authID.ai Team Momentum

As we approach the mid-year turn and the 4th of July holiday, I am reflecting on the accomplishments our team at authID has achieved this year. I am in constant admiration of the incredible talent we have at authID and confident that we have built a world class team and product that will win this market.

We completed two major security certifications and attestations that demonstrate to our customers that they can count on authID to protect their security. ISO 27001, considered the international standard for information security management programs, is an upgrade of our SOC2 security standard which is recognized globally as a demonstration of a high level of commitment to security. We also achieved a perfect score for ISO 30107-3 Presentation Attack Detection Level 1 and 2, demonstrating that we not only have the highest level of security to stop fraudsters from attempting to spoof biometrics, but we also provide the best user experience for self-authentication. These achievements reflect substantial efforts from our product, legal, and security teams.

We were awarded a patent for our proprietary “Multi-Party, Multi-Factor Authentication” solution. Our approach to multi-party approvals ensures that fraudsters cannot misuse our technology through social engineering attacks that plagued our competitors. We ensure that the user clearly understands the context for step-up authentication and create a digital audit trail for the relying party to clearly document the approval and authentication process.

We completed a major fundraise, securing $22.5MM of financing in addition to the $11MM raised in our initial up-list to Nasdaq in 2021. In an environment where access to financing is increasingly difficult, this additional investment ensures that authID has the working capital to successfully execute on our vision and take world class products to the market.

We received a prestigious FinTech Breakthrough Award for “Best ID Management Platform” for our Verified? product by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market. Verified enables frictionless, multi-factor authentication that meets the demands of today’s mobile, remote users without the hassle of deploying physical authentication devices or additional MFA applications. authID.ai eliminates passwords altogether with a secure digital chain of trust bound to an individual’s verified identity.

More recently, authID, in conjunction with Hamilton Reserve Bank, received the Fintech Futures Banking Tech Award for “Best Use of Risk, Compliance & Fraud Protection Technology”. With a 99.995+% level of accuracy in verifying and authenticating digital identity, our Verified platform outperformed products from a number of well-known companies and helped HRB to speed up account onboarding, defend against fraudulent account takeovers, lower enterprise support costs, and increase customer loyalty.

In the past quarter our team successfully contracted new financial services customers that recognize the value of our Verified platform. We see these signings as a signal that savvy customers understand the threats that impact their consumers and are continuing to invest in protecting their identity and security.

Increasingly volatile markets, as well as geopolitical uncertainty are creating an uncertain macro-economic environment. Over the course of the year, we have adjusted our messaging and market focus to adapt to this new environment. In an economic cycle where we expect the financial services and fintech sectors to achieve slower growth and fewer new consumer account openings in their businesses, we are seeing increased demand for cybersecurity use cases. By design, the same Verified product that protects users’ bank accounts also prevents hackers from logging into corporate production systems, exfiltrating sensitive data, or impersonating employees trying to reset credentials.

Our current pipeline of opportunities, meetings at the recent Identiverse conference and inbound interest from customers demonstrates strong demand in the cybersecurity market and as a result we will increasingly focus on protecting the workforce and corporate assets from hackers and cybercriminals. In the past year we have seen multiple high-profile security breaches caused by hackers abusing legacy MFA applications, using social engineering to impersonate employees, or abusing credential recovery processes to gain access to secure systems. authID Verified? eliminates these attack surfaces by tying identity assurance to authentication, letting the CISO or Security Operations teams see who is behind the device. As we move to a world beyond passwords, we expect the attacks to change as well, moving from password and credential stuffing to device-based attacks. authID Verified? is the answer.

With the first half of 2022 ending and entering the 4th of July holiday weekend, I am incredibly proud of the team at authID and the progress we have made in building a solid foundation for our future growth.

We have a tremendous opportunity to serve our customers and help them stop Account Takeover, replacing legacy authentication methods with a simple, frictionless selfie that authenticates the user, not just the device. authID We are digital identity.