Expanded Use Case Verifying IDs and Passports Averts Identity Theft and Fraud
A top five U.S. bank has accelerated its purchase of hardware through Intellicheck, Inc. (Nasdaq: IDN) to advance the newest deployment of Intellicheck’s identity verification platform at bank branches nationwide. The third quarter delivery of the previously announced $1.3 million hardware sale, now positions the bank to use Intellicheck’s passport authentication capabilities in addition to its driver license authentication solutions.
This hardware order that was originally anticipated to be split between the third and fourth quarters accelerates the ability for this prominent globally recognized bank to provide clients with unprecedented confidence in the security of in-branch financial transactions.
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Intellicheck CEO Bryan Lewis said, “By accelerating the delivery of this hardware order the bank is now in the position to arm their tellers to stop fraud quickly and effectively for in-branch transactions. We believe that the critical first step for our customers whose clients are executing a transaction is answering the most vital question with certainty. Is the person doing the transaction the real person or are they using falsified documentation? Failing to answer that question with certainty based on identity validation opens the door to validating an imposter. Our verification process is 99% accurate and we believe that we do it like no one else and that’s why even law enforcement agencies across the country have deployed our innovative technology solution.”
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Although hardware isn’t a core component of Intellicheck’s business, from time to time the Company will sell hardware in conjunction with an implementation that does not use existing equipment. Hardware sales carry significantly lower gross margins, in this case approximately 20%, versus our most recently reported SaaS gross margin of 93.3%.
With headquarters in New York and business in more than 160 countries and jurisdictions, this top 5 bank is already using Intellicheck’s leading identity verification technology with retail clients including the largest North American electronics retailer for credit card applications and account look-ups.
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