01 / 03 · IndustriesCrypto
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Stop using AML toolsto fight payment fraud.
Merchants decline up to 20% of transactions by using AML tools like KYC beyond the strictly necessary regulation, in hope that it will contribute to reducing payment fraud. This is a myth. All it does is significantly increase false positives.
“AML tools like KYC reduce payment fraud.”
MythLet’s look at what you stand to lose when you use the wrong tools...
KYC is costlyin crypto.
- 98%
- of declined transactions are false positives
- 65%
- of those false positives are attributed to new users
- 7×
- more to acquire a new customer than to retain an existing one
In reality, KYC is often only required for a percentage of transactions. Meanwhile, 98% of declined transactions are false positives, 65% of which are attributed to new users.
When it costs seven times more to acquire a new customer than it does to retain an existing one, it begs the question... what is KYC costing you?
Streamline yourfiat-to-cryptoonramp.
Optimize user experience with nSure.ai’s best-in-class payment fraud protection solutions and using KYC only when required to streamline your fiat-to-crypto onramp, accept more transactions, and retain more users.
DynamicKYC®
KYC withoutTMI.
Know Your Customer is an AML tool. As an anti-fraud measure, it leads to decline rates of up to 20%. Our data shows that only 2% of those transactions are actual payment fraud.
Crypto, in their words
01 / 021:18
Average onboarding, KYC included
“Clocking in at an average of 1 minute and 18 seconds, our customer onboarding time might just set an industry speed record! And yes, that includes KYC verification.
Curious to know our secret sauce for this Formula-1-worthy onboarding? It’s our collaboration with nSure.ai. With them, we’ve pioneered one of the industry’s fastest and most efficient customer verification processes.”
Innokenty IsersFounder & CEO, Paybis.comBuilt in
Payment fraud prevention must-haves
nSure.ai provides a dedicated model for each customer, training payment fraud on your data, and uses Adaptive AI to provide the highest level of accuracy in the industry.