Sekuritance Brings a Revolutionary New Solution to Institutions Facing Losses from Financial Crimes

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Sekuritance Brings a Revolutionary New Solution to Institutions Facing Losses from Financial Crimes

Jun 22 2021

In brief

  • The crypto industry has been around for over 12 years now, but it is still considered rather young.
  • Due to its unregulated nature, it offers plenty of opportunity, but also dangers, mostly due to scammers.
  • Millions of dollars have been stolen from exchanges, and Sekuritance now plans to put a stop to it.

The crypto world is still considered to be rather new, which means that there are plenty of unexplored opportunities. However, there are also just as many dangers due to scammers.

Hacks and scams have been a part of the crypto industry for so long now, that they are considered a regular risk for anyone who deals with crypto. One of the first things that every new investor is taught is how to create a secure wallet and properly prepare for keeping their coins safe. They are immediately being told that leaving their coins in exchange wallets is not safe and that they could get stolen.

This is not an exaggeration, given that millions of dollars have been stolen by scammers, hackers, and even by fake exchanges over the years. Unfortunately, due to the fact that the crypto industry is still very young and mostly unregulated, many of these financial crimes ended up being untraceable. This needs to change in order for the crypto industry to see greater levels of adoption and use, and Sekuritance aims to change it itself.

What can Sekuritance do to help?

Sekuritance is a RegTech and RiskTech agency that also operates as a DeFi project. So far, it has come up with an entire suite of products aimed at retail investors, exchanges, financial institutions, and even the government.

Speaking of untraceable financial crimes within crypto, Sekuritance has a product called Sekur.Transact, which is a revolutionary new solution that can assist institutions facing financial losses from these types of crimes. It offers an easy way to conduct a number of procedures, including KYC, KYB, KYT, AML, Sanction Screening, and more, all under one roof, and all conducted with great ease.

The project allows financial institutions to use the KYC tools to identify who their customers are, and more than that — whether or not they are eligible and of good standing. That way, financial institutions can decide whether the customer should be allowed to transact with their product suite offering.

Businesses get to use Sekuritance RegTech Platform to get transaction and IP risk scores, specific data for analysis and workflows, as well as subscores that, combined, form the components of a transaction risk score. Essentially, the idea is for businesses to understand the reasons behind the risk of a transaction, which will allow them to better assess whether they are dealing with fraud or not.

Using these advanced solutions has proven necessary for big and small players alike, as fraudsters are constantly innovating in order to beat every new system, bypass security, and use every tool at their disposal to continue to trick and steal. This calls for innovative solutions from the security platforms’ side as well, and Sekuritance is growing up to meet this challenge through technological advancements of its own.