Trust Stamp Offers Free Onboarding for Financial Institutions Amid IDScan Data Breach
Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) is offering free onboarding and waiving setup fees to attract financial institutions switching from a rival identity verification provider affected by a major data breach. The move follows reports that approximately 166 million identity document photos were leaked from IDScan, an identity scan service provider, with the images now being sold on the dark web. This has led to lawsuits and investigations into potential class-action litigation. Trust Stamp's AAMVA Driver's License Data Verification (DLDV) service allows real-time verification of driver’s license information against state DMV databases without storing document images, offering a privacy-focused alternative to traditional ID scanners that often retain copies. The company emphasized its commitment to Privacy Enhancing Technologies and highlighted the security advantages of not retaining sensitive data. CEO Gareth Genner stated Trust Stamp quickly developed measures to protect clients from fraud risks and legal liabilities associated with using compromised legacy systems.
Tickers: $IDAI
Topics: cybersecurity financial_institutions identity_verification