As auto dealerships face rising fraud rates, cybersecurity concerns and new data privacy regulations, Trust Stamp and Botdoc partner to decrease the risk of fraud and make dealerships more secure
Atlanta, GA, July 23, 2024 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI) announces a partnership with Botdoc to integrate Trust Stamp’s low-code Orchestration Platform within the Botdoc Connect product, providing robust Identity Verification and KYC. The integration includes document validation using the Driver License Data Verification (DLDV) System offered by the American Association of Motor Vehicle Administrators (AAMVA) and accessed by Trust Stamp under a license from AAMVA.
Trust Stamp and Botdoc have previously worked in parallel in other industries, such as banking, lending and insurance and are both graduates of the Independent Community Bankers of America (ICBA) ThinkTECH accelerator.
Andrew Gowasack, Trust Stamp’s President, commented, “I am thrilled to partner with Botdoc to bring our AI-powered technology to the automotive industry. Criminals are using counterfeit or altered driver’s licenses, driving permits, and ID cards to commit fraud, and with nearly 80,000 cars stolen from dealerships last year, identity document validation is increasingly necessary. Now Botdoc customers can fight back using a variety of solutions through Trust Stamp’s low-code Orchestration Layer platform, which includes real-time capability to verify driver’s license/ID information against data from the issuing agency.”
Andrew Gowasack further commented, “Botdoc, the global leader in Secure Digital Transportation (SDT) Technologies brings the highest levels of security while removing operational friction between employees and customers. Leveraging Botdoc’s years of experience in regulated industries, dealerships now have the convenience of security through Botdoc along with the strength of Trust Stamp’s identity fraud detection.”
Karl Falk, founder and CEO of Botdoc, commented, “This partnership brings together our years of innovation in other regulated industries. Understanding how different industries operate is a huge advantage with the cross-pollination of best practices in innovation, cyber security, and fighting fraud. With increasing cyber attacks in automotive, it is imperative to incorporate the best practices from other industries into this (auto) environment. This initiative brings a different perspective with new and innovative insights to the automotive industry.”
Karl Falk further commented, “Trust Stamp and Botdoc’s partnership effectively highlights how collaboration initiated by an industry innovator, such as the ICBA, can tackle critical issues including fraud, across multiple industry sectors.”
ICBA Executive Vice President and Chief Innovation Officer, Charles Potts, commented, “By combining their cutting-edge solutions, Trust Stamp and Botdoc are enhancing security and efficiency in identity verification, and cyber security ultimately protecting both businesses and consumers, while benefiting the industry as a whole.”
To learn more about the capabilities of Botdoc visit https://botdoc.io/secure-your-dealership/
Enquiries
Trust Stamp Email: Shareholders@truststamp.ai
Andrew Gowasack, President: agowasack@truststamp.ai
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global provider of AI-powered identity services for use in multiple sectors, including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Located across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.
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All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.
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