Ipsidy’s Biometric Identity Verification to Help State Agencies Combat CARES Act Benefits Fraud

LONG BEACH, NY, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Ipsidy Inc. (www.ipsidy.com) [OTCQB: IDTY], a leading provider of secure, mobile biometric identity solutions, including Identity as a Service announced today a suite of biometric identity solutions available for agencies of all U.S. States and the District of Columbia to assist them in complying with certain provisions of the recent Consolidated Appropriations Act 2021 (the “Act”).  Section 242 of the Act amended the CARES Act 2020 and now requires the State agencies responsible for administering pandemic unemployment assistance (PUA) claims to verify the identity of applicants in an effort to reduce fraud. The Act also provides federal funding to help State agencies implement new identity verification procedures.

It was reported only last week that over $36 billion dollars had been stolen across the nation during 2020 by criminals filing fraudulent benefits claims under the names of other people. (USA Today 12/30/20 “How scammers siphoned $36B in fraudulent unemployment payments from US”.)  Without the ability to properly verify identities of new and existing claimants, identity fraud in the collection of benefits is likely to continue. 

Ipsidy harnesses mobile technology to capture a selfie, biometrically match the selfie to a government credential and automatically validate the applicant’s state driver's license, or other government issued ID.  Ipsidy’s biometric identity solutions are designed with intent to maximize data privacy, security and identity assurance levels, based on the internationally recognized standards of GDPR, FIDO2, and NIST 800-63-3 Digital Identity Guidelines. State agencies can launch Ipsidy’s identity verification in a matter of days with an easy API integration into their web-enabled claims portals. 

Stop attempts at benefits fraud associated with identity theft and verify claimants’ identities in accordance with the Act. Ipsidy stands ready to help enhance States’ public benefits systems and ensure that the financial resources appropriated to helping unemployed workers get into the hands of those in need.  To learn more and see a demo of our identity verification solutions, click here or contact Ipsidy at [email protected]. 

About Ipsidy

Ipsidy Inc. (OTCQB:IDTY) www.ipsidy.com, is Digital Identity. Ipsidy’s mission is to ensure our customers know the identity of their users with biometric certainty. Our Identity as a Service (IDaaS) platform delivers a suite of secure, mobile, facial biometric identity solutions, available to any vertical, anywhere. Our robust identity verification and authentication solutions work great on their own but even better together to help answer everyday questions: Who is applying for a loan? Who is sending money? Who is requesting an account change? Ipsidy is committed to providing seamless, accurate and speedy identity solutions that establish security and trust in today’s digital world.

Ipsidy is headquartered in New York and has operating subsidiaries: MultiPay in Colombia, www.multipay.com.co; Cards Plus in South Africa, www.cardsplus.co.za; Ipsidy Enterprises in the U.K. and Ipsidy Perú S.A.C. Further information on Ipsidy can be found at www.ipsidy.com or contact us at [email protected].

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Notice Regarding Forward-Looking Statements

Information contained in this announcement may include “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Ipsidy and its business partners, future service launches with customers, the outcome of pilots and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Ipsidy present and future business strategies, and the environment in which Ipsidy expects to operate in the future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third party approvals and governmental procurement processes and procedures. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the Covid-19 pandemic and others. See the Company’s Annual Report Form 10-K for the Fiscal Year ended December 31, 2019 filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Ipsidy expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.