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Trust Stamp launches fast-track multi-factor biometric authentication for financial institutions and others vulnerable to deep fake voice attacks

Trust Stamp
Trust Stamp

Trust Stamp ® has launched a fast-track implementation program for an AI-powered multi-factor authentication tool that can be instituted by financial institutions and other enterprises that are concerned about potential attacks on their current authentication systems using deep fake voice attacks

ATLANTA, GA, April 08, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM, providing AI-powered trust and identity services used globally across multiple sectors, is offering fast-tracked implementation to financial institutions and other enterprises that are currently using voice recognition technologies or accepting voice instructions via telephone calls.

Rapid advances in deep fake technology using Generative-AI have made it possible for bad actors to accurately imitate the voice patterns of an individual giving instructions, whether to automated voice recognition systems or to financial institution staff accepting telephone instructions.

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Andrew Gowasack, President of Trust Stamp commented, “We have never offered voice-based authentication because it appeared probable that it would be spoofed by fast advancing AI-technology. Although Open-AI have stated that they are not currently releasing their Voice Engine for public use there are many alternative Generative-AI engines available including open-source models. Our multimodal authentication tool using facial authentication with proof of life, paired with optional device authentication, can quickly be integrated into current authentication systems as an alternative for, or supplement to, voice-based systems and can also be initiated as a stand alone service for high-risk transactions within two to three days of subscription.”

Andrew Gowasack further commented, “Although there should be significant focus on attacks on the interaction between the customer and the financial institution, deep fake technology can also be used for attacks within the customer enterprise resulting in the financial institution receiving instructions that have every appearance of being legitimate, having been initiated based upon a fraudulent communication within the enterprise. Fraud of this type is typically commissioned by email via a spear phishing attack, but with voice and video deep fakes it can now be used for instructions given by Zoom or other video technologies and the FBI has reported an increase in the number of incidents using virtual meeting platforms from as long ago as 2019. This is often referred to as “CEO Fraud” and in February of this year we saw a widely publicized example where a finance worker in Hong Kong paid out $25,000,000 based on a video call that included a deep fake representation of his company’s CFO. The same technology that we are offering to financial institutions can also be used within enterprises to close the authentication loop before instructions are given to the financial institution.”

Inquiries:

Trust Stamp                                                   Email: Shareholders@truststamp.ai

Andrew Gowasack, President

agowasack@truststamp.ai

           

About Trust Stamp

Trust Stamp the Privacy-First Identity CompanyTM, 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 six countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.