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BlockchainKYC SIGNED

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

Total Cost €

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EC-Contrib. €

0

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.

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

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.

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

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