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.

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

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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