DENVER - National Notarial Centralized Verification System (NNCVS) has partnered with authID Inc. (NASDAQ:AUID), a provider of biometric identity verification solutions, to enhance its online notary platform with advanced identity assurance. This move aims to bolster the security and efficiency of notarial services in the face of rising cyber threats.
NNCVS, which offers a nationwide verification system for notaries, will leverage authID's biometric technology to authenticate the identities of notary agents and their clients. The collaboration is intended to transform the traditional localized notary process into a more secure and streamlined online service.
The integration of authID's platform promises real-time identity verification, capable of detecting deepfakes and other sophisticated fraud techniques. By utilizing biometric and document-based identity verification, the system will verify new notarial agents and clients quickly and with high assurance. Notably, authID's platform can process identity verification in as fast as 700 milliseconds, which is considered the quickest in the market.
Stefan Perez Tejera, CEO of NNCVS, emphasized the importance of strong identity assurance in preventing fraudulent account openings and phishing-related account takeovers. He stated that the partnership with authID would drive high identity trust in their platform, enabling a network of notaries, lawyers, and signing agents to provide safe services to verified customers.
Rhon Daguro, CEO of authID, echoed the sentiment, expressing enthusiasm for helping NNCVS revolutionize the notary industry by delivering high levels of identity trust alongside a frictionless user experience.
The press release statement indicates that this initiative is a response to the increasing frequency of social engineering fraud, deepfakes, and ransomware attacks. By deploying authID's biometric identity life-cycle platform, NNCVS aims to provide a more efficient and secure notarization process accessible 24/7.
InvestingPro Insights
authID Inc. (NASDAQ:AUID), the biometric identity verification solutions provider, has recently seen significant activity in its financial metrics. With a market capitalization of $75.6 million, the company's financial health and market performance provide valuable insights for investors interested in the cybersecurity sector. Notably, authID holds more cash than debt on its balance sheet, indicating a strong liquidity position that could support its strategic partnership with National Notarial Centralized Verification System (NNCVS).
Investors in authID have witnessed a substantial return over the last year, with the 1 Year Price Total Return standing at an impressive 143.61%. This growth trajectory underlines the company's potential in the rapidly evolving cybersecurity market, particularly in the niche of online identity verification. Furthermore, authID's stock price movements have been quite volatile, which may suggest opportunities for investors with a higher risk tolerance to capitalize on short-term price fluctuations.
As for the company's profitability, authID has not been profitable over the last twelve months. This is reflected in the negative P/E ratio of -3.9, based on the last twelve months as of Q4 2023. Despite this, the company's significant return over the last week of 9.59% and its role as a niche player in the biometric identity verification industry may indicate potential for future growth.
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