Trust Stamp: Tackling Identity Fraud with Blockchain

The financial and the real-estate industries have been at the receiving end as banks have been losing around $20 billion every year due to synthetic identity fraud. Though new regulations in the form of Know Your Customer (KYC) Anti-Money Laundering (AML) tackle the identity fraud to a greater extent, the inherent complexities involved in these regulations prove to be unsupportive for forging partnerships across the financial industry ecosystem. Moreover, the relevance of social security number as an identifier is less relevant today as it is exposed to social engineering. Trust Stamp, an innovative identity verification technology provider, is on a mission to replace the social security number with a game-changing ubiquitous biometric signature powered by blockchain.

Improving business outcomes through facial biometric-based authentication and onboarding, Trust Stamp allows financial institutions and real estate agents to automate the initial due diligence process and address compliance concerns such as KYC, AML, and personal safety risks. “Trust Stamp combines blockchain, biometrics, and artificial intelligence technologies to provide secure and immutable identity authentication,” explains Andrew Gowasack, CEO, Founder, Trust Stamp.

The firm’s proprietary AI platform for pattern recognition ensures accurate identity verification by performing a series of inspections to accurately differentiate between person’s image and a pre-recorded video, or a three-dimensional representation. The individual can enroll for Trust Stamp by using the encrypted connection in the Trust Stamp app to upload a ‘secure’ selfie as well as pictures of both sides of their driver’s license. Trust Stamp then confirms the user’s identity through facial biometrics and creates a 256-bit biometric hash from the initial biometric onboarding process information. It then provides a key after the successful enrollment. Using Trust Stamp, the users can complete their due diligence process with any financial institution by sending a selfie from their phone while attaching the biometric hash key. By utilizing the blockchain biometric identity register, financial institutions can access this biometric data and return an automated notification after the validation. “The users also have the option to share their biometric identity with other users as well as Trust Stamp’s partner institutions through SMS and email,” says Gareth Genner, Co-Founder, Trust Stamp.