Home Scam/Fraud Weed out Cryptocurrency Fraud With Biometrics

Weed out Cryptocurrency Fraud With Biometrics

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Socure - Alternative Payments - April 2022 - Explore how cryptocurrency exchanges are leveraging document verification to authenticate users

Cryptocurrency has been a never-ending roller coaster since its introduction more than a decade ago, seeing extreme highs and lows in value to its investors’ surprise, delight and dismay. As of 2022, it has seen more mainstream recognition than ever before, with A-list celebrities endorsing it in Super Bowl commercials and non-fungible tokens (NFTs) selling for hundreds of thousands of dollars.Socure - Alternative Payments - April 2022 - Explore how cryptocurrency exchanges are leveraging document verification to authenticate users

This mainstream acceptance belies its still-considerable security risks, however. The United Kingdom, for example, saw more than £146 million ($199 million) stolen in cryptocurrency heists in 2021 alone, a 30% jump from 2020. Stopping this fraud will require diligent user authentication and know your customer (KYC) protocols, but many cryptocurrency exchanges have a long way to go on this front. More than half of all exchanges have no sort of KYC system in place, and even those that do often find their security systems sorely…

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