Trust Stamp, the Privacy-First Identity CompanyTM providing AI-powered trust and identity services used globally across multiple sectors, announces that it has integrated the Driver License Data Verification (DLDV) System, offered by the American Association of Motor Vehicle Administrators (AAMVA), into its low code orchestration platform.
While a significant amount of fraud is prevented by Trust Stamp’s privacy-first, Irreversibly Transformed Identity Token (IT²), identity document validation remains a necessary part of “Know Your Customer” (KYC) regulations. US jurisdictions routinely issue driver’s licenses, driving permits, and ID cards as proof of identity; however, these documents could be counterfeit or altered. Now through its low-code solution, Trust Stamp provides commercial and government entities with the real-time capability to verify drivers license/ID information against data from the issuing agency.
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Trust Stamp has added 24 new customers to its low-code solution since it launched in February 2022. These new customers include 22 banks with over 850 of branches.
Trust Stamp President, Andrew Gowasack, said, “As a result of growing fraud losses and unprecedented economic conditions, we are seeing banks focusing on increasing deposits and reevaluating their online enrollment processes. Onboarding must be simple and fast for genuine customers, but difficult for fraudsters who seek to exploit these streamlined processes.”
In 2021 the cost of fraud for US financial services providers increased nearly 10%, and every $1 of fraud loss now costs them $4.00, compared to $3.64 in 2020.
Trust Stamp evaluated the effectiveness of the DLDV system in collaboration with a Fortune 500 financial institution. “Most tellers at bank branches do not have access to ID validation data as robust as the DLDV system. Trust Stamp is committed to providing identity tools to financial and government service providers that are easy and cost effective for them to integrate and easy for their customers to use,” Gowasack remarked.
SOURCE: GlobeNewswire