Trust Stamp issues urgent warning regarding a newly discovered Trojan impacting iOS devices
February 16 2024 - 8:30AM
Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity CompanyTM,
providing AI-powered trust and identity services to global
customers in both the governmental and private sectors issued a
warning to financial institutions and their customers regarding the
emerging dangers of Trojans that are being used to gain
unauthorized access to bank accounts.
In October of 2023 Group-IB (https://group-ib.com) researchers
released a report regarding a newly discovered Android Trojan which
they named “GoldDigger”. Subsequent to that report, Group-IB’s
threat intelligence unit identified a cluster of aggressive banking
Trojans targeting the APAC region. On February 15, 2024 Group-IB
announced the discovery of “GoldPickAxe”, the first known iOS
Trojan harvesting facial biometric data used for unauthorized
access to bank accounts.
Scott Francis, Trust Stamp’s Chief Technology Officer commented,
“Although these specific Trojan attacks currently appear to be
confined to the APEC region, cybercrime is global and we have to
assume that these attacks will spread very quickly. With fast
evolving attacks such as these Trojans, being a good steward of
biometric data demands systems that do not require that data to be
stored on potentially vulnerable devices. Until the emergence of
these Trojans, we worried about Android vulnerabilities, and
iOS device security was treated as unquestioned, but now that has
to be reconsidered.”
Scott Francis went on to say, “The work of organizations such as
Group-IB is critical to countering sophisticated cybercriminals. As
a D-Seal labeled company; we take data security and responsible use
very seriously and we have developed AI-powered, privacy-centric
systems to counter attacks such as those implemented by these
Trojans. These include both our Stable IT2 TM technology and
biometric multi-factor authentication. The Stable IT2 is
revolutionary in that it does not save or retain any biometric data
anywhere, in addition to which, no identifying data is stored on
the user device. As a biometric cryptographic system, it provides
authentication without leaving biometric breadcrumbs that could
later be used by criminals. Biometric MFA combined with device
authentication not only uses biometric authentication with proof of
life but also ensures that the user is in possession of the
authorized device, disrupting the transaction flow utilized by the
attackers behind these Trojans”
Stable IT2 is a groundbreaking facial recognition technology
designed for identity authentication, secure system access, and
account protection. It derives a cryptographic token generated from
a user’s facial biometrics to respond to cryptographic challenges
and authenticate messages, enhancing security and user control over
personal information.
At registration, Trust Stamp’s binding process combines a
cryptographic key and biometric information to produce sketch and
helper data that can be stored anywhere, including on edge wallets,
mobile devices, or a distributed ledger. During authentication, the
stable token is derived directly from a live scan of biometrics as
opposed to storing the biometric template. The ultra-secure
feature of Stable IT2 means that neither the secret nor the
biometric information about the user is ever stored therefore it
cannot be stolen. This process is highly efficient, providing quick
and accurate identity verification thereby reducing the risk of
account takeover by attackers.
Dr Norman Poh, Trust Stamp’s Chief Science Officer commented,
"When a financial institution adopts Stable IT2, Trust Stamp's
technology integrates into their existing back-end system to
overhaul the facial recognition process. During registration a
user's facial image is captured – typically via a selfie video, and
this process generates a unique stable cryptographic token from the
user’s face using Trust Stamp’s proprietary algorithm. This token,
with at least 128 bits of entropy derived from the user's facial
data, is further diversified and then used for all subsequent
identity verifications across different accounts. During the
authentication process, the system does not compare raw biometric
data or traditional templates. Instead, it attempts to generate the
same unique, stable cryptographic token from another
liveness-assessed probe biometric sample. Since only the registered
user can reproduce this unique token, the technology can be used to
prove the presence of the registered user over the internet
remotely, using standard cryptographic protocols including public
key infrastructure. In other words, this is an ideal
zero-knowledge proof solution for remote identity proofing
applications."
Enquiries
Shareholders@truststamp.ai
Scott Francis, Chief Technology Officer:
sfrancis@truststamp.ai
Norman Poh, Chief Science Officer: npoh@truststamp.ai
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global
provider of AI-powered identity services for use in multiple
sectors, including banking and finance, regulatory compliance,
government, real estate, communications, and humanitarian services.
Its technology empowers organizations with advanced biometric
identity solutions that reduce fraud, protect personal data
privacy, increase operational efficiency, and reach a broader base
of users worldwide through its unique data transformation and
comparison capabilities.
Located across North America, Europe, Asia, and Africa, Trust
Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The
company was founded in 2016 by Gareth Genner and Andrew
Gowasack.
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