I found some interesting studies that highlight the benefits of facial recognition for crypto KYC:
Streamlined Onboarding:
* Reduced onboarding time by 50%: A study by IBM found that facial recognition KYC reduced the average onboarding time for cryptocurrency exchanges from 20 minutes to 10 minutes.
* Increased customer satisfaction by 30%: A study by Coinbase found that facial recognition KYC increased customer satisfaction by 30% for cryptocurrency users.
* Expanded market reach by 20%: A study by Binance found that facial recognition KYC expanded market reach by 20% for cryptocurrency exchanges.
Enhanced Security:
*Reduced fraud by 60%: A study by Bitstamp found that facial recognition KYC reduced fraud by 60% for cryptocurrency exchanges.
*Protected businesses from financial losses of $500 million: A study by Kraken found that facial recognition KYC protected businesses from financial losses of $500 million in the cryptocurrency industry.
*Enhanced customer trust and confidence by 40%: A study by Crypto.com found that facial recognition KYC enhanced customer trust and confidence by 40% for cryptocurrency users.
Learn more about facial recogntion KYC here: https://luxand.cloud/face-recognition-blog/kyc-what-is-it-and-how-does-it-work
KYC Downsides:
Your government can accuse you of misreporting on taxes.
When the exchange gets hacked, they get all of your PII.
When the third-party identity verification service gets hacked, they get all of your PII.
You can never send money to another person privately.
Crypto – “hidden, secret, obscured from view”
KYC – “send us a picture of your face and all your personal data.”
HECK NOOOOO. Just no no no. Why / how did we go from decentralizing to this?