CycurID Disrupts the High Cost of KYC

VANCOUVER, BC – (August 4, 2022) – CycurID Technologies Ltd., (“CycurID” or the “Company”), is pleased to promote their KYC Pricing Packages to all businesses. 

CycurID (pronounced “Secure ID”) is a cybersecurity company that has developed a proprietary, reusable Personal Identity Management System that allows for the deployment of innovative identity-based applications and solutions that address the extensive shortcomings which currently exist with KYC/AML measures, authentication, ID theft and privacy. CycurID’s software incorporates Artificial Intelligence, Biometric Encryption and Zero-Knowledge Protocols with no sharing of personal information as third-party software is not used in the validation and verification process.

Gord Jessop, CycurID Co-founder and COO said, “We believe that the KYC/AML screening process should be affordable for all companies and not be a cash flow killer. The KYC/AML market has evolved to a point where it is an industry unto itself, and the fees most companies are charging are exorbitant. Our KYC/AML solution is automated, secure, continuous and extremely cost effective. Our solution requires a simple API integration and is platform agnostic, meaning that businesses do not have to invest in extra hardware or cloud servers to deploy an effective 2FA or KYC/AML solution.”

Jessop’s comments reference news and commentary from Binance, which has stated the high costs that Biance and other businesses can incur when trying to meet current KYC/AML compliance and regulatory requirements. 

Current KYC/AML providers are not stemming the tide of identity theft, or money laundering. It is estimated that money laundering costs the world economy between 2% to 5% of its GDP and identity theft has become one of the top money laundering trends. Anti-money laundering activities recover only 0.1% of criminal funds indicating that current KYC/AML procedures are ineffective.

“We are aware that rigorous KYC/AML protocols are critical steps in both fiat-based and crypto-based transactions but current solution providers are not solving the problem. CycurID rethinks the entire approach to KYC/AML and is a critical first step in providing a better solution.”

CycurID pricing packages are low-cost, ensuring that KYC/AML is affordable for companies of all sizes:

• The Basic package includes: email verification, cell number verification, and liveness verification, along with biometric 2FA (which gives companies passwordless authentication and instant onboarding) all at no cost.
• The Standard package includes everything in Basic plus: Geolocation Fencing, Age Verification, Single Government Issued ID Verification, and Biometric ID verification for $49 USD per month for unlimited user checks.
• The Premium package includes everything in the Standard Package plus two Government-issued ID verifications, address verification, sanction list screening, and full audit trail capabilities (enabling businesses to access the CycurID dashboard and see who, when and what customers are accessing their platform and what checks have been run on them). The Premium Package is $99 USD per month for unlimited user checks.

“Our identity verification and crypto monitoring solutions go well beyond just being KYC/AML tools,” Jessop said. “Our technology is a secure, cost-effective step in the overall process and enables businesses to be more proactive.”

For more information about CycurID’s complete suite of identity solutions, visit our corporate website https://cycurid.com or contact us through our contact page here.

No Offer or Solicitation.

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any provinces, states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About

CycurID Technologies Ltd is a privately held personal identity management and security software developer based in Vancouver, British Columbia. CycurID^TM has developed proprietary patent pending identity management and privacy software which is available via its consumer app imme^TM (I’m me). CycurID is registered with the Chamber of Commerce, Better Business Bureau, WorkSafe BC and with Fintrac as Money Service Business (MSB). CycurID^TM and imme^TM are Registered Trademarks of CycurID Technologies Ltd.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements including without limitation, expected growth and success of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change.