assurance to support an accessible and intuitive user experience, without compromising security, consumer privacy, consumer control, or trust. The IT2 is revocable with granular control at the consumer or issuer level, providing superior protection versus vulnerable and exploitable biometric data and templates.
Trust Stamp's privacy-first approach is fundamental to large scale biometric implementations because the tokenized data poses no value outside of the enrolled network, virtually eliminating the potential for sensitive user information to be breached or weaponized. This enables partners like Mastercard and their co-innovators to leverage biometric technologies even where robust identity frameworks do not exist, while supporting compliance with the highest global standards for data protection.
Interoperability is critical to the adoption of a platform with the potential for massive impact driven by its wide scope of functionality and large scale of users. While Trust Stamp's spoof-resistant facial biometric capture technology is integrated within the Mastercard Inclusive Identity system, the IT2 architecture also supports contactless multi-modal (palm and face) biometric tokenization together with other data from any source to seamlessly leverage secure, revocable tokens for identity assertion across a wide breadth of service delivery systems, posing immensely tangible benefits to societal and financial inclusion, data protection and convenience. Trust Stamp's IT2 technology powers data portability and interoperability with intrinsic security and privacy.
Trust Stamp Chief Science Officer Dr. Norman Poh comments: "Revocable biometric tokens often came across as computationally expensive, requiring network connectivity to operate, or may have poor user experience. The Mastercard/Paycode use case demonstrates that the large-scale database deduplication required to support user enrollment in the field is both feasible and efficient using IT2 tokens, which are both compact and secure.
The technology is designed to work in the low or no connectivity environments that are often characteristic of last-mile service delivery, with no need for sophisticated infrastructure or dedicated biometric capture devices. Any standard camera-enabled mobile phone or tablet turns into an acceptance device. Additionally, multi-modal IT2 fusion increases system accuracy and enables the solution to cover populations who may be restricted as to the biometric modalities they can provide, thus ensuring technology inclusion."
Trust Stamp Chief Innovation Officer Raman Narayanswamy comments: "We draw parallels to the construct of revocation and re-issuance in digital payments and banking, where simple financial instruments like credit or debit cards can be cancelled and replaced without serious consequences to the consumer. To apply the very same capabilities to digital identity and associated assets requires exclusive use of tokenized identifiers in place of underlying biometric and other personal data. Only then can we command consumer trust in identity authentication by providing the ability to revoke, replace, and recover accounts without compromising the integrity of sensitive user data."
About Trust Stamp
Trust Stamp 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 (OTCQX: IDAID*) and Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 80 people with flagship customers including Mastercard International and FIS.
*A stock split was effected on August 23, 2021, at which time the post-split shares began trading on OTCQX under the trading symbol "IDAID". 20 business days, after this date, the Company's trading symbol will revert to "IDAI"
SOURCE Trust Stamp
Share this article