As wire fraud becomes increasingly sophisticated, businesses face a growing need for innovative security solutions. WireVault’s new Identity Verification Feature, developed in partnership with TrustStamp, answers this call by adding a crucial layer of defense for sensitive wire transfers.
TrustStamp utilizes cutting-edge technology to tokenize recipients’ identities — ensuring that personal data remains private while still providing reliable verification. Unlike traditional systems that store sensitive information, tokenization converts identity data into secure, non-reversible tokens. These tokens allow parties to verify the identity of the individual without exposing critical details, ensuring privacy and security.
The identity verification step inside WireVault’s workflow involves recipients uploading a government-issued ID and completing a short liveness check that rules out deepfakes or impersonation attempts. WireVault leverages TrustStamp’s biometric and liveness checks to ensure the recipient is not only legitimate but physically present when wire information is being shared.
The real value lies in the peace of mind it brings. Admins initiating wire transfers can now be confident that they’re communicating with the right person, reducing the risk of fraud without slowing down the transaction process. For financial professionals, real estate agents, and lawyers managing high-value wire transfers, this feature adds an indispensable safeguard to the transaction lifecycle.
IDV also integrates seamlessly into WireVault’s blockchain-powered platform, providing a tamper-proof, auditable process for every transaction. By tokenizing sensitive identity information and locking it on a blockchain ledger, WireVault and TrustStamp are at the forefront of a revolution in how wire transfers are conducted—protecting all parties from fraudsters.
