Ipsidy Announces Retirement of Philip Beck as Chairman of the Board And Appointment of Phillip Kumnick in Succession


Long Beach, NY, November 2, 2020. Ipsidy Inc. (authid.ai) [OTCQB:IDTY] a leading provider of secure, mobile biometric identity solutions, including Identity as a Service (IDaaS), announced today that Phillip L. Kumnick was appointed Chairman, in succession to Philip Beck upon his retirement from the Board.


Mr. Kumnick joined the Board of Directors in November 2019, following a career of over 30 years as a senior executive in the payments industry.  In May 2020 he was appointed CEO and Deputy Chairman of the Board of Ipsidy. From 2010 to 2018 he was Senior Vice President Global Acquirer Processing at Visa, Inc., and was the executive in charge of leading and growing Visa’s acquirer processing services on a global basis.  Additionally, he lead the Visa partnership with the Indian government to integrate biometrics into the payments ecosystem as part of the nation’s Aadhaar initiative. Over the course of his career Mr. Kumnick was also a key contributor to the design and implementation of many of the industry’s key security functions including the EMV, PCI, PAR, tokenization, and encryption standards, and helped develop the MasterCard CVC and AVS standards early in his career while working to combat counterfeit fraud.


Mr. Beck became CEO and Chairman of the Board in January 2017 and led the Company through a number of significant changes and milestones in its development in his nearly 4 years at the helm. These include the rebranding of the Company to Ipsidy and bringing it into compliance to enable its shares to be admitted to the OTCQB market as IDTY. Mr. Beck’s vision and hiring of the core team enabled the development of the IDaaS Platform and the building of the Company’s suite of industry leading identity products, which we are now rolling out to customers.


“We thank Philip for his tireless efforts, leadership and strategic contributions that have positioned Ipsidy for future success,” said Phillip Kumnick, Ipsidy’s CEO and Chairman. “Philip built a strong management team and advanced the Company’s technology and product development. When Philip first approached me to join the Board,  I was excited to do so as I saw the Company’s tremendous potential for delivering innovative identity solutions, which are so desperately needed in today’s digital world,” added Kumnick. “I thank the Board for the trust they have placed in me to lead the Company as his successor. We wish Philip well in all his future endeavors.”


“It has been an honor to lead Ipsidy through a transformative journey to this inflexion point, where I believe that the Company is established on a sound foundation for a tremendous future,” said Philip Beck, outgoing Chairman of Ipsidy. “I am grateful to the team at Ipsidy for their support and proud of what we have accomplished together.” Beck continuedI am particularly comfortable in passing the mantle to Phillip Kumnick with whom I have worked for almost twenty years and who I am confident will take the Company to the next level. I look forward to the team’s continued successes.”



About Ipsidy

Ipsidy Inc. (OTCQB:IDTY) authid.ai, We are Digital IdentityTM. Ipsidy’s mission is to ensure our customers know the identity of their users with biometric certainty. Our Identity as a Service (IDaaS) platform delivers a suite of secure, mobile, facial biometric identity solutions, available to any vertical, anywhere. Our robust identity verification and authentication solutions work great on their own but even better together to help answer everyday questions: Who is applying for a loan? Who is sending money? Who is requesting an account change? Ipsidy is committed to providing seamless, accurate and speedy identity solutions that establish security and trust in today’s digital world.


Ipsidy is headquartered in New York and has operating subsidiaries: MultiPay in Colombia, www.multipay.com.co; Cards Plus in South Africa, www.cardsplus.co.za; Ipsidy Enterprises in the U.K. and Ipsidy Perú S.A.C. Further information on Ipsidy can be found at authid.ai or contact us at sales@authid.ai.



Ipsidy Inc.
Phillip Kumnick, CEO and Chairman phillipkumnick@authid.ai


Notice Regarding Forward-Looking Statements

Information contained in this announcement may include “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of both Ipsidy and its business partners, future service launches with customers, the outcome of pilots and new initiatives and customer pipeline are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Ipsidy present and future business strategies, and the environment in which Ipsidy expects to operate in the future, which assumptions may or may not be fulfilled in practice. Implementation of some or all of the new services referred to is subject to regulatory or other third-party approvals and activities. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by customers, consumers and others may take longer than anticipated, or may not occur at all; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the Covid-19 pandemic and others. Additional risks may arise with respect to commencing operations in new countries and regions, of which Ipsidy is not fully aware at this time. See the Company’s Annual Report Form 10-K for the Fiscal Year ended December 31, 2019 filed at www.sec.gov for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Ipsidy expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.