Welcome to FindBiometrics’ digest of identity industry news. Here’s what you need to know about the world of digital identity and biometrics today:
Biometrics Startup Acquired By Background Checks Specialist in $41M Deal
Infinite ID, a biometrics firm based in Hicksville, New York, has been acquired by First Advantage Corporation, a provider of employment background screening services, in a $41 million all-cash transaction. A portfolio company of Enlightenment Capital, Infinite ID was founded in 2021, according to Crunchbase data. The company offers ‘custom biometric solutions’, and is the owner of a fingerprinting software subsidiary called PrintScan. In a statement announcing the acquisition, the companies asserted that Infinite ID is a profitable venture that is “expected to generate annual revenues of over $10 million.”
ITRC Report Uncovers Human Cost of Identity Scams
A new report from the Identity Theft Resource Center (ITRC) illustrates the increasingly disturbing human cost of identity crime, particularly with a finding that 16 percent of the victims who spoke with the ITRC said they had thoughts of suicide after an attack. That’s up from 10 percent the previous year. The financial costs of identity crime appear to be deepening, too, with 26 percent of ITRC victims reporting losses greater than $100,000. Such losses seem to be particularly prevalent in romance and social media scams, and often involve the use of cryptocurrencies. Another disturbing finding from a security standpoint: More than half of identity crime victims said they were using multi-factor authentication to protect their personal information.
Jumio Puts Weight Behind Responsible Gaming Education Month
Jumio has announced its official support for the American Gaming Association’s Responsible Gaming Education Month, an effort aimed at making online gambling safer. For its part, Jumio is working to leverage its selfie-based identity verification technology for age verification, offering gaming operators tools that allow them to automate such processes and keep minors off of their platforms. Jumio has so far obtained licenses and accreditations allowing it to offer its solutions to online gaming and betting operators across 15 states, and continues to pursue more such clearances. It’s also working to deliver these solutions abroad, having established a partnership with Italy-based gambling operator Sisal earlier this year.
Leidos Completes Cloud Project for Defense Department
Leidos has completed a project to deploy the Department of Defense’s Automated Biometrics Information System to the cloud, as per its Biometrics Enabling Capability, Increment One (BEC-1) contract. The project was meant to enable authorities to manage the Army’s biometric data system through Leidos’s cloud platform, and appears to have been a resounding success: The company says that the time required to process biometric data through the DoD’s Biometrically Enabled Watch List Dissemination Management Functionality (BDMF) has been reduced from a matter of days to hours, and that its client called it a “game changer”.
With Patent Acquired, VSBLTY to License Key Biometric Tech
VSBLTY has obtained a US patent for one of its key pieces of biometric technology, opening the door to potentially lucrative licensing opportunities. US patent No.11,481,809, “Interactive signage and data gathering techniques”, covers the face biometrics tech that allows VSBLTY’s smart ad displays to tailor their marketing media to a given viewer based on the latter’s demographic attributes, such as age and gender. In announcing the patent, VSBLTY claimed that deploying this technology “in a retail environment has proven to increase brand sales by 25%.” The company also noted that the tech can be leveraged for security purposes, using facial recognition to identity known security threats.
Trust Stamp Expands ‘Lossy Biometrics’ IP Portfolio
Trust Stamp, meanwhile, is on the cusp of receiving two additional patents for “Systems and Processes for Lossy Biometric Representation.” That was the title of its 17th US patent, announced by the company last month, and is also the title of filing No. 32742-149165, which has received a Notice of Issuance, and filing No. 32742-1491643, which has received a Notice of Allowance. Trust Stamp’s Chief Science Officer, Norman Poh, explains that the patents further expand the company’s IP relating to “the tokenization of biometric data”, adding that the latter filing describes how the neural networks could be removed from Trust Stamp’s “irreversible transformation process.”
BioCatch Reaches Sales Record in Q2
Behavioral biometrics specialist BioCatch has set a new sales record for itself, reporting a 45 percent jump in annual recurring revenues in the second quarter, ended June 30, 2023. The company obtained 19 new customers during the quarter, including one it describes as a one of the world’s top three telecommunications providers and a top-five Australian bank. It also added 18 new employees to its team, bringing the roster to 275 individuals. BioCatch says it has seen particularly strong growth in the Latin American region, especially in its financial services sector.
September 6, 2023 – by Alex Perala