authID Launches PrivacyKey™, Embedding Groundbreaking Privacy and Compliance in Its Biometric Identity Authentication Platform

Core Insights - authID has launched PrivacyKey, a unique solution designed to protect user biometric data while addressing compliance issues related to biometric information storage [2][5] - The introduction of PrivacyKey allows organizations to implement biometric solutions without concerns over liability or user privacy apprehensions [2][5] - authID's Proof™ and Verified™ solutions now operate without storing any biometric data, enhancing user privacy and regulatory compliance [3][5] Company Overview - authID is a leading provider of biometric identity verification and authentication solutions, ensuring enterprises can accurately verify user identities [7] - The company emphasizes speed and accuracy in its identity verification process, achieving processing speeds of 700 milliseconds and a false-match rate of one in one billion [5][8] - The platform integrates secure digital onboarding, biometric authentication, and account recovery to combat identity fraud and cyberattacks [8] Technology Features - PrivacyKey includes advanced key-management capabilities, allowing enterprises to easily rotate and revoke keys, ensuring authorized access only [4] - The technology eliminates the risk of biometric data breaches by not storing any biometric artifacts, thus enhancing data privacy protection [5][6] - During identity proofing, a public and private key pair is created using facial biometrics, with the private key destroyed immediately after creation [6] Market Context - The rise in biometric authentication usage is hindered by fears of data theft or misuse, which PrivacyKey aims to alleviate [5] - Increasing regulations in various states and countries regarding biometric data retention create additional legal burdens for companies, which PrivacyKey helps to mitigate [5] - By providing a solution that ensures no biometric data is stored, authID broadens the market for its biometric platform [5]