Net loss was $2.5 million, down from a loss of $3.8 million a year earlier During the quarter, Ipsidy’s IDaaS platform was selected by On The Fly POS to deploy passwordless login and transaction authorization
Ipsidy Inc (OTCQB:IDTY), the company delivering a suite of biometric identity verification solutions, has announced its first-quarter results, revealing a net loss that narrowed 34% year-over-year.
Revenue for the three months ended March 31 was $600,000, compared to $800,000 in the same period of 2020. Net loss was $2.5 million, breakeven on a per-share basis, down from a loss of $3.8 million or, $0.01 loss per share, a year earlier.
“We continue to make progress in 2021, building on the major repositioning the company undertook in the second half of 2020 and into this year,” CEO Phillip Kumnick said in a statement. “We rolled out our solutions to customers across various market segments, secured new partners in the financial services and technology
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Ipsidy, a provider of secure, mobile biometric identity solutions, including Identity as a Service (IDaaS), today announced an expansion of Ipsidy’s IDaaS services to include AuthentifID, delivering passwordless login tied to a trusted identity.
The reuse of the same passwords by users across multiple systems and other weak authentication practices are leading causes of security breaches. Since passwords do not verify the authenticity of a user’s claimed identity, hackers often use compromised passwords as a gateway into enterprise systems.
To counter potential identity and financial fraud, FIDO2 enables easy and secure logins to websites and applications via on-device PINS or biometrics. FIDO2, quickly becoming the de facto standard for authentication, offers users an easier, quicker, and much more secure login experience. Indeed, with strong cryptographic security, FIDO2 authentication is far superior to passwords in protecting networks and their users from all forms of