LONDON-BASED identity fraud firm Callsign is said to be on the verge of unveiling fresh funding worth tens of millions of dollars from Wall Street giant JP Morgan.

Callsign, which uses AI to verify the identity of users, is signing off on a deal with JP Morgan Asset Management, which manages $2 trillion (£1.5 trillion) for global clients, Sky News reported.

The cash injection, which could be announced as early as this week, will reportedly move Callsign close to feted unicorn status — the term given to private businesses worth a billion dollars or more.

The investment is expected to come from a private equity division that sits within the bank's asset management arm and that has previously backed tech firms including Twitter, according to the report.

Callsign, which was founded in 2012 by Zia Hayat, is one of a number of businesses cashing in on growing demand for authentication software amid a rise in cyber crime.

The firm has specialised in the financial services sector, and last year announced it will work with Lloyds, which is the UK's largest digital bank.

(c) 2020 City A.M., source Newspaper