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ECOSYSTEM | WHO’S GOT VC | Q&A | STARTUP FINANCE

"WE CAN EASILY AND COST-EFFECTIVELY OFFER VARIATIONS BY LEVERAGING OUR MICRO SERVICE ARCHITECTURE, WHICH BREAKS SOFTWARE INTO INDEPENDENT MODULES EACH RESPONSIBLE FOR DISCRETE TASKS AND COMMUNICATING VIA UNIVERSAL APIS.”

Andrew Gowasack, co-founder and CEO, Trust Stamp

Identity matters Trust Stamp offers AI-powered facial biometric solutions to keep internet fraudsters at bay b y PA M E L L A D E L E O N

T

hough there have been efforts to prevent identity fraud, data hacks, email phishing, account takeovers, and more, fraudulent identity crimes continue to rise, with Javelin Strategy & Research’s 2018 Identity Fraud Study showing how fraudsters have successfully adapted to net 1.3 million victims in 2017, with the amount stolen rising to US$16.8 billion. Two tech entrepreneurs are now seeking to counteract this problem- Trust Stamp founder and CEO Andrew Gowasack, whose background is in financial services, sales, and marketing, and who had his

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share of stints in a number of US-based accelerator programs, and co-founder Gareth Genner, whose background is in corporate law, and who has successfully launched and exited multiple businesses. The entrepreneurial duo came up with the idea for Trust Stamp, an AI-powered facial biometric identity authentication solution, with the startup aiming to ensure identity and trust as part of its services by answering two questions: “Who are you?” and “Do I trust you?” Trust Stamp has developed proprietary AI solutions and biometric “hashing” technology, which makes use of multiple “proof of life” evaluations to create a

tokenized identity, transforming biometric data into a 512-byte hash using a deep neural network. Gowasack explains that this hash is then added to an “Identity Lake,” which can be hosted on a server or a blockchain, and then compared to existing hashes using proprietary AI to predict the probability that the two hashes came from the same face. With experienced fraudsters having multiple fake or stolen identities, Gowasack asserts that what makes Trust Stamp solve issues better compared to other players in the space is their use of the combination of proof of life and the Identity Lake, making it quicker to identify synthetic and stolen identities. Plus, to ensure clients’ privacy, the company themselves don’t receive any data as it is processed on their client’s servers. “Where we do receive data,” Gowasack explains, “it is kept to a minimum, and encrypted at rest and in transit.” >>>

‘TREP TALK

ANDREW GOWASACK, FOUNDER AND CEO, TRUST STAMP OFFERS HIS THREE TOP TIPS FOR HIS FELLOW ENTREPRENEURS 1. Get to know your customer “Start your customer discovery early, and ensure that you do not have avoidable inbuilt biases. Before starting Trust Stamp, we ran multiple iterations of multiple surveys and collected thousands of responses. These proved invaluable when approaching incubators and investors.”
 2. Get support (and use them wisely) “Find the right incubator/accelerators for your company, and put in 110% effort. Most of our milestones were achieved thanks to support from incubators/accelerators.”
 3. Be nice “Actively look for ways to show everyone that you interact with more kindness than they generally expect. This applies to everyone from your most prominent clients and top performing team members, to the crew who cleans your co-working space. Any one of them may provide you with a helping hand when you need it most, and even if that does not arise, you have made your and their lives a little better along the way.”

Gareth Genner, co-founder and General Counsel, Trust Stamp

IMAGE COURTESY TRUST STAMP

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