Connect with us
European Gaming Congress 2024

Blockchain Press Releases

ComplyCube Unveils Enhanced ID Document Security with Advanced Liveness Detection

Published

on

complycube-unveils-enhanced-id-document-security-with-advanced-liveness-detection
  • ComplyCube introduces a new ID Liveness Layer to enhance its Document Authentication service and combat ‘screen replay attacks’
  • The latest technology integrates seamlessly with existing biometric checks and uses 3D face maps for advanced Presentation Attack Detection (PAD)
  • Document Liveness Detection is now available to all users across multiple channels as part of the Document Checking Service
  • Preliminary trials indicate that the new feature has successfully prevented more than 80% of fraudulent attempts

SAN FRANCISCO, Aug. 7, 2023 /PRNewswire/ — Global KYC and IDV platform, ComplyCube, has enhanced its Document Authentication service to counter ‘screen replay attacks’, where scammers attempt to use IDs displayed on digital screens for illicit access to products and services.

The announcement arrives in the context of a rise in identity fraud, propelled by advancements in AI-powered image manipulation tools. In the US, an identity theft case occurs every 22 seconds, while in the UK, identity fraud accounts for almost 70% of the cases filed with the National Fraud Database (NFD). These startling statistics highlight the urgent need to improve ID verification services as a crucial measure in fighting the unprecedented surge in identity fraud cases.

Complementing its existing offering of passive (still photos) and active (action based) biometric checks, the ID Liveness Layer uses state-of-the-art Presentation Attack Detection (PAD) technology. Employing 3D face maps and cutting-edge techniques, it recognizes screen photos, printed photo attacks, video-replay assaults, and 3D mask attacks.

“Over the years, we have been committed to researching, developing, and deploying AI models for accurate and unbiased customer presence detection in images and videos. This has positioned us as a trusted liveness detection service provider, heavily depended on by some of the world’s biggest organizations,” notes Harry Varatharasan, Chief Data Scientist of ComplyCube. “We’ve now extended our AI platform to detect liveness in ID documents, further enhancing the level of identity assurance provided by our award-winning platform.”

Document Liveness Detection is fully integrated into the Document Checking Service. Consequently, it is accessible to users across multiple channels, such as SDKs, no-code solutions, and the outreach platform. By adopting this feature, users can ascertain the legitimacy and rightful ownership of their customers’ identity documents throughout onboarding. Trial runs with select businesses have shown this feature’s effectiveness, preventing over 80% of fraudulent attempts.

“The identification of these counterfeit documents typically comes at a later stage in the customer lifecycle, which, regrettably, can severely tarnish a company’s reputation and trigger penalties and intricate internal procedures,” remarks Mohamed Alsalehi, Chief Technology Officer at ComplyCube. “While some alternative solutions offer selfie-based liveness detection, their effectiveness concerning ID documents leaves much to be desired. We are confident that our latest innovation will set a new benchmark for the industry.”

Advertisement
Stake.com

ComplyCube blends thousands of data points, a sophisticated Machine Learning (ML) stack, and expert human reviewers to set a new AML and KYC compliance standard. Its globally compliant product suite includes Biometric Verification, Document Authentication, Address Verification, AML Screening, and Multi-Bureau Checks.

About ComplyCube

ComplyCube is a market-leading SaaS platform for Identity Verification (IDV), Anti-Money Laundering (AML) & Know Your Customer (KYC) compliance with customers across financial services, transport, healthcare, e-commerce, cryptocurrency, FinTech, telecoms, and more.

ComplyCube’s ISO-certified and award-winning platform boasts the fastest omnichannel integration turnaround in the market with Low/No-Code solutions, API, Mobile SDKs, Client Libraries, and CRM Integrations.

Visit www.complycube.com to learn more.

Advertisement
Stake.com

Photo: https://mma.prnewswire.com/media/2170562/Identity_Theft_2023_ComplyCube.jpg
Logo: https://mma.prnewswire.com/media/2148485/4198887/ComplyCube_Logo.jpg

ComplyCube_Logo

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/complycube-unveils-enhanced-id-document-security-with-advanced-liveness-detection-301894623.html

Continue Reading

Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

Published

on

legal-luminary-sarah-brennan-champions-pioneering-crypto-regulation-approaches

Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

Advertisement
Stake.com

Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

Advertisement
Stake.com
Continue Reading

Blockchain

Italy Ramps Up Crypto Oversight in Line with MiCA

Published

on

italy-ramps-up-crypto-oversight-in-line-with-mica

Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

Advertisement
Stake.com

This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

Continue Reading

Blockchain

1inch Network Teams Up with Blockaid for Shield API

Published

on

1inch-network-teams-up-with-blockaid-for-shield-api

1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

Advertisement
Stake.com

Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

Continue Reading
Advertisement
Stake.com
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE