DENVER, CO--(Marketwired - Dec 3, 2013) - Bitcoin exchange btcQuick today shared results from its deployment of online identity proofing service miiCard to verify new customer identity and combat fraud. In its first 30-days with miiCard, btcQuick eliminated chargebacks from identity fraud and saved money on administrative costs while dramatically improving the overall customer experience and meeting regulatory requirements.
"miiCard is far superior to our previous bureau data and document scanning process, plus our customers prefer the easier interface and experience," said btcQuick founder and CEO Jerrod Bunce. "We deployed miiCard in just a few hours time and it delivered an immediate ROI while freeing up development resources for core business needs."
During its first year of operation, btcQuick grew to millions of dollars in sales but experienced a high rate of chargebacks due to identity fraud and low levels of assurance from its offline document scanning process. In addition to these recurring losses and high administrative overhead, the btcQuick customer sign-up experience was slower and more difficult than anticipated.
Key outcomes from btcQuick's use of miiCard include:
- Eliminated fraud and reduced administrative costs;
- Improved overall user experience;
- Supports all Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements;
- Deployed new online identity verification system in just hours.
"Bitcoin is a disruptive new financial force, but companies operating within that market still face the same fraud risks and must meet the same regulatory compliance thresholds as traditional financial institutions," said miiCard CEO James Varga. "miiCard is a plug-and-play compliance and identity fraud solution for Bitcoin and other financial service innovators that pays for itself in trust, ease of use, and operational savings. We're delighted to be solving this massive pain of identity related fraud for our customers."
miiCard's Level of Assurance 3+ identity verification and authentication service leverages the authority and security inherent in a member's online financial accounts to prove identity to a passport or photo ID standard. The miiCard platform offers a wide range of features for financial service companies including identity proofing, personal data, strong multi-factor authentication, financial transaction data and security features available through simple API's and hosted services.
miiCard is a consumer centric global online identity service (IDaaS) platform that establishes true trust online by guaranteeing an individual's identity to the level of an offline photo ID check, completely online and in just minutes. miiCard helps businesses eliminate fraud, reduce manual processing costs, and prevent high rates of dropout when offline identity checks are required. A member-driven service, based on the principles of Bring Your Own Identity, miiCard empowers consumers to proactively manage their digital identity, build trust online, and trade and transact with confidence. miiCard is available in ten countries and can verify over 350 million people today.