Ipsidy Inc. (OTCMKTS:IDTY, OTCQB:IDTY), a provider of biometric identification, identity management and electronic transaction processing services, has introduced the new Ipsidy App for iPhone and Android.
The Long Beach, NY, company said in a release that the new app provides "mobile biometric, multi-factor identity authentication for a broad range of everyday transactions" through the use of a selfie to authenticate their identity. Ipsidy said its identity transaction platform converts the selfie into a biometric facial template that is matched against a previously enrolled reference template.
Ipsidy operates in a sector CEO Philip Beck calls Identity Solutions as a Service, or IDSaaS. In addition to integrating Ipsidy’s service as a black box, using available APIs and SDKs, Ipsidy also provides an out-of-the-box solution that uses tech already in everyone’s possession, Beck told Proactive Investors.
After the massive hacks of Equifax Inc. (NYSE:EFX), Target Corp. (NYSE:TGT) and Home Depot(NYSE:HD), Beck and the Ipsidy team saw a huge market for the company’s proprietary biometric technology and beyond. Today's release is particularly prescient in the wake of Thursday's news that Twitter Inc. (NASDAQ:TWTR) compromised millions of user passwords, resulting in a wide-ranging privacy alert.