authID Announces Key Customer Launches in Q1

DENVER, April 02, 2024 (GLOBE NEWSWIRE) -- authID Inc. (Nasdaq: AUID), a leading provider of innovative biometric identity verification and authentication solutions, today announced several new client deployments during the first quarter of 2024, driving greater customer satisfaction, and increased quarterly revenue for authID.

With adversarial generative AI increasing the effectiveness and frequency of social engineering fraud, deepfakes, and ransomware attacks, it is critical for the digital economy to verify users, especially privileged users whose accounts are the most dangerous in the wrong hands, and to verify them early and often. To that end, authID worked closely with several recently signed direct customers, including a lending fintech company, a digital wallet provider, and a social commerce innovator to launch authID’s biometric identity proofing and verification services. The Company also onboarded additional customers through authID’s channel partners, who represent force multipliers in the market.

“authID continues to generate strong momentum with the completed implementations of new customers in the first quarter, thus enabling us to recognize revenue from those contracts,” said authID CEO Rhon Daguro. “Our team is also working diligently to launch additional customers live that were booked in 2023. Following the hard work done last year to turn authID around, 2024 is the year we expect to establish stable revenue growth and build our pathway to success.”

These recently launched customers turned to authID for best-in-class biometric expertise to protect their corporate data, employees, and consumers by “knowing who’s behind the device.” Through the integration of authID’s patented identity platform, these organizations streamlined day zero onboarding with greater accuracy and operational efficiency. By providing an enhanced user experience, enterprises accelerate enrollment, reduce the risk of abandonment, and accordingly enhance their revenue.

“A key authID value proposition is our frictionless user experience, for both workforce and consumers. Digital identity verification and authentication must be user-friendly so that consumers don’t take their business elsewhere, and employees quickly adopt corporate security standards,” said Daguro. “Our biometric identity platform delivers speed and accuracy, processing captured images, and identifying them as legitimate or, when necessary, fraudulent, all within a market-leading 700 milliseconds. authID protects the burgeoning digital economy against today’s rampant cyberattacks, providing our clients the confidence that user authentications are proper and precise, and completed in record time.”