Protects against crypto exchange breaches,
phishing, and other money laundering activities

AuthID.ai offers a privacy-preserving, device-agnostic, passwordless biometric multifactor authentication (MFA) solution that addresses the common challenges and growing complexities security professionals face when fighting fraud and defending against attack when using cryptocurrency.

Our Verified TM solution is comprised of three core components that end consumer facing attacks like phishing, credential reuse, and bot attack and enable KYC to help prevent money laundering. Verified can protect your platform from attack and abuse and prevent theft and fraudulent activity throughout the customer journey.

  • Built-In ID Proofing
  • Built-in Anti-laundering
  • Passwordless Biometric Authentication

Complex Challenges When Securing Cryptocurrency Based Transactions

According to independent research, worldwide cryptocurrency adoption has exploded in the last three years, jumping over 2300% from Q3 2019 to Q2 2021 and growing over 881% in 2021. In addition, the total volume of crypto transactions rose by 567% from 2020 to 2021 for a total of $15.8 trillion; in that same period there was a 79% increase in illicit transactions. This growth has posed complex challenges for crypto-based and crypto-accepting entities. These challenges include:

  • Consumer based attacks like phishing and MFA circumvention
  • Automated attacks from bots and compromised crypto exchanges
  • Imposing adequate KYC controls facilitating ransomware
  • Lack of real-time confirmation of activities

Persistent criminals are driving the extreme increase in attacks for the iGaming sector, as well as the need for a persistent, flexible solution that will be present wherever they attempt to gain access is necessary.

How Verified Platform Can Help

Prevent Phishing and MFA hacking
Cryptocurrency theft saw a 516% increase from 2020 to 2021- resulting in $3.2 billion in stolen funds. Often stolen as the result of a previous breach of cloud storage or a compromise of credentials these attacks are successful because user often reuse passwords or store seed phrases on the cloud where they are vulnerable to compromise. Passwordless biometric authentication defends against credential reuse, phishing, and other password-related attacks by completely removing password risks, removing the use of SMS and OTP, and requiring the live face of an authorized user for login. For organizations that would like to add facial biometric authentication to their current workflows in place of going completely passwordless—this real-time requirement would protect accounts even in the event of a password compromise.

Prevent Money Laundering Activities
Stop users from “hopping” addresses and coins and prevent bad actors from using your exchange or storefront for money laundering. Verified comes standard with built-in ID proofing to establish trust from first use and to ensure you know your customer, but the software also allows for you to determine when to step-up authentication based on your own assessments of risk. When users attempt to send money from address to address or to purchase products – their facial biometrics are required in real-time to complete the transactions.

How Verified Platform Can Help

Improve real-time monitoring without sacrificing privacy
Secure transactions in real-time with the ability to “step-up” authentication anywhere in the customer journey. Encrypted biometric templates prevent user facial biometrics from ever being stolen and reused, while real-time step-up at critical points like cash out or purchase are recorded for organizations in an immutable record of identification challenges.

Defend Against Bot Attacks and Malware
Prevent successful bot attack and common malware types that aid in cryptocurrency theft like:

  • Keyloggers
  • Clipboard hijacking
  • Screen capture malware

Leveraging facial biometric authentication with liveness detection negates these attacks. If a password is compromised, captured by these means facial biometrics will prevent unauthorized access and liveness detection prevents capture images and spoofs from allowing entry.

Why Auth ID- Key Capabilities

Verified addresses the most common challenges regarding the acceptance and security of crypto currency.

High Identity Assurance

Facial biometric authentication is performed by our software, performing a liveness analysis of user captured selfies taken in real-time at any point in the customer journey you choose. The process is simple and highly adoptable-taking a selfie is an everyday activity that requires no training and infrequent troubleshooting.

Adaptive Step-Up

Organizations can customize where step-up authentication occurs within the customer journey to stop crypto-theft in real-time by requiring the live face of an authorized user to complete a transaction or to take action.

Built-In ID Proofing

Verified can ID proof, enroll, and login in seconds, securing registration, enabling trust from first use, and ensuring that you always know your customer.

Primary Device Access

Verified has no secondary device dependence. Users authenticate from their primary device giving organizations higher assurance that the user is who they say they are and that they are in control of the device being used for access without the need for risky SMS codes or OTP.

Key Benefits

Verified provides several key benefits to crypto-focused organizations who choose us.

Protect client assets
and their privacy

Prevent customer attrition due to data loss and breach Step-up with advanced facial biometric MFA at the time of the transaction attempt. Our software checks to make sure that the image being captured is live – and can be deployed across the customer journey from initial registration.

Protect the brand
and reputation

Protect against negative impacts of a security breach and major hack like customer attrition, unrecoverable crypto losses, and other threats to business continuity by reducing their probability; defend your reputation against ransomware money laundering by putting in measures that can help stop it.

Support development
with customization

VerifiedTM can be called within customers’ existing apps and flows as well as integrate with other cybersecurity tools. Organizations get the benefits of a fully passwordless authentication solution- like eliminating password risk- without material costs for labor, training, or additional headcount.

Improves efficiency and
reduces operating costs

Get started quickly and scale efficiently with an easy-to-implement solution that requires no additional hardware, training, or mental burden on the user or the administrator for implementation. Verified is device and operating system agnostic and delivers the same seamless user experience for everyone.