CEX.IO: 30% decrease in fraud since KYC procedure upgrade

London. 27th February 2019 — CEX.IO has confirmed a 30% decrease in fraud after a KYC procedure upgrade in December 2018, as a result of automated rejection of fraud attempts before verification requests. This improvement is the result of implementing a RegTech solution, which combines various KYC/AML tools. CEX.IO uses this solution to verify users via the mobile application.

“We are constantly improving our onboarding flow, keeping user experience as a top priority. The main idea of this major upgrade is to cut the number of actions required from the user and replace them with background checks. For example, to take a selfie, you now have to blink instead of tapping on the screen. In this way we eliminate an additional tap on the screen while bringing in an incremental liveness check. It’s also a fun experience,” says Vitaly Kedyk, CEX.IO Executive Director

The RegTech solution is based on the UX experience of a team that has been developing verification tools for seven years. “With the upgraded KYC procedure, CEX.IO is aiming at a zero-fraud service, which results in absolute security of customers’ funds. As of now, we are offering verification through the mobile app, but our system is able to work with all types of interfaces, including tablets and web,” says Kedyk.