Key Takeaways
- SelfKey has launched a new KYC solution that uses zero-knowledge verification and AI technology to combat identity fraud.
- The zk verification technology enables platforms to authenticate users without storing sensitive data, reducing the risk of security breaches.
- SelfKey’s AI-based system uses the Proof of Individuality solution to clamp down on fraudsters that use fake personas to pass as human in digital identity checks.
- The technology can also detect and prevent wallet reselling, making it difficult for fraudsters to perpetrate financial crimes while hiding behind anonymity.
Blockchain startup SelfKey has launched a new KYC solution that incorporates zero-knowledge (zk) verification and artificial intelligence (AI) to fight identity fraud. The zk verification technology enables platforms to authenticate users without storing sensitive data such as identity document scans and customer selfies, which reduces the risk of security breaches.
Meanwhile, the AI-based system uses SelfKey’s Proof of Individuality solution to clamp down on fraudsters that use fake personas to pass as human in digital identity checks. The AI also can identify behavioral changes between the initial KYC and the image used for re-authentication.
SelfKey’s zero-knowledge KYC solution aims to address the rise of computer-generated selfies that can be used to perpetrate financial crimes while hiding behind a cloak of anonymity. By using the same technology, the startup hopes to combat AI’s utilization for nefarious purposes.
The technology can also detect and prevent wallet reselling. SelfKey’s digital identity service allows individuals and corporations to own, control, and manage their digital identity data, creating a safer world where personal data and privacy are protected.
The startup’s digital identity service includes further enhancements that allow for AI and zk technology to improve accuracy and clamp down on fraud. The technology can be used to spot differences in facial composition between the initial KYC of the user and the image they are using to re-authenticate, increasing its efficacy in combating identity fraud.
The AI is integrated into SelfKey’s POI solution to make use of AI to ensure that network users are the same individuals who initially onboarded. This will thwart the use of wallet reselling, a practice that has traditionally been difficult for platforms to stop.
Research by SelfKey has shown that the technology has wider applications within the field of digital identity.
SelfKey is also developing a new mechanism for its DAO to address future features that are integrated into the DAO, providing grants issued by the DAO. The blockchain startup plans to launch more products, including a customizable NFT collection with built-in rarity appreciation, empowering users to merge customizations to create higher tier NFTs that will attract even greater demand due to their scarcity.
The more users who join a SelfKey project, the greater the rarity of the customizations becomes. Users can also merge these customizations to create higher tier NFTs that will attract even greater demand due to their scarcity.
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