※ Cryptocurrency
We protect and defend cryptocurrency companies and their customers using a single API and the power of real-time mobile intelligence.
The cryptocurrency sector, beleaguered by trust issues, faces a unique set of challenges, including fraud, regulatory compliance, and securing digital transactions.
Not to mention a perception of a risky investment. As cryptocurrencies gain mainstream acceptance, the need for robust, secure, and seamless identity verification and authentication methods becomes paramount.
Sekura.id’s mobile identity solutions, including Mobile-to-Person Match (MPM), SAFr Auth, and SIM Swap, are designed to address these critical pain points, ensuring seamless and secure onboarding while maintaining the integrity of investor data.
Value of cryptocurrency crimes in 2021*
Increase in Bitcoin scams 2020**
Non-fungible Token (NFT) fraud 2021***
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Just some of the unique challenges cryptocurrency companies face
Cryptocurrency Industry Challenges
The cryptocurrency industry is characterised by rapid growth, but it also faces significant challenges:
Fraud and Identity Theft: The anonymity associated with cryptocurrencies makes it a fraud and identity theft target. Users often fall victim to scams, phishing, and SIM Swap attacks, leading to significant financial losses for customers
Many customers are not fully aware of cryptocurrency practices, leaving them open to fraud attempts while fraudsters prefer a more anonymous currency, leading to trust issues.
Regulatory Compliance: As governments impose stricter regulations, cryptocurrency platforms must ensure compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements without compromising user experience.
Security Concerns: The decentralised nature of cryptocurrencies means that once a transaction is executed, it cannot be reversed. This makes security breaches particularly devastating for users.
User Experience: Balancing security with a seamless user experience is challenging, especially for platforms seeking to attract a broader, less tech-savvy user base.
How Sekura.id Addresses These Challenges
Sekura.id offers advanced mobile identity solutions that address the critical pain points in the cryptocurrency sector. Our solutions use mobile network operator (MNO) data to provide secure, real-time authentication, reducing fraud and enhancing user trust.
The SIM card, a ubiquitous and secure element in mobile communication, serves as the cornerstone of Sekura.id’s solutions. Unlike traditional methods, SIM-based authentication and verification provide unparalleled security and convenience.
Unhackable and Unspoofable: The inherent security of SIM cards makes them resistant to hacking and spoofing attempts, offering a robust layer of protection for banking transactions.
Sekura.id use the super of the SIM with Mobile Operator data in real time to build a picture of your customer. That’s identifying them, matching their details, doing KYC and AML and giving you the unique confidence you need when weighing them up a a transaction-worthy customer or not.
One area where Mobile Identity excels for cryptocurrency companies is in allowing a truly democratised way to use cryptocurrency as mobile identity can be used on any phone in existence, even the cheapest, oldest one. Where cryptocurrency is used in applications such as beating hyperinflation, it’s good to know that everone can have access to it.
SAFr Auth is Sekura.id's innovative, unique, real-time solution that utilises the SIM card’s cryptographic capabilities to authenticate users securely and passively.
This method eliminates the need for SMS OTPs, offering a more secure and user-friendly alternative. This real-time validation significantly reduces the risk of fraud, identity theft, and data breaches.
Enhanced Security: By using SIM-based authentication, SAFr (Sekura API Framework) Auth reduces the risk of phishing and man-in-the-middle attacks, which are prevalent in the cryptocurrency sector.
Seamless User Experience: SAFr Auth provides a one-tap (or even a no-tap) authentication process, making it easier for users to transact securely without additional steps.
Regulatory Compliance: SAFr Auth supports compliance with KYC and AML regulations by providing a secure and verifiable identity check.
Scalability: Sekura.id’s SAFr Auth are designed to support millions of users globally, and are infinitely scalable making SAFr ideal for cryptocurrency platforms looking to scale.
Unique, next-level and crucially, real-time, SIM Swap protection.
SIM Swap protection is crucial for safeguarding users against one of the most common forms of fraud in the cryptocurrency sector. Sekura.id’s SIM Swap solution detects changes in a user’s SIM card, alerting the platform to potential fraudulent activity before any transactions are executed.
The key word there is ‘before’. Many companies can provide a SIM Swap solution, often cheaper than we can. But this is for a static SIM Swap database which may be 3-4 days old.
SIM Swap fraudsters need to act within minutes before the user is aware they have lost signal so anything over a few minutes old is largely pointless.
Real-time Alerts: The solution provides instant notifications of SIM card changes, allowing platforms to take immediate action to prevent fraud.
User Trust: By protecting against SIM swap attacks, platforms can build trust with their users, ensuring that their funds are secure.
Reduced Fraud: With early detection, SIM swap fraud is significantly reduced, protecting both your platform and your users.
Integration Flexibility: The solution can be easily integrated into existing security frameworks, ensuring a seamless user experience.
Why MPM (Mobile-to Person Match) from Sekura.id is the very best KYC match solution available for cryptocurrency platforms.
MPM by Sekura.id offers a comprehensive security solution tailored for the cryptocurrency sector, focusing on mobile device integrity and live operator data.
MPM also takes care of your KYC and AML too – demonstrate that you’ve verified your customer and have actively matched them with live network operator records – a powerful way to establish your customer’s identity.
Origination fraud is tackled head-on by MPM; the customer’s details must match those provided by their device and their operator.
Enhanced KYC/AML Compliance: MPM provides real-time, accurate identity verification by matching mobile data with customer information, crucial for regulatory compliance.
Fraud Prevention: The secure, SIM-based verification reduces the risk of fraud, a critical concern in crypto transactions.
Improved User Experience: MPM streamlines onboarding by minimizing the need for extensive documentation, thus speeding up the process.
Generative AI-Proof: The technology is immune to AI-based identity fraud, ensuring secure transactions.
Customisable Policies: Platforms can set specific security policies, such as restricting access based on device type or geographic location.
How Sekura.id Mitigates Cryptocurrency Trust Issues
Sekura.id offers solutions that can address cryptocurrency’s trust issues by focusing on enhancing security, transparency, and regulatory compliance. Here are seven reasons why our solutions are truly effective:
Enhanced Identity Verification:
Sekura.id provides robust identity verification services that help ensure that users are who they claim to be. This reduces the risk of fraud, money laundering, and other illicit activities that can erode trust in cryptocurrency markets.
Compliance with Regulatory Requirements:
The platform ensures compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, which are critical in preventing financial crimes and building trust with regulators, investors, and users. By aligning with these regulations, Sekura.id helps cryptocurrency platforms operate within legal frameworks, reducing risks and enhancing credibility.
Fraud Prevention:
Sekura.id employs advanced fraud detection mechanisms, including real-time monitoring, to prevent unauthorised access and fraudulent transactions. This level of security is essential for building trust in a decentralised financial environment where users often fear losing assets due to hacking or scams.
Data Privacy and Security:
With data breaches being a major concern in the cryptocurrency world, Sekura.id doesn’t see or hold any user data. Our solutions simply match details to protect sensitive information, giving users confidence that their data and assets are always safe in our hands.
Transparency in Transactions:
By incorporating tools that enhance transparency, such as blockchain-based tracking of identity verifications, Sekura.id will help build trust by making processes more open and verifiable. This transparency allows all parties to have confidence in the integrity of transactions and user identities.
User Control and Consent:
Sekura.id solutions can give users greater control over their personal information, ensuring that it is only used with their consent and for authorised purposes. This empowerment can increase user trust as they have assurance over how their data is being utilised.
Integration with Decentralised Applications (dApps):
Sekura.id’s solutions can integrate seamlessly with various decentralized applications, providing a layer of trust and verification that is crucial for the widespread adoption of cryptocurrencies. This integration ensures that users can engage with dApps securely and confidently.
Unhackable & unspoofable
The inherent security of SIM cards makes them resistant to hacking and spoofing attempts, offering a robust layer of protection for cryptocurrency transactions.
Many regulations and standards around mobile identity and authentication (e.g., eIDAS in the EU) recognise and recommend the use of SIM cards due to their robust security features.
Broad Coverage & Convenience
With Sekura.id’s services covering over 2.5 billion people globally, cryptocurrency companies can ensure secure and reliable identity verification and authentication across diverse geographies.
What about eSIMs? With the advent of embedded SIMs (eSIMs), mobile identities can be provisioned and managed remotely, providing additional flexibility and security.
Cryptographic Capabilities
SIM cards come with built-in cryptographic capabilities, allowing them to perform encryption and decryption operations securely within the hardware.
They facilitate secure key management, ensuring that cryptographic keys are generated, stored, and used in a secure manner.
Isolation from Device OS
The security functions of the SIM card are isolated from the device’s operating system, reducing the risk of software-based attacks.Since the SIM operates independently of the device's OS, the attack surface for malicious software is significantly reduced.
Case Study: Enhancing Security & Compliance for a Leading Cryptocurrency Platform
A major cryptocurrency exchange sought to enhance its security protocols and ensure compliance with evolving regulations without impacting user experience. The platform faced significant challenges, including increasing instances of SIM swap fraud and the need to streamline KYC processes.
Challenge: The exchange needed to protect its users from fraud while ensuring that their identity verification processes were compliant with international regulations.
Solution: The exchange integrated Sekura.id’s SAFr Auth and SIM Swap solutions, providing a secure, seamless authentication process and real-time protection against SIM swap fraud.
Results:
- Reduction in Fraud: The platform experienced a 70% reduction in fraud cases within the first six months of implementation.
- Increased User Trust: User retention rates increased by 17%, attributed to enhanced security measures.
- Compliance Achievement: The exchange achieved full compliance with KYC and AML regulations across multiple jurisdictions.
- Improved User Experience: The onboarding process became faster and more secure, leading to an 8% increase in new user sign-ups.
Banking
Cryptocurrency companies trust Sekura.id to protect their transactions every month.
Last thing: You're not just buying fraud prevention, you're also gaining happy, loyal customers...
Sekura.id is redefining security in the cryptocurrency industry through its innovative use of SIM-based technology. By addressing critical pain points such as identity theft, SIM swap fraud, and advanced phishing attacks, Sekura.id provides cryptocurrency platforms with powerful tools for authentication, verification, and fraud prevention.
These solutions not only enhance security but also streamline the user experience, ensuring that customers can access their cryptocurrency services with ease and confidence.
