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Paxful Enforces Facial Recognition for Crypto Transactions

Paxful – a global peer-to-peer (P2P) fintech platform – is working with iProov, a company that specializes in biometric authentication technology. Together, both firms will utilize the facial recognition technology iProov is known for to verify customers are who they say they are when being onboarded or engaging in digital transactions.

Paxful Is Looking to Eliminate Crypto Crime

The crypto world has grown heavily in recent years, and this has come with a downside. That downside is crime, and there appear to be more people and companies out there trying to garner funds they didn’t earn. Much of the space remains largely unregulated, meaning there are no laws in place to strike down those who seek to use crypto for illicit purposes, and now it looks like iProov and PAXFUL are doing all they can to ensure crime comes to an end in the digital currency space.

George Georgiades – chief compliance officer at Paxful – explained in a recent interview:

We are thrilled to partner with iProov to offer our users a safe and secure experience while using the Paxful platform. Our mission as an organization is to provide greater access to bitcoin by building a financial system that serves the global economy. To properly do so, we need to ensure we provide the highest level of security and peace of mind to users. iProov’s technology allows us to safeguard against fraud and theft for our community while ensuring continued access and growth of the platform.

Andrew Bud – the CEO of iProov – also threw his two cents into the mix, commenting:

With the tremendous influx of new users into the crypto space comes an even greater invasion of fraudsters looking to empty or take over accounts or even hold them for ransom. Paxful’s mission is a critical one that helps connect the underbanked and unbanked around the globe to financial opportunities and stability. We are delighted to support them in offering inclusive and secure remote verification measures to protect their users.

The process will work as follows: when a customer seeks to get an account through Paxful, they will be required to upload a copy of their driver’s license or some other ID-related document. From there, they will have to complete a brief face verification process to ensure they are the correct person and that the ID is not fake.

We Need to See Your Face

If that person wants to carry out a transaction, they must then complete the facial verification again rather than entering a password or passcode.

iProov seeks to ensure no crypto customer is an imposter. The company has aimed to keep all digital currency transactions legal. Executives also seek to help businesses and public sector agencies protect themselves and their users by keeping fake IDs out of the mix.

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 8/3/2022

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