authID.ai (Nasdaq: AUID), a leading provider of secure, mobile, biometric identity authentication solutions, today announced the Company has received a Notice of Allowance from the U.S. Patent and Trademark Office (“USPTO”) for its multi-party, multi-factor authentication method.
The patent protects a core component of authID’s intellectual property relating to its Verified™ identity verification platform. Entitled “A Method and System for Transaction Authorization Based on a Parallel Autonomous Channel Multi-User and Multi-Factor Authentication”, the patent comprises a method that enables an account holder to authorize a transaction, and at the same time a third-party identity verifier (such as authID) to validate the identity of the account holder, for example through a personal code or biometrics, and confirm the account holder’s consent for the transaction. By orchestrating authentication transactions, authID.ai’s method combines explicit consent for the transaction with identity verification, and creates a permanent record of both, for all parties, secured with a unique digital signature.
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“This patent sets authID.ai apart from other identity authentication providers by ensuring strong protection from spoofing and social engineering attacks that have plagued others in our industry. We are committed to providing the highest levels of security and authentication assurance to our customers and their users when they transact business,” said Tom Thimot, CEO of authID.ai.
Identity is at the core of all digital transformation. Insecure identity authentication methods can be exploited to capture user identity information or generate fake transactions for the account holder to approve, when in reality they may approve a different transaction. In one well-documented case, criminals tricked users into thinking they were applying for a job, when instead the scammers used an identity transaction to fraudulently apply for government benefits in the user’s name.
Whenever a user accesses a bank account, confirms a payment, or authorizes sharing of sensitive financial, health, or other personal information, it is essential to both authenticate the user’s identity and confirm that they have provided consent for the transaction. The multi-party, multi-factor authentication patent protects critical parts of authID.ai’s Verified™ step-up authentication process, an extra identity security check for confirming the identity of an account holder initiating a transaction. This patent defines a method that achieves those objectives, and simultaneously creates an unchallengeable audit trail for all parties.
“authID.ai’s patented method provides strong identity assurance that eliminates the potential for scams, and offers an undisputable audit trail to both the account holder and our enterprise customers” Thimot added.
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