AltID, a digital ID verification solution, was developed for the growing global need for a standard, secure and verifiable digital ID and credential management solution across industries such as hospitality and education, regulated markets such as tobacco, liquor, and cannabis.
VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) — Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to announce the release of their new digital identification (‘ID’) solution, AltID, which plugs into the recently released Fobi PassPro enhanced wallet pass platform. AltID will enable organizations to move from paper and plastic-based analog credential systems to digitally validated credentials for users at businesses, schools, venues, and across regulated industries.
AltID is a digital ID verification solution that bolts on to PassPro to make credential verification more secure, and which enables segmented customer engagement. For example, age-specific promotions (such as for alcohol or gaming) can be pushed out safely to only those people who are verified as authorized to receive them. AltID makes sure that only verified people get the right promotions which increases sponsorship revenue and reduces liability issues.
SECURE CREDENTIAL MANAGEMENT SOLUTION FOR WORKPLACES, EDUCATION, RETAIL, AND REGULATED MARKETS
Fobi’s AI verifies only the credentials businesses need access to. Once verified, Fobi sends each user their approved Wallet pass, all without storing unnecessary personally identifiable information (PII) data as AltID is digitally signed and secured on the Hedera Hashgraph ledger. For example, AltID’s AI age verification enables venues to control access to age-restricted areas and segment sponsorships and promotions only using the verified age credentials, and no other data is revealed. Fobi ensures that only the information businesses need to know is verified and used to approve wallet pass distribution, lowering the cybersecurity risk. Traditional ID verification processes lead companies to store significantly more PII than necessary. Additionally, the biometric and password-protected mobile wallets mitigate fraud.
The potential uses span across any PassPro solution such as Loyalty or Fan Pass and across any industry such as Employee Management, Education, Sports & Entertainment, and Retail. AltID also supports regulated markets such as tobacco, liquor, cannabis, and lotteries that struggle to meet government mandates to ensure proper age verification of their customers. Fobi’s recent announcement with Barnet Technologies to jointly promote age verification and employee management for companies in North America will utilize the AltID solution.
AltID is an eco-friendly solution that reduces businesses’ carbon footprint. The solution enables organizations to securely replace traditional member or employee plastic cards or fobs with Fobi’s app-less Wallet pass technology that users can easily perform contactless check-ins with using their mobile phones. The switch to AltID offers significant value for organizations in the growing movement towards replacing analog paper or plastic-based IDs with digitized and automated solutions that help organizations make better data-driven decisions, reduce their carbon footprint and improve the customer experience.
FOBI’S DIGITAL ID INNOVATION ALIGNS WITH THE FUTURE OF GOVERNMENT AND PRIVATE SECTOR CREDENTIALS
Fobi’s digital ID product AltID is timely as organizations gear up to make the powerful digital transformation shift from manual analog systems to updated and efficient digital ID systems. Governments across Europe, Asia, the Middle East, Africa, and North America are moving quickly to digital ID implementations. It is said the innovation and growth of digital ID solutions will redefine security and identity recognition at the core of accessing government programs assistance, and in fact, the United Nations Member States are targeting to provide legal digital identity for all by 2030. In Canada, the province of Ontario, a leader as one of the world’s most digitally advanced regions, is set to roll out and store government-issued ID in digital wallets on smartphones in 2022. For public and private organizations, information can be captured more quickly with unified credentials. For example, digital IDs can assist human resources with identifying employee information for building access, validating a student for university exams, or checking for age verification for liquor stores or events. AltID is a secure and simple digital tool that can be used as the primary credential for accessing any resource.
In addition, the Digital Identification and Authentication Council of Canada, known as the DIACC, reports a $4.33 billion cost for Canada’s economy/Canadian companies for not implementing a digital solution to strengthen and implement digital identity frameworks.
Fobi CEO Rob Anson stated: “As a result of our recent Barnet Technologies partnership, we identified the clear need in the market for digital age verification. We believe that AltID is positioned very well to deliver a convenient, secure and app-less mobile age verification solution to regulated industries such as alcohol, gaming, and cannabis.”
AltID is the logical next product extension of Fobi’s Wallet pass ecosystem. It is a solution that supports the ongoing digital transformation that is driving the shift to digital identification that companies cannot afford to ignore. The ability for organizations in regulated industries such as alcohol, gaming, and cannabis to be able to segment their users and provide access or promotions based on this segmentation is very important, as it will enable them to generate significantly more revenue from their sponsors and advertisers.”
Fobi will generate revenue from AltID via licensing fees for PassPro.
For more information, please visit www.fobi.ai/altid.
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi’s unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
For more information, please contact Rob Anson, CEO of Fobi AI, +1 877-754-5336 Ext. 3.
This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fobi’s control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Fobi believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Fobi does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Fobi should be considered highly speculative. There can be no assurance that Fobi will be able to achieve all or any of its proposed objectives.
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