Opendata, web and dolomites

BlockchainKYC SIGNED

Blockchain-based, 100% automated KYC (Know Your Customer) service

Total Cost €

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EC-Contrib. €

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Partnership

0

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 BlockchainKYC project word cloud

Explore the words cloud of the BlockchainKYC project. It provides you a very rough idea of what is the project "BlockchainKYC" about.

enrolling    downsides    unauthorized    costing    manual    global    requesting    uses    annually    days    million    online    proofing    business    themselves    routines    risk    millions    protection    service    authenteq    degrading    malware    theft    performed    services    seamless    proofs    solving    first    terrorism    records    billion    issue    fraudsters    breach    worldwide    substantial    enroll    mobile    cagr    database    fraud    enrolment    last    victims    costly    laundering    commerce    trusted    assert    mitigate    ids    authentication    data    breaches    operation    automated    transactions    benefits    airbnb       2016    12    164    blockchain    ideal    six    servers    free    hoarding    uber    customers    customer    banks    transact    economic    payments    attempts    impersonate    100    money    shield    legitimate    phishing    identity    period    hours    few    personal    2017    reputation    financing    fraudulent    months    hacks    delay    half    slow    multibillion    company    documents    validate    opportunity    biometric    check    representative    protecting    regulated    checks    stolen    businesses    compulsory    say    15    kyc    huge    2021    id    solid   

Project "BlockchainKYC" data sheet

The following table provides information about the project.

Coordinator
AUTHENTEQ EHF 

Organization address
address: BORGARTUN 27
city: REYKJAVIK
postcode: 105
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Iceland [IS]
 Total cost 1˙758˙750 €
 EC max contribution 1˙231˙125 € (70%)
 Programme 1. H2020-EU.3. (PRIORITY 'Societal challenges)
2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs)
3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
 Code Call H2020-SMEInst-2018-2020-2
 Funding Scheme SME-2
 Starting year 2019
 Duration (year-month-day) from 2019-02-01   to  2021-01-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    AUTHENTEQ EHF IS (REYKJAVIK) coordinator 1˙231˙125.00

Map

 Project objective

Online identity theft / fraud due to database breaches, phishing or malware is a global issue with huge costs. In the first half of 2017, 1.9 billion records were stolen worldwide – up 164% compared to the last six months of 2016 – costing on average €3.1 million per breach. After these hacks, fraudsters use the stolen data to impersonate their victims online in a few hours.

Online businesses try to shield themselves from the use of stolen or fraudulent IDs by requesting documents to their customers to assert if ‘they are who they say they are’. These global routines are known as ‘Know Your Customer’ (KYC) checks and they aim to ensure that businesses enroll and transact only with legitimate customers. The major downsides of KYC are the slow, manual and costly processes (up to 100€ per check) that delay enrolment for up to 12 days, and the ‘hoarding’ of ID proofs in company’s servers, degrading personal data protection in case of a breach. KYC is compulsory for regulated services (e.g. banks) to mitigate fraud, money laundering and financing of terrorism, but non-regulated services, e.g. AirBnB or Uber, also do KYC checks to avoid fraud costs and reputation loss.

To address the problem of unauthorized uses of a legitimate ID (and fraud attempts with non-legitimate IDs) while protecting the personal data of end-users, Authenteq is developing a blockchain-based, 100% automated, identity proofing service – Authenteq ID – with biometric user authentication, ideal for online services that need a trusted ID for user enrolling or to validate high-risk transactions. With the rise of e-commerce and mobile payments (CAGR of 15.9% in the 2016-2021 period), a substantial growth can be expected on the millions of online KYC checks performed annually. To access the multibillion business opportunity of solving KYC checks online, our objective is to establish solid evidence of the economic benefits of Authenteq ID, and risk-free, seamless operation in representative KYC routines.

Are you the coordinator (or a participant) of this project? Plaese send me more information about the "BLOCKCHAINKYC" project.

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The information about "BLOCKCHAINKYC" are provided by the European Opendata Portal: CORDIS opendata.

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