Coinsource attempts to stop Bitcoin fraud

Coinsource has announced a partnership with Acuant, a multi-factor KYC / AML authenticator working to improve customer experiences, increase conversion rates, and mitigate fraud at all of Coinsource’s Bitcoin ATM machines around the world. Acuant’s API and patented technology will now authenticate IDs and passports by applying 50+ forensic and biometric tests, in seconds, utilizing the industry's largest document library, AssureID, powered by human-assisted machine learning for the highest accuracy. AssureID eliminates manual errors, speeds up the document inspection process, and significantly reduces 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. 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,” said CEO of Coinsource Sheffield Clark.

In order for a user to create a Coinsource account, users must take a photograph of a valid driver's license, identification card, passport, or any government issued document and a selfie image of their face. Once submitted, all information data is matched against Acuant and AssureID determining whether the documents provided are authentic and verifying the person presenting the ID card is who they claim to be.

Yossi Zekri, CEO of Acuant, said, “We have worked with a wide gamut of companies looking for customer protection. 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. Coinsource’s quick and seamless transactions make for a truly amazing user experience and this integration will further that experience by ensuring customers their data is safe, secure, and accurate.”