United States
Trust Stamp has launched an AI-powered transaction authorization service for high-risk online transactions and announced the issuance notification for a patent covering its biometric hashing system.
The rise of deepfake attacks has exposed vulnerabilities in legacy systems, demonstrating the need for higher assurance when conducting high risk transactions like wire transfers, said Trust Stamp president Gareth N. Genner.
“Trusted Authentication ensures the identity and live-presence of an authorizing party and can be integrated into or used in parallel to existing approval systems,” he continues.
The service is expected to be piloted with a bank partner in early Q2 of this year and will formally roll out before the end of the quarter.
Norway
Norway’s biggest digital identity provider, BankID, is coming to smartphones.
The platform is rolling out a feature allowing users to scan their passports or national ID cards into the BankID app. Users also enroll their biometrics for comparison with the ID document and subsequent authentications. The digital document can be presented at post offices and government-owned alcoholic beverages retailer Vinmonopolet, among more than 100 services.
The integration of biometrics with BankID was announced in 2022, along with a contract with OneSpan to improve its interoperability. The new version of BankID is activated with fingerprint or face biometrics, or a PIN. Online payments with biometrics will take half as long as with legacy methods, according to an announcement.
Global
The global identity verification market will grow from $10.9 billion in 2023 to $21.8 billion by 2028 at a compound annual growth rate (CAGR) of 14.9%, according to a new report by MarketsandMarkets.
It notes: “Increasing regulatory requirements worldwide, such as KYC and AML mandates, compel businesses to adopt robust identity verification solutions, driving market growth. Compliance with stringent financial crime prevention and data protection regulations increases demand for advanced identity verification technologies across industries.”
Europe
Identity verification platform IDnow has started the pilot implementation phase for the EU-wide SOTERIA research project which aims to develop a user-centric, citizen-driven tool to help European citizens manage their personal data.
The goal of the project is to combine the creation of a digital identity to access online services with a user-friendly platform that allows for secure and easy data management, while increasing citizens’ awareness of their personal data.
Three pilot use cases will kick off with field tests consisting of 900 citizens each from Austria, Romania and Spain. For the e-voting and e-exam use cases, participants will authenticate themselves through the SOTERIA app and test the onboarding, which IDnow provides via proven identity verification methods. These include several new security checks developed within the project, reinforcing the fraud detection capability of the solution further. Then the citizens will go through the voting or exam process, and at the end, have the choice to add their voting receipt or their exam results to their wallet. For the e-health trial, citizens will have the possibility to add their health data to their wallet, while choosing the type of data and documents they want to store. This will allow them to have all important health information about themselves in their pockets.
United Kingdom
The Government Digital Service (GDS) has convened a group of academics and civil society representatives to oversee work on the One Login programme and advise of issues of privacy, accessibility and inclusivity.
The One Login Inclusion and Privacy Advisory Group (OLIPAG) was formed late last year from the merger of two bodies which previously advised government on similar areas: the Privacy and Consumer Advisory Group; and the Privacy and Inclusion Advisory Forum, reports Public Technology.
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