Fraud Prevention What is money laundering and how do you protect your assets? Money laundering is a problem that will not lose its relevance in 2022. Financial transactions involve "money mules". These are people who receive money from a third party into their own account and transfer it to another person or company. Transactions are usually done online. However, it is not uncommon
Kycaid platform Why is classic KYC not enough to meet all business needs? Protecting the business from risks and rash steps is what the head of every large company thinks about. Cooperation with unproven brands or clients can not only ruin the reputation but also cause irreparable damage. That’s why many people use the KYC principle ("know your customer"), which helps to
Fraud Prevention Digital fraud trends 2021 OverviewAccording to the US consumer credit agency TransUnion, the number of cases of digital data fraud increased by as much as 800% in 2021. Recently, an expanded annual report of the company on such abuses was published. It says that the fastest growing type of digital fraud is a scammed
Legal & Compliance Identity proofing: what is it and what is it needed for? Security systems have become part of our daily life. To unlock our phone, we use face recognition, and to enter the banking application, we use a fingerprint. Hospitals, financial institutions, our phones – all of them use a recognition system to ensure that you are the owner of the data and
Technologies Identity verification Introduction for the newbiesWhat is identity verification?Identity verification is used in various fields, from banking institutions to hospitals. After passing the check, the person confirms that it is he who performs specific actions and this is not an attempt to cheat. This system is used by financial companies. For
Legal & Compliance KYC Pros and Cons Banks and cryptocurrency exchanges, the activities of which are based on financial transactions, resort to the “Know Your Customer” system. The KYC rules ensure verification of a person's identity for participation in illegal organizations, seized accounts, or possible sanctions. Before making your first transaction, you need to submit documents: your
Legal & Compliance How does knowing your customer process work? All financial companies use KYC as a set of requirements for identity verification. Thus, banks and crypto exchanges know who is registered on their platform and uses their services. Let's take a closer look at the verification process. While it differs from company to company, the purpose is the same
Technologies Face Recognition Technologies What do we actually know about Face Recognition Technologies?You deal with face recognition technology almost every day, but you hardly ever really thought about it, do you? The first thing that comes to mind is a face ID to unlock your mobile phone, which obviously from the title uses
Fraud Prevention Qualified electronic signature Today you can certify documents with a digital signature. This is the safest way of verifying your identity among all the others. It means that the person who signs the document is thoroughly familiar with its content and agrees with it. The algorithms for developing a qualification signature are more
Legal & Compliance Introduction to KYC What does KYC mean? KYC is an identity verification procedure used by all financial institutions from crypto exchanges to national banks. Know Your Customer identifies a person for security purposes and builds trust between customers and service. This system was created as a means to stop financial transactions for money
Fraud Prevention Why is video identification more secure than face-to-face? The video identification system is one of the ways to verify the identity of the person online through video communication. It was created with the purpose to strengthen the security of users on the Internet. Usually, it is more credible when the person is present during certain operations. But in
Fraud Prevention Deepfakes and online identity verification Identity falsification occurs in all areas. You might have seen face replacement technology on the Internet when someone used the faces of famous people to create videos. The usage of artificial intelligence has made this method dangerous in many areas. That is the reason for the dissemination of false information,