Crypto Consumers Want Secure Identity Verification

November 11, 2022

Bad actors in cyberattacks are more sophisticated in their fraud attempts as they have access to new technologies. A direct result for crypto businesses is that security is now a top priority for consumers, specifically during onboarding.

Traditionally, the goal of crypto leaders was to deliver quick and frictionless customer onboarding. But with bad actors becoming more sophisticated, consumers want to feel reassured that companies do take the required steps to protect their accounts – even if it takes longer.

One way is for those companies to provide reassurance through a security-first approach to identify verification. Research from Trulioo found that 66% of crypto users are more tolerant of identity verification than they were three years ago, and 78% are comfortable with the process taking longer or involving more steps.

The data proves that consumers consider identity verification vital and reassuring during onboarding and throughout their relationship with crypto exchanges. The majority of crypto leaders agree and say identity verification needs to be a continuous process throughout the customer journey, instead of something that occurs only during account creation.

However, there are challenges crypto leaders face, including legacy technologies, cultural resistance and a lack of data and insight. Despite the challenges, the majority of crypto leaders plan to take action to enhance identity verification and optimize customer onboarding because 79% of them say building trust requires more agile and resilient onboarding and identity verification.

“Agile and proven identity verification is the foundation for building and maintaining trust as consumers open new digital wallets,” said Steve Munford, Trulioo CEO. “That trust provides a competitive advantage for crypto exchanges and opens the door for global growth.”

Munford also said that crypto businesses that turn to identity verification companies like Trulioo keep pace with shifting customer expectations. Crypto businesses that harness identity verification grow market share and revenue and create deeper relationship with customers.

Edited by Erik Linask

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