Opendata, web and dolomites

BlockchainKYC SIGNED

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

Total Cost €

0

EC-Contrib. €

0

Partnership

0

Views

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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.

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

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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