Coinsource, Acuant Partner To Mitigate Bitcoin Fraud

Announcements, News | April 19, 2018 By:

Bitcoin ATM network Coinsource and identity verification Acuant have joined forces to mitigate fraud at Coinsource’s ATM machines.

Founded in 2015, Coinsource is the largest cryptocurrency ATM operator in the United States. It services 164 million residents across the country and currently has 182 machines in 18 states and districts: California, Oklahoma, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, Arizona, Georgia, Rhode Island, New Hampshire, Massachusetts, Colorado, Maryland, Delaware and the District of Columbia.

Acuant provides identity verification to instantly reduce fraud and increase revenue. Product offerings include data capture and auto-fill, document authentication, and facial recognition software. Intelligent engineering covers regulations such as KYC, AML and PII. Acuant partners with star-ups, Fortune 500 and FTSE 350 organizations in all industries including government, financial, halthcare, hospitality and security.

Under the agreement, Acuant’s API and AssureID will be integrated to Coinsource’s Bitcoin ATM machines to improve customer experiences, increase conversion rates, and mitigate fraud. AssureID will authenticate IDs and passports by applying 50+ forensic and biometric tests, in seconds. It eliminates manual errors, speeds up the document inspection process, and significantly reduces employee training.

To create a Coinsource account, users will be required to take a photograph of a valid driver’s license, identification card, passport, or any government-issued document and a selfie image of their face. All information data will then be matched against Acuant and AssureID to determine whether the documents provided are authentic and to verify the person presenting the ID card is who they claim to be.

Sheffield Clark, CEO of Coinsource, said as a company, it’s their responsibility to ensure that they 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.

“Acuant has a track record of preventing these sorts of instances for a number of startup and we couldn’t feel better about partnering with them to ensure our KYC/AML capabilities remain the envy of bitcoin ATM networks globally,” Clark said.

Yossi Zekri, CEO of Acuant, said they have worked with a gamut of companies looking for customer protection, and 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,” Zekri said. “Coinsource’s quick and seamless transactions make for a truly amazing user experience and this integration will further that experience by ensuring customers their data is safe, secure, and accurate.”