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Why Is T Stamp (IDAI) Stock Up 200% Today?

T Stamp (NASDAQ:IDAI) stock is skyrocketing on Thursday after the artificial intelligence (AI) security company revealed a new product today.

Image of teen girls taking a selfie on a shopping trip representing IDAI stock.

Source: Studio Lucky/Shutterstock.com

This new product is its Biometric Multi-Factor Authentication (Biometric MFA) solution. The company promises that this option allows users to bypass one-time passcodes, authenticators and other security methods.

Instead of relying on any of that to confirm a user’s identification, Biometric MFA makes use of a selfie. The company notes it doesn’t have to be a complex one, either. Its AI can determine liveness, which makes it spoof resistant.

Kinny Chan, CCO of T Stamp, said the following about the new security offering sending IDAI stock higher today.

“Device-based multi-factor authentication is vulnerable. Passwords and passcodes aren’t enough to ensure that genuine, authorized users are accessing their own accounts or initiating transactions. Biometric MFA lets partners layer intuitive, convenient, and seamless identity authentication where vulnerable passcodes are used today.”

The interest in the new product from T Stamp is bringing heavy trading to IDAI stock today. As of this writing, more than 42 million shares of the company’s stock have changed hands. That’s a massive surge compared to its daily average trading volume of about 16,000 shares.

IDAI stock is up 198% as of Thursday morning but is only up 66.9% since the start of the year.

Investors seeking more stock market news for today are in luck!

We’ve got traders covered with all the latest stock market news for Thursday! That includes what’s going on with shares of Sundial Growers (NASDAQ:SNDL) stock, Moderna (NASDAQ:MRNA) stock, Meta Platforms (NASDAQ:FB) stock. You can read all about these matters at the links below!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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Read More:Penny Stocks — How to Profit Without Getting Scammed


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