Many cryptocurrency enthusiasts dislike the process of sharing identity documents with exchanges and other service providers PayTrie is experimenting with a different KYC solution, known as Express Verification.
Sharing sensitive identity verification documents with third parties carries significant risks.
Simplifying KYC Verification
More often than not, a data breach of a third party handling this data will expose users to all kinds of scam attempts.
PayTrie acknowledges something needs to change in this regard, albeit that is much easier said than done.
The company is currently verifying user identities without having them submit any documents at all.
Instead, they need to answer a few questions from their credit report.
This makes for a more convenient solution, although it still indicates the verifier knows one’s credit report all too well.
If the user can answer these personalized questions correctly, they can begin transacting immediately.
This doesn’t mean the company is no longer accepting traditional document-based verification, however,
This options till remains available to those who can’t access their credit report or simply prefer that option.
All of this goes to show that there are different ways of dealing with KYC procedures in the cryptocurrency landscape as well.
Whether anyone will implement this procedure, is a different matter altogether.
It appears that this new solution still allows companies to be fully compliant yet not annoy their users in the process..
Image(s): Shutterstock.com
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