Coinsource, Acuant to combat Bitcoin fraud

Coinsource, the world’s largest Bitcoin ATM network, today announced a partnership with Acuant, a multi-factor KYC/AML authenticator, to improve customer experiences, increase conversion rates, and mitigate fraud at Coinsource’s Bitcoin ATM machines.

Acuant’s API and patented technology will authenticate identification and passports by applying 50-plus forensic and biometric tests, in seconds, utilizing the document library AssureID. AssureID eliminates manual errors, accelerates the document inspection process, and reduces employee training.

Sheffield Clark

Sheffield Clark

“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,” Coinsource CEO Sheffield Clark said. “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.”

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 an image of their face. Once submitted, all information 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.

“We have worked with a wide gamut of companies looking for customer protection,” Acuant CEO Yossi Zekri said. “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.”