Dark Web cybercriminals are buying up ID to bypass KYC methods

• Researchers from iProov found a group buying up ID data from consumers
• The data is being used to bypass KYC processes
• Companies will need to go for a multi-layered approach, iProov says

Hackers have found an easy and simple way to grab people’s sensitive information, and then use it to bypass Know Your Customer (KYC) processes - buying the information directly from the victims.

New research from identity verification and fraud prevention firm iProov uncovered a “sophisticated approach to compromising identity verification systems” through a “systematic collection of genuine identity documents and images.”

iProov said it uncovered a dark web group engaged in mass collection of identity documents and corresponding facial images, which actually compensates the victims for the information. It wasn’t said how much money they were giving for one set of data.

Multi-layered approach

The group operates in the Latin American region, but the researchers said they ...