Increased Demand for KYC Technology Drives Fourthline’s Record Growth

Fourthline has realized a turnover growth of 170% in 2021. The KYC fintech explains its success as a “significant increase in demand for top-level end-to-end KYC solutions from established financial institutions”. Fourthline explains at the presentation of the annual results that the need for advanced technology and experts to tackle online fraud and keep financial criminals out is growing. is than ever .

With the addition of Nationale-Nederlanden to its clientele, the fintech continues to grow unabated. It has been agreed during the collaboration that Fourthline will take care of the ID verification of all new customers – for savings and investment products – of Nationale-Nederlanden.

According to Krik Gunning, co-founder and CEO of Fourthline, 2021’s growth underscores the importance of its mission to build a more secure financial ecosystem. “We look forward to making an even greater impact in 2022 by growing with existing and new customers, launching innovative products and expanding our international partnerships.”

New technologies

Indeed, data from the fintech shows that KYC software is increasingly needed. Last year, for example, there was an 18% increase in the number of attempts at identity fraud using advanced techniques such as the use of deep fakes and silicone masks. Fourthline sees account takeover through social engineering as the most common form of identity theft and expects this form of scam to become even more popular in 2022.

“With this, the importance of ongoing high-level KYC checks – beyond an initial check at sign-up – continues to grow.” The fintech therefore proposes to develop new technology that issues real-time alerts when changes are spotted in a customer’s risk status. In this way, money mules that initially registered as legitimate customers can be detected in time if they make transactions (whether or not forced) at a later time.

Crypto criminals on the rise

Finally, Fourthline states that the KYC risks for crypto companies are also becoming more and more relevant. Because the crypto market is becoming more and more popular, cyber criminals are getting better at finding this market. This increases the pressure from regulators to keep a close eye on the risks.

Currently, Fourthline is already active in the ‘KYC crypto market’. For example, the fintech serves Xapo (a provider of bitcoin wallets) with tailor-made technology to limit these risks in the “as low-threshold as possible” way. The fintech expects to be able to grow significantly in this sector in the coming year.

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