Daon Secures Groundbreaking Patents, Elevating Digital Identity Verification with Advanced Technology

New technology tackles complexity of government-issued IDs in document verification process

Daon, a global leader in the Digital Identity Trust space, has successfully secured two additional patents from The United States Patent and Trademark Office. The patents, #17/959,731 and #17/971,961, introduce pioneering technology that enhances the verification process for government-issued IDs, bolstering Daon's capacity to deliver advanced identity trust solutions.

The newly patented technology delivers more sophisticated document verification for businesses worldwide by improving their ability to proof, verify, authenticate, and secure customer identities across all trust points in the customer lifecycle. In the United States alone, there are over 550 different identity-based documents, like driver’s licenses, state IDs, etc., in circulation. Document forgery is the most common type of identity fraud, and overall identity fraud caused losses to businesses and consumers totaling $43 billion in 2022, according to a recent study by Javelin Strategy & Research¹.

"These newly issued patents reflect our commitment to innovation and solidify our position at the forefront of SaaS identity solutions," said Tom Grissen, CEO at Daon. "As our second issued patent specifically for our newly released SaaS platform, TrustX™, this achievement underscores our relentless investment in R&D. Our advanced technologies cater to an array of deployment needs, offering on-premises, hosted, or entirely SaaS solutions. We're empowering our clients with unparalleled control over their identity verification processes."

TrustX, Daon's revolutionary cloud-based platform, supports the creation and deployment of user journeys throughout the digital identity lifecycle. This next-generation platform leverages the power of artificial intelligence (AI) and machine learning (ML) to reduce fraud and streamline the customer experience, laying the groundwork for sustained identity continuity.

TrustX equips businesses with a comprehensive suite of tools for the entire digital identity journey. This includes identity verification, authentication, regulatory compliance, and beyond. The platform's intuitive, no-code orchestration layer allows customers to create new workflows or customize pre-existing ones effortlessly. TrustX also features a new dashboard with a robust reporting system, empowering customers to make data-driven decisions.

"We're excited about the impact these patents will have on our technology and our customers," added Grissen. "We're continuing to redefine what's possible in digital identity trust. As we look ahead, we're committed to delivering solutions that will meet the evolving needs of businesses and end-users alike."

For more information, please visit https://www.daon.com/TrustX.

Source:

¹ Identity Fraud Losses Totaled $43 Billion in 2022, Affecting 40 Million U.S. Adults, Javelin Strategy & Research, https://javelinstrategy.com/press-release/identity-fraud-losses-totaled-43-billion-2022-affecting-40-million-us-adults

About Daon

Daon, the Digital Identity Trust company, enables market-leading organizations worldwide to easily and accurately proof, verify, authenticate, and secure customer identities at every trust point across the entire customer lifecycle. With industry-leading identity proofing and biometric authentication technologies at its core, Daon’s technology ensures that customer identities are accurately verified, safely secured, and easily recovered. By mitigating fraud, reducing friction, and ensuring regulatory compliance, Daon helps businesses deliver a seamless customer experience, increase customer satisfaction, and reduce cost. Daon delivers these solutions through its AI and ML-powered platforms, available for on-premise or SaaS deployment. Leading companies in financial services, telco, travel & hospitality, and other industries choose Daon to secure and process hundreds of millions of digital identity transactions daily. Learn more at www.daon.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230620525469/en/