btcQuick Bitcoin Exchange Eliminates Fraud With miiCard Online Identity Verification
Bitcoin exchange btcQuick today shared results from its deployment of online identity proofing service miiCard to verify new customer identity and combat fraud. In its first 30-days with miiCard, btcQuick eliminated chargebacks from identity fraud and saved money on administrative costs while dramatically improving the overall customer experience and meeting regulatory requirements.
"miiCard is far superior to our previous bureau data and document scanning process, plus our customers prefer the easier interface and experience," said btcQuick founder and CEO Jerrod Bunce. "We deployed miiCard in just a few hours time and it delivered an immediate ROI while freeing up development resources for core business needs."
During its first year of operation, btcQuick grew to millions of dollars in sales but experienced a high rate of chargebacks due to identity fraud and low levels of assurance from its offline document scanning process. In addition to these recurring losses and high administrative overhead, the btcQuick customer sign-up experience was slower and more difficult than anticipated.
Key outcomes from btcQuick's use of miiCard include:
- Eliminated fraud and reduced administrative costs;
- Improved overall user experience;
- Supports all Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements;
- Deployed new online identity verification system in just hours.
"Bitcoin is a disruptive new financial force, but companies operating within that market still face the same fraud risks and must meet the same regulatory compliance thresholds as traditional financial institutions," said miiCard CEO James Varga. "miiCard is a plug-and-play compliance and identity fraud solution for Bitcoin and other financial service innovators that pays for itself in trust, ease of use, and operational savings. We're delighted to be solving this massive pain of identity related fraud for our customers."
miiCard's Level of Assurance 3+ identity verification and authentication service leverages the authority and security inherent in a member's online financial accounts to prove identity to a passport or photo ID standard. The miiCard platform offers a wide range of features for financial service companies including identity proofing, personal data, strong multi-factor authentication, financial transaction data and security features available through simple API's and hosted services.
The full btcQuick case study is available here: http://go.miicard.com/casestudy_btcquick
About miiCard
miiCard is a consumer centric global online identity service (IDaaS) platform that establishes true trust online by guaranteeing an individual's identity to the level of an offline photo ID check, completely online and in just minutes. miiCard helps businesses eliminate fraud, reduce manual processing costs, and prevent high rates of dropout when offline identity checks are required. A member-driven service, based on the principles of Bring Your Own Identity, miiCard empowers consumers to proactively manage their digital identity, build trust online, and trade and transact with confidence. miiCard is available in ten countries and can verify over 350 million people today.
To learn more, please visit miiCard at http://www.miiCard.com/
Related News
Bittylicious and btcQuick have signed up with identity proofing and verification service miiCard to cut the time it takes people to buy bitcoins. MiiCard, which stands for My Internet Identity Card, removes the need for in-person photo ID checks and allows people to register andbuy bitcoins in under 15 minutes. Currently, it typically takes a couple of days to register and become verified on a site that sells bitcoins. Users have to scan in an item of photo ID, plus a bill displaying their current address. This puts a lot of people off getting involved in the digital currency, as they....
The exchange moved deadline for identity verification from Feb. 2021 to Nov. 2020
Bitcoin sales service btcQuick says that it has achieved nearly $2m in sales. Colorado-based CEO Jerrod Bunce started the company in November 2012, after trying to buy bitcoins and getting frustrated with bitcoin sales site BitInstant, a service that enabled customers to buy and sell bitcoin but which was criticized for its slow service. "I thought to myself 'I can build this to be better'," he said. He then coded the site in PHP, using the Twitter Bootstrap front end. When users request to purchase bitcoins using US dollars, btcQuick buys the equivalent amount in bitcoins from an....
The bitcoin exchange now requires all users to upload an ID, a selfie, and undergo facial verification, dismissing possible downsides.
The developers of Authy have come up with a new and user-friendly service, OneTouch, that will be identity authentication made easy. All that is required of the user is to swipe once and authentication is complete — no code or password required. The application works by first sending you a push notification that then gives you the option to swipe to....