Helping Xcend Create a Safer and More Trusted Framework for Users of Their Cuspy Platform
Cuspy builds further protection to its share registry platform
2 minute read written by Paul Timms
The Challenge: Rising Share Fraud
In today's rapidly evolving financial landscape, the potential for fraud—both opportunistic and sophisticated—is a rising issue. This is particularly so for securities registry platform operators. As highlighted by ASIC's in Information Sheet 237 "Protecting against share sale fraud" (INFO 237), share sale fraud—where criminals impersonate legitimate investors to sell shares they don't own—has become increasingly sophisticated and costly.
The consequences extend far beyond financial losses. Victims face substantial emotional distress, while financial institutions grapple with reputational damage and regulatory scrutiny. For securities registry platform operators like Xcend (https://www.xcend.co) and their Chief Operating Officer (COO) Ann Nguyen, the challenge is clear: how do we maintain the ease and accessibility that investors demand while implementing robust security measures that regulators require?
The Solution: Xcend's Cuspy Platform Powered by VerifiMe Technology
From today, Xcend is introducing a new feature to their registry management platform Cuspy. Having recognised that a key vulnerability lies within online services and platform access, they've partnered with VerifiMe to create a comprehensive solution.
How It Works
When investors access Cuspy's self-service platform, they can opt to undergo VerifiMe's rigorous but streamlined verification process to add a verified status to their profile.
VerifiMe Digital Wallet Integration
Upon successful verification, investors receive a secure VerifiMe digital wallet seamlessly integrated into their Cuspy experience. This wallet:
Stores Verified Credentials: All verified identity information is securely encrypted and stored
Enables Seamless Sharing: Investors can selectively share verified credentials across Cuspy's platform features
Maintains Privacy: Users retain full control over what information they share and with whom
Reduces Re-verification: Once verified through VerifiMe, credentials unlock additional Cuspy platform capabilities
Cross-Platform Compatibility: Verified credentials can be shared with other VerifiMe-enabled services or Cuspy platform issuers
A Win-Win-Win Approach
For Investors: Enhanced Experience with Maximum Security
"The VerifiMe verification process through Cuspy was surprisingly smooth," says Mark Jenkins, an issuer on the platform and investor who recently onboarded. "Instead of filling out the same form multiple times for different securities transactions, my verified VerifiMe wallet lets me access all of Cuspy's features more easily and securely. It's actually made investing more convenient while knowing my identity is protected."
The VerifiMe digital wallet capability means investors verify once but benefit everywhere within the Cuspy ecosystem:
Access all Cuspy platform features without repeated verification
Maintain control over personal data through VerifiMe's privacy-first approach
Enjoy faster transactions and reduced administrative overhead
Benefit from enterprise-grade security protecting their credentials
For Securities Issuers: Confidence in Investor Authenticity
Securities issuers using Xcend's Cuspy platform gain greater confidence in investor authenticity through high-level verification standards. Ann Nguyen, who has worked in the industry for over 20 years, commented: "The functionality on any platform, where investors can access and transact on their investments is a critical concern for all operators in our industry. This is a simple and easy win for all in our eco-system."
"When every user has verified credentials in their VerifiMe wallet, we can offer enhanced features while maintaining the highest security standards," adds Ann, COO of Xcend.
For the Platform: Enhanced Security and Trust
The integration transforms Cuspy from a simple registry platform into a comprehensive, security-first ecosystem. Key benefits include:
Reduced fraud risk through multi-layered verification
Streamlined compliance with automated verification processes
Enhanced user experience with seamless access to platform features
Improved operational efficiency through reduced manual verification tasks
Conclusion: Setting New Standards Through Strategic Partnership
For investors, VerifiMe's verification process and digital wallet provide secure, convenient access to Cuspy's comprehensive securities platform features. For securities issuers, the integration delivers confidence in investor authenticity and streamlined compliance. For Xcend, it transforms Cuspy into a comprehensive, security-first ecosystem.
Most importantly, this partnership proves that innovative technology collaborations can address regulatory challenges while creating genuine value for users. As share sale fraud continues to evolve, the Cuspy-VerifiMe integration provides a robust foundation for secure, efficient securities trading.
For me, working with Xcend to solve this addresses a risk challenge I was aware of for many years. Further, it will enable an investor identity passport for future sharing that will drive significant efficiency gains and enhance the customer experience.
