Trust Stamp Joins the NayaOne Tech Marketplace

Trust Stamp has joined the NayaOne Tech Marketplace. It helps banks and financial institutions combat fraud, retain customers, and reach a broader user base with AI-powered identity solutions. They leverage Trust Stamp’s unique and patented tokenisation technology that converts biometric data into anonymised tokens.

“NayaOne’s Sandbox-as-a-Service platform provides financial institutions with the ability to build, test, and create unique solutions to the complex problems faced by banks and fintechs. Trust Stamp’s technology is delivered through a set of micro-services, which is suited to NayaOne’s platform and delivery, giving institutions flexibility in creating solutions. We are looking forward to co-creating with NayaOne and its customer base,” said Andrew Gowasack, President of Trust Stamp.

“We’re excited to welcome Trust Stamp to the NayaOne Tech Marketplace. Banks and financial institutions are increasingly threatened by sophisticated fraud schemes, which exploit vulnerabilities through tactics like phishing, social engineering, and advanced digital forgery. These challenges require the evolution of fraud detection and prevention strategies, investment in cutting-edge technologies such as AI and biometric authentication, and the prioritisation of robust compliance and data privacy measures,” comments Varun Resh, Marketplace Manager of NayaOne.

Banks face increasing threats from sophisticated fraud schemes, including wire fraud and synthetic identity fraud. These schemes exploit vulnerabilities in financial systems and often involve complex tactics such as phishing, social engineering, and advanced digital forgery techniques.

As fraudsters become more adept at circumventing traditional security measures, prioritising robust fraud prevention is crucial to protect customers, safeguard assets, and maintain trust in the banking system.

Therefore, banks must continuously evolve their fraud detection and prevention strategies and invest in cutting-edge technologies.

Trust Stamp helps them:

• Detect Fraud, Identity Theft, and Synthetic Identities: Trust Stamp’s advanced biometric authentication and identity verification solutions leverage AI to detect and prevent fraudulent activities more effectively than traditional methods. Utilising TrustStamp’s IT2 token, institutions can securely carry out 1:1 and 1:n matching to identify repeat, and synthetic identities with ease.
• Streamline Compliance and Know Your Customer (KYC) Processes: Financial institutions must adhere to stringent KYC and Anti-Money Laundering (AML) regulations to mitigate legal and reputational risks. Trust Stamp’s AI-powered identity verification and customer due diligence solutions can streamline these processes, reducing manual efforts and improving the accuracy of risk assessments for enhanced compliance.
• Enhance Customer Experience: Trust Stamp’s frictionless authentication methods, such as biometric multi-factor authentication, can improve customer onboarding and account access experiences while maintaining robust security. This drives satisfaction, loyalty, and acquisition in an increasingly digital banking landscape.
• Protect User Privacy: Trust Stamp’s proprietary tokenisation technology enables banks to securely handle and transform sensitive personal data. This maximises privacy while maintaining utility for identity verification purposes.

By prioritising solutions that address fraud, compliance, customer experience, and data privacy, banks can mitigate risks, enhance security postures, streamline operations, and deliver superior services. This can drive competitiveness and profitability in the rapidly evolving financial sector.

Benefits that Banks and Financial Institutions Can Enjoy with Trust Stamp

• Advanced Biometric Authentication: Trust Stamp provides AI-powered biometric authentication solutions with liveness and presentation attack detection. They help banks and financial institutions combat fraud and enhance security during customer onboarding, account access, and high-risk transactions. This frictionless approach improves customer experiences while protecting against identity theft and account takeovers.
• Robust Identity Verification and KYC: Trust Stamp’s AI-driven identity verification capabilities include document validation with anti-spoofing checks, synthetic identity detection by deduplicating records, and irreversible tokenisation of sensitive data for privacy protection. These features streamline KYC/AML compliance processes while mitigating fraud risks.
• Synthetic Identity Fraud Detection: Trust Stamp’s technology can detect synthetic identities via biometric velocity checks, identifying stolen or fabricated identities. This proactive fraud prevention approach reduces losses for financial institutions.
• Data Privacy and Protection: Trust Stamp tokenises and irreversibly transforms sensitive personal data into secure, anonymised tokens (IT2s). They protect privacy while maintaining data utility for identity verification purposes. This aligns with data protection regulations and builds customer trust.

Aiding a Major S&P 500 Bank Boost Account Security and Increase Customer Acquisitions

A major S&P 500 bank is leveraging Trust Stamp’s solutions to speed up account recovery, approve previously denied applications, increase new customer acquisitions, and enhance deposits. As a result, the bank was able to achieve robust security and user-friendly verification.

In addition, Trust Stamp’s IT2 technology is being implemented by Mastercard for Humanitarian & Development purposes. It’s a core element of Mastercard’s Community Pass and Inclusive Identity offerings.

Use cases include financial services for individuals and businesses. However, Trust Stamp’s solutions also empower people and communities to meet basic needs, such as nutritious food, clean water, housing, education, and healthcare.

NayaOne’s Digital Sandbox platform allows financial institutions to effortlessly discover and evaluate Trust Stamp’s easily integrated identity solutions. It also provides a safe and disconnected environment to rapidly prototype, test, and deploy innovative applications incorporating biometrics, identity proofing, and data privacy safeguards with minimal development effort. Enterprises have access to synthetic datasets, tech marketplace, and a digital sandbox, allowing them to scale third-party technologies to production, as well as to build functional proofs-of-concepts in 4-6 weeks rather than 9-12 months without onboarding the fintech.

Discoverable through NayaOne’s Fintech Marketplace, Trust Stamp’s advanced identity technologies provide a powerful asset for banks and fintechs to drive digital transformation, enhance security and compliance postures, and deliver superior customer experiences, while fostering innovation in identity management, data privacy, and supports NayaOne’s mission to enable and facilitate bank-fintech partnerships.