Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) is waiving setup fees and speeding up onboarding for financial institutions switching to its driver’s license verification service, the company said, as it looks to capitalize on a massive data leak at a rival identity verification provider.
The AI-powered trust, identity and security solutions provider said the move follows reports that photographs of roughly 166 million identity documents were leaked from IDScan, a leading identity scan provider.
A dark web service began selling roughly 166 million leaked identity document photos traced to IDScan, prompting lawsuits and investigations into possible class-action litigation.
Trust Stamp’s AAMVA Driver’s License Data Verification service lets customers confirm in real time that the information on an ID matches state DMV databases without storing an image of the document itself, distinguishing it from traditional ID scanners that check physical security features and often retain a copy of the card.
“Trust Stamp has always been committed to providing Privacy Enhancing Technologies (PETS) and our AAMVA DLDV service provides accessible, government-backed identity trust across the physical and digital worlds without compromising end-user security by storing images of their identity documents,” said Gareth Genner, CEO of Trust Stamp.
“As soon as the leak was announced we determined what would be needed to defend our clients against malevolent use of the data and developed measures we can quickly implement to protect financial institutions from the fraud risk and the potential legal liability from continued use of flawed legacy systems.”
