ClearDil

The new global way for identity trust

Bryan
Bryan KYC Expert at ClearDil.

Online identity fraud impact had upon the crypto industry over the past year.

Online identity fraud impact had upon the crypto industry over the past year.

Fintech, Crypto, and Mobility have all been affected by COVID-19. But how fraud rates in the crypto space have evolved over the past year. The crypto industry has been growing tremendously (besides the last two weeks) Blockchain-enabled cryptocurrency’s market cap exceeded $3 trillion. More than $20 billion worldwide was invested in crypto products between November and December. What was the impact of fraud on crypto in 2021? The market for cryptocurrency continues to experience a rapid rise in fraud rates, which is causing concern for the entire industry. Forbes reports that cryptocurrency crimes have increased by 24,000% since 2016 in the US. Cryptocurrency Fraud increased in 2021, compared to 2020. Rates rose steadily until June. The U.S. saw more volatility in crypto fraud rates. They experienced a significant increase in fraud following the March price rise of Bitcoin. However, the EU did not experience the same spike. While rates reached their peak in June in the United States, they were much more stable in the EU. Having identity verification is essential for the crypto industry, despite the volatility in the crypto market and federal regulation. To reduce fraud and keep the crypto industry afloat, it is essential to comply with strict compliance requirements. The best way to keep your users safe is a secure API for KYC verification, because KYC API provides you with the best security standards because API for Document Verification is also available through KYC Mobile SDK for a better user experience. To know more about KYC API go to www.cleardil.com