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Securing funds and identifying users is critical to keeping crypto exchanges and related products safe. With the recent growth in new technologies dealing with crypto, it is essential to protect them with additional controls. They all should follow similar building blocks, whether building an NFT marketplace or shoring up your KYC program for crypto exchange.

Fraud has no bounds, and as seen in the latest research on identity theft, it has taken a worse turn. Many bad actors have mastered fake and stolen identities for big payouts on loans or similar scores. They have seen hospitals, pharmacies, and doctors as another easy target.

A confounding find recently allowed us to uncover another tactic fraudsters have been taking advantage of to defeat fraud identification systems. Identity verification has seen more complex responses to an ever-increasing number of security checks.

Today’s international regulatory environment is constantly fluctuating. As digitalization continues to penetrate an increasing number of industries, regulations –particularly in domains such as information privacy and Know-Your-Customer (KYC) policies –will have to progress to sustain. However, regulations typically evolve at a slower pace as compared to industry improvements. As a result, what is acceptable for a business to do today may become proscribed tomorrow.

An identity verification service helps businesses reduce fraudulent practices, an outcome of which is also the alleviation of risks that appear during online transaction processing. Moreover, you can experience a considerable decrease in customer onboarding expenditures, a parameter that falls in line with domestic and global anti-money laundering requirements.

ID verification has become a crucial method to identify individuals in the past year due to virtual requirements. It has allowed many new services to be offered digitally, such as account openings and financial services in critical times of need. However, with every new technology, there are plenty of bad actors waiting to exploit it.

Amidst the COVID-19 pandemic, the world saw an increase in another form of security concern—a cyber one. Reports show that cyber-attacks increased by over 600% during the COVID-19 pandemic. As the world continues to shift to online solutions for business and commerce, criminals are moving towards digital scams and fraud rackets to exploit others for the sake of personal gain.

Many guides and references about Stripe Radar are damaging sales and conversions due to improper setup and configuration. Copying another businesses’ rules to your account is bound to end in more lost sales than if they were left alone. Instead, you need to selectively enable the rules that apply to your business and where they are seen to make an impact against fraud.

Ways Fraudsters Perform Identity Theft A 2019 Internet Security Threat Report by Symantec stated that cyber-attackers are expanding their targets and using cleverer methods to perform identity theft and scam — and nobody is exempted. Almost 10% of individuals are now victim of identity theft every year, with 21% of these people having been victimized

ATO (Account Takeover) attacks have been on the rise this year, and we expect them to continue to grow without proper mitigations. A multi-lateral approach should be taken to stop these threats effectively. There are plenty of low-cost mitigations that can be implemented to prevent these attacks, which we will go into further. Combining these methods, we have seen our clients significantly reduce the threat of account takeovers.