ID R&D selfie biometrics and passive facial liveness secure cryptocurrency account onboarding
Passive facial liveness from ID R&D has been chosen by BitcoinPoint for frictionless customer onboarding with regulatory compliance and security assured through biometrics.
The companies suggests in the announcement that the lack of user-friendly transaction processes has been a hurdle to cryptocurrency adoption, which BitcoinPoint is addressing by making it easy to buy and sell bitcoin with simplified account opening that meets know your customer (KYC) requirements.
ID R&D’s IDLive Face performs a liveness check with the same selfie captured for facial recognition, without prompting users to perform an action or taking any action visible to end-users.
“The ability to make KYC-compliant customer onboarding as frictionless as possible reduces abandonment rates, which results in more people experiencing the advantages of cryptocurrency,” says Benoit Marzouk, CEO at BitcoinPoint. “BitcoinPoint makes buying, selling and using bitcoin so straight forward and hassle-free that anyone can do it. The onboarding process is no exception.”
BitcoinPoint says that customers will be able to cash out bitcoins through a network of 18,000 standard ATMs by the end of the year.
“Identity verification is an important step to building trust and preventing fraud in the crypto space,” comments ID R&D Head of Business Development Steve Cook. “The ability to secure the sign up process while keeping it quick and frictionless for legitimate users is emerging as a competitive advantage in a space that has been hard for the average investor to navigate.”
ID Live Face is the only single-frame passive liveness detection algorithm to be successfully tested for compliance to the ISO/IEC 30107-3 Presentation Attack Detection (PAD) standard Level 1 and 2 by iBeta, the company says. ID R&D’s SDK also enabled easy integration with BitcoinPoint’s existing facial recognition solution, according to the announcement.