Coinsource, a Bitcoin ATM network, announced April 18 a partnership with Acuant, a multi-factor know-your-customer (KYC) and anti-money-laundering (AML) authenticator, to mitigate fraud at Coinsource Bitcoin ATM machines worldwide.
Acuant will now authenticate IDs and passports by applying at least 50 forensic and biometric tests, and using an industry document library, AssureID, powered by human-assisted machine learning for accuracy, the company stated.
AssureID is intended to eliminate manual errors, speed up the document inspection process and significantly reduce employee training.
“It’s our responsibility, as a company, to ensure that we are continuously looking at ways to prevent fraud and money laundering by any means in this nascent industry where there are many bad actors looking to take advantage of the possibilities of cryptocurrencies,” said CEO of Coinsource Sheffield Clark, in a statement. “Acuant has a track record of preventing these sorts of instances for a number of start-ups, Fortune 500, and FTSE 350 organizations, and we couldn’t feel better about partnering with them to ensure our KYC/AML capabilities remain the envy of Bitcoin ATM networks globally.”
Users interested in using Coinsource must take a photograph of a valid driver's license, identification card, passport, or any government-issued document and a selfie image.
All information submitted is matched against Acuant and AssureID to determine the authenticity of the documents provided and verify the identity of the person presenting the ID card.
“We have worked with a wide gamut of companies looking for customer protection,” said Yossi Zekri, CEO of Acuant, in a statement. “Cryptocurrency exchanges and Bitcoin ATMs are the next natural progression since much of the world is completing overseas transactions and remittance payments on the blockchain. Our main goal is to protect our customers in a way that’s user-friendly and effective, and that’s one of the reasons we decided to partner with Coinsource.”