Paxful chooses Jumio biometrics to meet regulatory compliance and fraud reduction

Thursday 11 April 2019 00:03 CET | News

P2P Bitcoin marketplace Paxful has selected Jumio’s artificial intelligence-powered biometric identity verification to meet the platform’s KYC and AML requirements.

Jumio’s facial authentication and identity verification technology will help Paxful facilitate its onboarding and transaction authentication procedures, in an attempt to help with compliance and fraud reduction.

Prior to implementing Jumio, Paxful required all customers to verify their accounts through email and phone verification, encouraging them to use two-factor authentication for added protection to their account. The company chose Jumio’s facial biometric technology for its combination of effectiveness and ease of use for customers. As such, users are required to perform identity verification when they reach an equivalent of USD 1,500 in activity, and to verify their home addresses after reaching USD 10,000. Moreover, the ability to perform these processes with a web camera, in addition to a smartphone, was a key factor in selecting Jumio as ID verification partner.

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Keywords: Jumio, biometrics, regulatory compliance, fraud prevention, Bitcoin, Paxful, AI, identity verification, transactions , authentication, onboarding
Countries: World