authID joins the Accountable Digital Identity Association to promote standards for digital credentials and biometric authentication.
Quiver AI Summary
authID has joined the Accountable Digital Identity Association (ADIA) to help develop a standardized framework for decentralized identity services. This initiative aims to enhance the trust and authenticity of digital identities, allowing users to access multiple services with a single set of credentials. AuthID’s participation supports the creation of interoperable specifications that improve privacy, security, and reduce digital fraud. The collaboration reflects a broader industry trend towards reusable identities, projected to grow significantly in the coming years. AuthID offers advanced biometric identity verification solutions, ensuring high accuracy and quick processing times, further enhancing the user experience and security in digital interactions.
Potential Positives
- authID has joined the Accountable Digital Identity Association (ADIA), which positions the company as a key player in shaping the future of digital credentials and biometric authentication standards.
- The partnership with ADIA aligns with authID's commitment to privacy-preserving solutions, enhancing its reputation in the growing field of digital identity verification.
- The estimated growth of the global market for shareable or reusable identity presents significant business opportunities for authID as it advances its offerings in this expanding sector.
- By becoming a member of ADIA, authID aims to accelerate the adoption of secure and user-friendly authentication solutions, reinforcing its strategic goals in a rapidly evolving digital landscape.
Potential Negatives
- The press release heavily emphasizes collaboration with the ADIA, suggesting that authID may be reliant on external bodies to set industry standards, potentially raising concerns about its own capabilities in leading innovation independently.
- While it highlights the expected growth of the global reusable identity market, it does not address any existing competition or challenges the company may face, which could lead to a perception of naivety about market dynamics.
- The focus on privacy-driven solutions implies that previous identity verification methods may not have met adequate privacy standards, which could undermine current customer confidence in their products.
FAQ
What is authID's recent announcement about?
authID has joined the Accountable Digital Identity Association (ADIA) to promote standardized digital credentials and biometric authentication.
How will authID contribute to ADIA?
authID will support the development of ADIA’s standards for interoperability, trust, privacy, and accountability in digital identity solutions.
What are the benefits of reusable digital identities?
Reusable digital identities streamline verification, enhance privacy and security, reduce costs, and increase convenience for users and businesses.
How does authID ensure identity verification accuracy?
authID provides a one-in-a-billion false-match accuracy with its biometric identity verification solutions, processing in about 700 milliseconds.
Why is joining ADIA important for authID?
Joining ADIA enables authID to drive industry standards for privacy-first digital identities, enhancing trust and security across digital interactions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AUID Insider Trading Activity
$AUID insiders have traded $AUID stock on the open market 21 times in the past 6 months. Of those trades, 5 have been purchases and 16 have been sales.
Here’s a breakdown of recent trading of $AUID stock by insiders over the last 6 months:
- THOMAS ROBERT SZOKE (Chief Technology Officer) has traded it 16 times. They made 0 purchases and 16 sales, selling 30,107 shares.
- MICHAEL CHARLES THOMPSON has traded it 2 times. They made 2 purchases, buying 17,254 shares and 0 sales.
- KEN JISSER purchased 8,000 shares.
- RHONIEL DAGURO (Chief Executive Officer) purchased 4,000 shares.
- STEPHEN JEFFREY GARCHIK purchased 150,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AUID Hedge Fund Activity
We have seen 10 institutional investors add shares of $AUID stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GEODE CAPITAL MANAGEMENT, LLC added 29,810 shares (+43.8%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC removed 22,728 shares (-100.0%) from their portfolio in Q3 2024
- JOHNSON FINANCIAL GROUP, INC. removed 20,305 shares (-50.0%) from their portfolio in Q3 2024
- VANGUARD GROUP INC added 15,308 shares (+8.1%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 10,545 shares (+73.5%) to their portfolio in Q3 2024
- SONIC GP LLC removed 10,000 shares (-8.0%) from their portfolio in Q3 2024
- COMERICA BANK added 9,670 shares (+835.8%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
authID to champion global standards that will shape the future of digital credentials and biometric authentication
DENVER, COLORADO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- authID ® (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced it has become a member of the Accountable Digital Identity Association (ADIA), an open industry association created to drive the development of a standardized, interoperable framework for decentralized identity services to ensure the authenticity of, and to establish trust in, reusable digital identities.
ADIA promotes a uniform specification for creating and managing portable digital identities, allowing users to leverage a single set of credentials to access multiple online services. This protocol is already being adopted by a number of large organizations .
As a member of ADIA, authID will support the continued development of the Association’s interoperability, trust, privacy, and accountability specification. This framework is designed to accelerate the adoption of digital identities by companies and consumers alike in order to safeguard data and prevent digital fraud. The solutions that utilize the ADIA specification are designed to ensure that users save time creating identities, businesses save money managing credentials, and everyone’s private data is better protected from fraud.
“The ADI Association has established a specification that will shape the industry’s future by driving decentralized, digital identities,” said Tom Szoke, founder and CTO of authID. “Their digital identity framework supports our privacy-driven approach for all our products. We are looking forward to working with leading identity providers to solve the industry’s digital identity challenges, improve user experience, empower users to manage access with a verified, reusable profile, and reduce fraud. In today’s digital-first world, the adoption of ADIA’s interoperable identity standard is critical to ensuring users’ privacy is protected at every step of the authentication and verification process.”
“ADIA is pleased to welcome authID as a member and collaborator on our digital-identity and security initiatives,” said Ramesh Kesanupalli , co-founder of ADIA. “authID's unique approach to biometric identity verification and authentication aligns perfectly with ADIA's vision for accountable digital identity. ADIA’s mission is aligned with authID’s commitment to privacy-preserving biometric solutions. We welcome authID to the ADIA ecosystem, and look forward to collaborating with authID to further strengthen the foundation of trust in digital identity verification across global markets.”
With the rise of digital customer onboarding and increasing demands for frictionless experiences, the case for secure, reusable, portable identities has grown. It is estimated the global market size for shareable or reusable identity will grow from $32.8 billion in 2022 to $266.5 billion by 2027. Reusable identity offers a range of benefits for both individuals and businesses, including streamlined identity verification and authentication processes, enhanced privacy and security, reduced costs, and increased user convenience.
authID verifies and authenticates users’ identity through its Proof and Verified identification solutions, ensuring a one-in-one-billion false-match accuracy and industry-leading processing time of 700ms. By joining the ADI Association's ecosystem, authID furthers its mission to ensure enterprises "Know Who's Behind the Device" for every digital interaction with continuous authentication protocols at the forefront.
The partnership is intended to accelerate the adoption of secure, frictionless authentication solutions for top brands across industries while maintaining the highest standards of privacy, security, and compliance. This unified alliance not only strengthens both organizations' positions in the rapidly evolving digital identity landscape but also aims to set new standards for secure, efficient, and user-friendly authentication processes that modern businesses demand.
“Joining the ADI Association represents a pivotal step for authID as we work to advance the adoption of reusable digital identities and verifiable credentials within a privacy-first framework,” said Erick Soto , Chief Product Officer of authID. “By joining ADIA, we are excited to drive an industry-leading standard that enables interoperability, protects individuals’ data, and fosters trust across the digital identity ecosystem.”
About authID
authID® (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
About the ADI Association
The Accountable Digital Identity Association (ADI Association) is a global nonprofit committed to establishing and promoting accountable trust frameworks, standards, and best practices for secure, privacy-respecting digital identities. Through collaboration with industry, government, and nonprofit stakeholders, ADIA advances user-centric identity solutions that adhere to regulatory requirements, safeguard personal data, and reduce fraud. By fostering interoperability and accountability across digital ecosystems, ADIA ensures that organizations worldwide can confidently embrace the benefits of trusted, secure digital identity. The ADIA specification is available at
https://adiassociation.org
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