Protects against crypto exchange breaches,
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:
- 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.