The US Patent and Trademark Office has sent a Notice of Allowance to authID.ai, essentially granting the company a patent for an authentication system that creates a secure record of a transaction between multiple parties. The technology in the patent is featured in authID.ai’s Verified identity verification solution, and helps guard against various forms of identity fraud in which a criminal tries to trick someone into authorizing a fraudulent transaction.
The authID.ai patent is formally titled “A Method and System for Transaction Authorization Based on a Parallel Autonomous Channel Multi-User and Multi-Factor Authentication.” In more straightforward terms, the patent describes a system in which a third-party identity verification service like authID.ai confirms the identity of an account holder during a transaction. The process ensures the person initiating the transaction is the true account holder and is indeed authorized to do so, which in turn allows the financial institution to process the payment.
The newly patented system covers several different forms of identity verification, including personal codes and biometrics. The important point is that some form of step-up authentication is used to verify the user’s identity after they have initiated a transaction. The completion of that step-up identity check serves as a form of consent, and indicates that the account holder knows exactly what they are agreeing to. authID.ai’s platform also generates a record of the transaction and the identity check, stamping the transaction with a unique digital signature recognized by all participating parties.
“This patent sets authID.ai apart by ensuring strong protection from spoofing and social engineering attacks that have plagued others in our industry,” said authID.ai CEO Tom Thimot. “authID.ai’s patented method provides strong identity assurance that eliminates the potential for scams, and offers an indisputable audit trail to both the account holder and our enterprise customers.”
This is authID.ai’s second new patent in the past few months. The company previously patented a system that links a biometric to an account number to allow people to authorize transactions without revealing other personal information. authID.ai also joined the Microsoft Partner Network earlier this month.
February 24, 2022 – by Eric Weiss