Online identity (ID) theft/fraud due to database breaches, phishing, or malware is a global issue with costs exceeding €10 billion every year. Online businesses shield themselves from stolen/ fraudulent IDs by using authentication methods where the only goal is to verify the users’ identity. However, there is no standardization of the authentication methods. It is recognized that most of the authentication procedures currently in use are not secure, putting at risk of attack the huge amounts of sensitive information that Organizations collect and store unproperly to perform ID validations. Since the advent of the Internet, companies have collected, managed, and claimed ownership of their customer’s digital identities and personal data - through authentication methods where the only goal is to verify the identity (ID) of the user. There are billions of users of Internet services,s and the biggest reason for the success of online services is simplicity and accessibility from anywhere. Authentication is part of most online services. Its use is growing rapidly due to the value of connectivity and ease of use afforded by the internet to every business domain. However, access to online services has grown substantially without a standardized and secure way of identifying people or organizations. Thus, online services began offering their own local accounts with usernames and passwords, which has been the predominant solution ever since. Whereas most people use their government-issued ID (hereafter Gov-ID) very sparsely, typically less than once a day, in the mobile world we are currently living in, Users need to make proof of their identity digitally several times a day, every day, as the key to simple, convenient and tentatively secure online transactions.
Blockchain KYC will have a valuable economic impact on various companies that need/wish to know their customers before doing business with them. However, the economic benefits are not restricted to the companies involved. Fraud and identity theft prevention will be hallmarks once Authenteq KYC is widely adopted for the initial onboarding of new online users. Payment fraud is a billion-dollar business, representing a 1.44€ Bn/year opportunity for fraudsters only in the EU. Consequently, this money may fund illicit activities that damage our society, such as money laundering for terrorism, drug trade, and human trafficking. Authenteq KYC is well aligned with the EU Directives to prevent money laundering for criminal activities, secure payment services in international markets, provide secure networks for information systems, and combat fraud. Today, Authenteq KYC is life, and our customers cherish our speed of response and flexibility to tailor the service to their needs.
