Consumers Consider ID Verification Vital When Engaging with Crypto Exchanges: Trulioo Report

Research from Trulioo, a key player focused on global identity verification, shows consumers consider identity verification vital and “reassuring during onboarding and throughout their relationship with crypto exchanges.”

The research, highlighted in the “Crypto customers call for reassurance in uncertain times” report, reveals that 70% of crypto users “feel more at risk from cybercrime than they did two years ago, and 75% say they’re on higher alert when dealing with companies online.”

The long-standing goal has been “to deliver near frictionless customer onboarding, but consumer expectations are shifting toward some friction to provide security reassurance.”

Consumers want evidence “that online brands take security seriously, and crypto exchanges are taking steps to meet those expectations.” The research “found that 66% of crypto users are more tolerant of identity verification than they were three years ago, and 78% are comfortable with the process taking longer or involving more steps.”

The research also found:

  • 62% of consumers say security is more important to them when opening accounts than it was two years ago
  • 82% of crypto companies find it difficult to adjust their identity verification and onboarding approaches in response to shifting market conditions
  • 87% of crypto leaders say identity verification needs to be a continuous process throughout the customer journey, rather than a single step during account creation
  • 79% of crypto leaders believe building trust requires more agile and resilient onboarding and identity verification

Steve Munford, Trulioo CEO, said:

“The world’s largest crypto exchanges turn to Trulioo for identity verification because we enable them to stay ahead of evolving global regulations and keep pace with shifting customer expectations. Agile and proven identity verification is the foundation for building and maintaining trust as consumers open new digital wallets. That trust provides a competitive advantage for crypto exchanges and opens the door for global growth.”

As noted in the update, Trulioo claims to be “a leading global identity verification company building trust online so businesses and consumers can transact safely and securely.” Trulioo reportedly “provides real-time verification of 5 billion consumers and 330 million business entities worldwide — all through a single API integration.”

Organizations rely on its identity verification platform, GlobalGateway, “to help meet their business and compliance requirements and automate due diligence and fraud prevention workflows.”

The Trulioo mission is “to help provide every person on the planet with a digital identity to enable access to basic financial services and support.”

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