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authID Inc. reports developments in biometric identity verification and authentication for enterprise logins, transactions, onboarding, account recovery, and passwordless access. Its platform includes PrivacyKey, Identity Verification, Biometric Authentication, IDX for distributed workforces, and authID Mandate for Agentic AI governance, with product updates tied to privacy-preserving biometrics, quantum-resistant authentication, digital identity credentials, and fraud prevention.
Company updates also cover financial results, corporate updates, strategic reseller and OEM partnerships, integrations with Microsoft-oriented identity environments, workforce and customer access use cases, and applications in financial crime intelligence. Recurring announcements connect authID's biometric root-of-trust approach with account-takeover prevention, deepfake detection, Zero Trust security architectures, and enterprise identity assurance.
authID (Nasdaq: AUID) has joined the Accountable Digital Identity Association (ADIA) to advance standardized, interoperable framework for decentralized identity services. The partnership aims to promote portable digital identities, allowing users to use a single set of credentials across multiple online services.
The collaboration aligns with authID's mission of providing biometric identity verification and authentication solutions. Through its Proof and Verified identification solutions, authID offers one-in-one-billion false-match accuracy with 700ms processing time. The global market for shareable identity is projected to grow from $32.8 billion in 2022 to $266.5 billion by 2027.
authID (Nasdaq: AUID) announced a major expansion of its services with the EinStrong Foundation, implementing its biometric authentication technology to enhance transparency and accountability in philanthropy operations. The company's Verified platform enables identification of financial-disbursement recipients in 700 milliseconds, without requiring traditional ID documentation.
Following a successful test phase in spring 2024, the program will now extend to millions of recipients globally. The partnership aims to revolutionize NGO operations by providing unprecedented transparency to donors and reducing fraud through face biometric technology. EinStrong will utilize authID's de-duplication capabilities in its initial rollout to countries in Asia and Africa.
TurboCheck and authID (Nasdaq: AUID) have formed a strategic partnership to combat hiring fraud in the digital age. TurboCheck has already identified over 200,000 fake candidates, highlighting the urgency of this initiative. The collaboration combines TurboCheck's fraud detection platform with authID's biometric technology to enhance candidate verification.
The partnership addresses growing challenges including fake IDs, AI-generated resumes, real-time AI interview assistance, deepfakes, and moonlighting. The Federal Trade Commission reported 31,207 cases of employment identity theft in 2023, an 18% increase from 2022. authID's platform offers real-time verification of over 14,000 government-issued IDs, facial biometric matching in 700 milliseconds, and advanced Presentation Attack Detection to prevent deepfakes.
authID (Nasdaq: AUID) has signed an agreement with TurboCheck, a SaaS platform for employer and staffing firm identity verification, to deploy its biometric identity verification services. The partnership aims to combat the growing threat of fraudulent job candidates and employment identity fraud.
TurboCheck will implement authID's biometric verification capabilities to secure candidate vetting and remote onboarding, delivering identity verification in 700 milliseconds across devices and browsers. The solution validates identity documents and matches selfies to credential photos using facial biometrics.
The partnership addresses a significant market need, with 31,200 confirmed cases of employment-identity theft or wage fraud reported last year. The solution targets the $200B staffing and recruiting industry, offering protection against AI-generated fake IDs and deepfake videos.
authID (Nasdaq: AUID) has announced a partnership with Berify, making them a customer and OEM partner. Berify will implement authID's Proof™ and Verified™ solutions for onboarding and authentication across its global platforms. The partnership will focus on securing Berify's user base and integrating authID's biometric solutions into their platform, particularly targeting enterprise use cases in the Asia Pacific market.
Berify's platform combines blockchain, cybersecurity, and consumer engagement features, providing a single, reusable identity system across vendors. The collaboration aims to enhance security and user experience while preventing identity fraud through authID's duplicate identity recognition capabilities.
authID (Nasdaq: AUID) has announced integration with Zendesk to enhance contact center security and user experience. The integration combines authID's Proof and Verified products with Zendesk's customer support solutions to combat account takeover (ATO) fraud, which caused nearly $13 billion in losses in 2023. The solution offers fast identity verification through selfie authentication, eliminating the need for traditional security questions or PINs. Key benefits include accelerated authentication in less than a second, improved user experience, data privacy compliance, and seamless integration with Zendesk's platform.
authID (Nasdaq: AUID) announced the granting of stock options as an inducement to new Chief Product Officer Erick Soto. The grant, made on November 12, 2024, consists of options to purchase 100,000 shares at an exercise price of $6.94 per share. The options will vest monthly in equal installments over three years, contingent on continued employment, and have a 10-year term. The grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).
authID reported Q3 2024 financial results with revenue increasing to $0.25 million from $0.04 million year-over-year. Operating expenses remained flat at $3.8 million, while loss from continuing operations improved to $3.4 million ($0.31 per share) compared to $3.7 million ($0.47 per share) in Q3 2023. The company secured significant new contracts, including a $10 million multi-year agreement with an AI company in India and a $1 million plus deal with a global digital engagement organization. Remaining Performance Obligation (RPO) doubled to $3.8 million from $1.9 million year-over-year. However, the company revised its 2024 revenue guidance to $0.8-0.9 million due to customer implementation delays.
authID has secured a $10 million multi-year agreement with an AI company to provide biometric authentication solutions in India. The three-year contract guarantees minimum annual revenue of $3.33 million for licensing authID's identity platform services. The company will deliver biometric authentication for various industries including banking, financial services, emergency services, and transportation. The solution will support onboarding, daily login, account recovery, and high-value transactions while complying with Indian privacy laws. authID's platform processes biometric identification within 700 milliseconds, offering 1:1B verification accuracy for India's 1.4B citizens.
authID (Nasdaq: AUID) has scheduled its Third Quarter 2024 financial results announcement for November 7, 2024. The company will host a conference call and webcast at 5:00 p.m. EDT, featuring CEO Rhon Daguro and CFO Ed Sellitto. Participants can join via phone at (646) 968-2525 (U.S.) or +1 (888) 596-4144 (international) using conference ID 8624132. A live webcast will be available on the company's investor relations website, with replay and presentation materials accessible for 90 days.