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EQ Bank in Canada Teams Up with Trulioo for Biometric ID Verification and Additional Crypto Updates
Receive your daily, concise summary of blockchain and cryptocurrency updates – exploring the stories that may be overlooked in the current news cycle.
In today’s cryptocurrency updates:
- Canada’s EQ Bank Teams Up with Trulioo for Identity Document and Biometric Verification
- New Security Database Monitors Million Dollar Hacks
- Spot Trading Volumes Increase for the Fourth Month in a Row
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Canada’s EQ Bank Teams Up with Trulioo for Biometric Identity Verification
Identity platform Trulioo has collaborated with EQ Bank, the digital platform of Canada’s challenger bank and a wholly owned subsidiary of EQB Inc., recognized as the leading bank in Canada on Forbes’ World’s Best Banks list.
As stated in the press release,
“EQ Bank selected Trulioo Identity Document Verification, Workflow Studio, and Business Verification to enhance the onboarding process for both customers and businesses.”
The bank opted for Trulioo Identity Document Verification to capture and authenticate ID documents and selfies during online account openings. This solution incorporates advanced AI checks, face comparison, and liveness detection.
The Trulioo Workflow Studio is a no-code, drag-and-drop workflow creator. EQ Bank will utilize it for swift and adaptable integration of Identity Document Verification. This tool permits the bank to introduce verification steps and customize onboarding procedures based on outcomes at each phase.
Moreover, it allows the bank to establish a personalized list of document types it will accept for verification in order to adhere to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations. Trulioo SDKs tailored to the specified guidelines offered EQ Bank customers choices based on the jurisdiction where their documents were issued.
The announcement further highlighted that,
“Tailored onboarding experiences, coupled with Trulioo’s expertise in collaboration with major banks and fintechs globally, provide a significant advantage for EQ Bank in staying ahead of evolving industry standards.”
Mahima Poddar, EQ Bank SVP and group head of personal banking, remarked that this alliance enables the bank to consistently meet regulatory obligations while delivering “customized, top-tier customer onboarding experiences with minimal friction and the highest likelihood of verification.”
Trulioo CEO Steve Munford stated, “EQ Bank is leading the way in the digital banking landscape. […] The flexible, integrated Trulioo platform minimizes onboarding challenges with adaptable workflows that ensure the highest level of verification assurance.”
New Security Database Monitors Million Dollar Hacks
Blockchain security specialists ChainLight introduced a new database that allows users to track all Web3 hacks with a single click.
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The press release shared with Cryptonews indicated that,
“Lumos has been created to allow anyone to access historical hack information, promoting greater transparency and diligence in web3.”
According to the team’s tweet, the database includes Web3 hacks from 2023. The information was gathered from its internal database.
The team has utilized this database for several months to perform internal case studies and research. “And now, we’re opening it to the public,” they mentioned.
The motivation behind making the internal database public is to foster a safer and more developed Web3 environment. ChainLight reported that $1.8 billion was lost in hacks throughout 2023 alone. “Numerous projects, developers, and communities have been affected.”
Now, anyone, irrespective of their engineering background, can access the following details:
→ Hacked amount, date, and attack vector
→ Pre-incident audit
→ Post-mortem release
→ Community compensation
→ Post-incident audit
→ Destination of stolen funds
→ Audit history and scope pic.twitter.com/DfVfEHeVPp— ChainLight (@ChainLight_io) February 14, 2024
Chainlight CEO Brian Pak emphasized that “it is essential for us to furnish transparent information to the public and make them aware of the existing risks associated with both the smart contract and the project’s team. This will enable them to make more informed decisions regarding using, investing in, or collaborating with impacted projects.”
Spot Trading Volumes Increase for the Fourth Consecutive Month
In January, the spot trading volumes on centralized exchanges increased by 4.45% to $1.40 trillion, as per the latest report from on-chain analytics firm CCData.
This marks the fourth successive rise in monthly spot trading volumes.
The report noted,
“The price movements following the highly anticipated approval of spot Bitcoin ETFs in the US indicate that the sell-off marked the conclusion of a prolonged uptrend.”
Trading volumes remain elevated, it added. Spot volumes in the past few months have surged to levels not witnessed since 2022.
Unsurprisingly, the authorization of spot Bitcoin exchange-traded funds (ETFs) in the US is the primary catalyst behind this increase.
Binance continues to be the largest spot trading exchange, with volumes rising by 2.73% to $437 billion, capturing a market share of 31.3%.
Source: CCData
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