By employing NFC identity verification and facial biometrics via ReadID and our partner iProov, BCM keeps their user's information and crypto investments safe, while ensuring that they comply with ever-changing regulations in this emerging industry.
"Secure, instant, and reliable identity verification is paramount to BCM onboarding as many new users as we can at a pivotal moment." - Andre Ijbema, Chief Risk Officer
Cryptocurrency is a rapidly changing market that is subjected to new regulations and legislation frequently. Therefore, fast compliance with rapidly changing Anti-Money Laundering legislation and other regulations is vital to stay afloat in the industry and maintain a positive reputation. Due to the youth of cryptocurrency trading as a form of financial service, it is prone to attempted money laundering and other kinds of fraud, adding another layer of necessary risk management. Therefore, a highly secure identity verification solution is needed to ensure that presented documents are genuine and that the passport provided is being used by the rightful holder to onboard with BCM.
Another important factor is the user-friendliness of the onboarding flow- if it isn’t easy to use and doesn’t provide results speedily, then users will drop out of the flow and opt for another faster service provider. In order to create the highest possible conversion, BCM needed an identity verification solution that was highly secure, easy to use, and provided instant results- enter ReadID.
In the words of Sebastian Freihse, Product Owner at BCM, “We would rather be ahead of the curve regarding identity verification in the cryptocurrency industry.” Secure, instant, and reliable identity verification is paramount to BCM onboarding as many new users as they can at pivotal moments. Rather than continue to rely on slow manual onboarding checks, where multiple employees were required to spend multiple days checking applications, BCM chose ReadID NFC-First remote identity verification technology to create a new onboarding flow and overlayed this with facial biometric holder verification from iProov.
To verify their identity, users must read the chip of their electronic identity document with ReadID, and then submit a selfie, which is checked with a biometric scan to provide facial verification via iProov. Once the document holder is matched with the individual present in the document, the user’s BCM account is verified and is granted a higher spending limit.
"ReadID's automation is helping us to be more secure in our onboarding process- to me, that's a big win." - Sebastian Freihse, Product Owner
BCM’s previous method of KYC involved manual checks on every single submission by employees, which was time-consuming and expensive. Now with ReadID, BCM can onboard new customers instantly at any time of day or night with employee input only needed to investigate potentially fraudulent attempts.
Not only has ReadID benefitted the BCM team, but it has also “helped a lot in increasing first-time conversions” according to Product Owner Sebastian Freihse. Users can register for an account and verify their identity within BCM’s app and begin to trade almost instantly, making it ideal for when cryptocurrency hits the news and the motivation to trade is high.