authID launches PrivacyKey™, a biometric solution ensuring user privacy and compliance without storing biometric data.
Quiver AI Summary
authID has introduced PrivacyKey™, an innovative solution aimed at protecting user biometric data while addressing compliance challenges associated with biometric information storage. This development is particularly significant for enterprises that have previously hesitated to adopt biometric solutions due to privacy concerns and potential liability. PrivacyKey ensures that no biometric data is stored, enhancing user privacy and compliance with emerging regulations. The technology utilizes a unique key-management system that allows for safe rotations and revocations of keys without retaining any biometric artifacts, thus minimizing security risks. CEO Rhon Daguro emphasized that this approach eliminates the possibility of biometric data theft or misuse, further promoting trust in biometric authentication systems. Overall, authID's advancements offer enterprises a secure and efficient identity verification solution, fostering greater acceptance of biometric technologies.
Potential Positives
- authID's new PrivacyKey™ solution allows enterprises to use biometric identity verification without storing biometric data, ensuring user privacy and compliance with legal regulations.
- The technology addresses the primary barrier to biometric authentication adoption by alleviating concerns over data security and potential misuse of biometric data.
- authID enhances its platform with market-leading speed and accuracy, processing identity verifications in 700ms with a false-match rate of one in one billion.
- The introduction of PrivacyKey broadens authID's market appeal by assuring organizations that were previously hesitant about biometric solutions due to compliance risks.
Potential Negatives
- The reliance on an entirely new system, PrivacyKey™, could indicate previous shortcomings in authID’s existing biometric data storage solutions, potentially leading to concerns about long-term effectiveness and reliability.
- The press release highlights ongoing consumer apprehension regarding biometric data security, suggesting that despite innovations, significant barriers to market adoption remain.
- The mention of increasing laws limiting biometric data retention may imply potential future challenges for the company as it seeks to navigate a complex regulatory environment.
FAQ
What is PrivacyKey by authID?
PrivacyKey is an innovative solution that protects user biometric data while eliminating compliance issues and risks associated with biometric information storage.
How does PrivacyKey enhance biometric security?
PrivacyKey ensures no biometric data is stored, allowing enterprises to authenticate users confidently without risk of data theft or privacy breaches.
What are the benefits of using authID's Proof and Verified solutions?
These solutions offer unmatched speed, accuracy, and compliance, enabling secure onboarding and identity verification without retaining sensitive biometric data.
How does authID handle user privacy and compliance?
authID utilizes advanced key management and avoids storing biometric data, ensuring high-level user privacy and adherence to emerging data protection regulations.
Why should enterprises adopt authID's biometric solutions?
Enterprises can achieve cutting-edge security and compliance confidence, leveraging biometric technology that eliminates risks associated with traditional data storage methods.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AUID Insider Trading Activity
$AUID insiders have traded $AUID stock on the open market 19 times in the past 6 months. Of those trades, 3 have been purchases and 16 have been sales.
Here’s a breakdown of recent trading of $AUID stock by insiders over the last 6 months:
- THOMAS ROBERT SZOKE (Chief Technology Officer) has made 0 purchases and 16 sales selling 30,107 shares for an estimated $232,617.
- KEN JISSER purchased 8,000 shares for an estimated $51,840
- MICHAEL CHARLES THOMPSON purchased 5,000 shares for an estimated $32,462
- RHONIEL DAGURO (Chief Executive Officer) purchased 4,000 shares for an estimated $25,920
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AUID Hedge Fund Activity
We have seen 8 institutional investors add shares of $AUID stock to their portfolio, and 7 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GEODE CAPITAL MANAGEMENT, LLC added 29,810 shares (+43.8%) to their portfolio in Q3 2024, for an estimated $187,504
- RENAISSANCE TECHNOLOGIES LLC removed 22,728 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $142,959
- JOHNSON FINANCIAL GROUP, INC. removed 20,305 shares (-50.0%) from their portfolio in Q3 2024, for an estimated $127,718
- BRIGHTON JONES LLC removed 18,392 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $110,719
- VANGUARD GROUP INC added 15,308 shares (+8.1%) to their portfolio in Q3 2024, for an estimated $96,287
- BLACKROCK, INC. added 10,545 shares (+73.5%) to their portfolio in Q3 2024, for an estimated $66,328
- SONIC GP LLC removed 10,000 shares (-8.0%) from their portfolio in Q3 2024, for an estimated $62,900
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
The unmatched speed and accuracy of authID’s Proof and Verified identity authentication solutions now provide enterprises with care-free compliance that
eliminates the issues and risks associated with biometric data storage.
DENVER, Jan. 28, 2025 (GLOBE NEWSWIRE) --
authID
® (Nasdaq: AUID) (“authID”), a leading provider of biometric identity verification and authentication solutions, today announced the release of
PrivacyKey
™
, a first-of-its-kind solution for protecting user biometric data while also avoiding all the compliance issues and risks related to biometric information storage. With the addition of PrivacyKey, authID serves as the ideal partner for organizations that previously delayed or avoided implementation of biometric solutions due to concerns over liability or potential user apprehension regarding privacy. This technology also prevents duplicate registrations without storing actual images of users’ faces.
authID’s
Proof™ solution
for onboarding users captures images of physical identification documents and faces, validates both for liveness and authenticity, then matches up the facial images for positive identification, all with market-leading speed and accuracy. Historically, authID has retained an encrypted hash of the calculus of each face for subsequent authentication through its
Verified™ solution
.
With PrivacyKey, available with authID’s Proof and Verified platform Version 4.0, authID stores no biometric data whatsoever
, thereby ensuring user privacy and regulatory compliance while providing authID customers absolute confidence in the security measures they implement to authenticate and verify identities.
PrivacyKey also features critical key-management capabilities that ensure the highest level of user protection and privacy. Enterprises using the platform can rotate and revoke keys with ease, ensuring the keys are accessible only to those who are authorized to access them. This offers authID customers a level of security no other biometric authentication solution can offer.
“We’ve never stored any biometric data that could be reverse-engineered into a face. Today we’re innovating even further to satisfy even the most stringent compliance concerns,” explained
Rhon Daguro
, CEO of authID. “By leveraging technology that retains no biometric artifact whatsoever, authID provides secure verification that enterprises can trust, all at 700ms processing speeds and with one-in-one billion false-match accuracy. Companies that use authID will have cutting-edge security and data privacy compliance because PrivacyKey™ eliminates biometric data storage.”
While biometric authentication usage is on the rise, fears of any collected biometric data being vulnerable to theft or misuse persist as
the primary barrier
to adoption. This leads to consumers and even employees opting out of participating in biometric systems, regardless of guarantees that their data is safe from breaches or resale. An increasing number of states and countries are also enacting laws limiting or even banning biometric data retention, meaning companies incur additional legal burdens. With the addition of PrivacyKey
™
, authID provides assurance to users as well as their organizations, and broadens the market for its best-in-class biometric platform.
“Identity verification products based on personally-identifiable information are always vulnerable to data breaches, but authID’s platform subtracts that risk, allowing businesses to leverage biometric signals that can’t be breached and can’t be phished,” said
Erick Soto
, authID Chief Product Officer. “At time of identity proofing and onboarding, we utilize the facial biometric to create a public and private key pair. We immediately destroy the private key, and store only the public key. Each time that an onboarded user authenticates with their face, we recreate the private key, which is then matched to the public key with an encrypted message for verification. And during a search, even the keys are only matched within their organization’s ecosystem, not the universe.”
“With PrivacyKey
™
, users don’t have to worry about their facial biometrics being at risk in our cloud, and our customers avoid compliance risks, since there’s nothing to steal,” added Daguro. “We provide the ultimate in data privacy protection.”
For more information and a video demonstration of PrivacyKey, click
here
. For additional information, visit
https://authid.ai/
About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, biometric authentication, and account recovery with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem.
Contact us
to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
Media Contacts
Walter Fowler
1-631-334-3864
wfowler@nexttechcomms.com
Investor Relations Contacts
Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com
Investor-Relations@authid.ai
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
