In this age of technological disruption, businesses are under massive pressure to digitize operations for delivering better services to their clientele. Digitization and automation have been the key business drivers for companies in different industries. According to Mickensey, 64% of the businesses could save up to 30% of their time with automation in their workflows.
Since the financial industry’s revolution into the digital world, the mode of currency has also changed. Cryptocurrency -- a digital currency or asset -- is becoming more common than ever. Digital currency has its pros but it has also led to an increase in fraudulent activities in the financial industry. This is why the need for advanced verification solutions such as video KYC has risen. It is a process of verifying the identity of the person through an interview with a KYC expert on a live video call. Let’s discuss in this blog how video KYC plays a key role in stopping the use of cryptocurrency in criminal activities.
The global blockchain market size is expected to reach $57 million by 2025. And as per Kaspersky, 19% of people bought cryptocurrency before 2019. In response to this acclaim form the global investors and users of cryptocurrency, many cryptocurrencies are forming, even Facebook launched its digital currency named Libra.
Cybercriminals have increased immensely over the years due to rapid strides in the tech world. Cybercriminals have risen 5 times in 4 years according to recent reports. Internet connectivity has clamped up the volume and pace of cybercriminal activities as internet usage is increasing. It is challenging to keep the pace up with new technologies and related security threats. Precautionary steps should be taken to avoid falling prey to cyber-attacks which are of many types. With the character assassination of individuals and multi-crore frauds by lurking its way through popular social media platforms cybercrime has taken a curious turn in recent times. At the global level, the U.S. is taking giant strides forward in terms of implementing cybersecurity. In 2017, two cybercrime major incidents brought down government networks that sent an alarming signal. The need to implement impenetrable cybersecurity systems received an added push.
Cryptocurrencies are thriving to gain confidence among the conventional circles that still prefer fiat over digital currencies. The news of Facebook launching its own virtual currency raised havoc in the world and initiated an unending debate started among the analysts, government authorities and Facebook representatives. There are people who support it and who are totally against it while many are still confused about the real face of facebook’s Libra.