BTCjam: We Reject 66% of all Identification Documents

Howdy Jammers!
Did you know?  We take identity verification seriously at BTCjam.  In fact, we reject over 66% of all identity documents submitted to us.  That’s a lot, isn’t it?  We also reject more than 63% of address verifications and 55% of income verification documents.
shutterstock_161443088At BTCjam, we do not use an automated process to scan your ID.  We individually verify each identity document, because we are focused on providing a better product for you.
Our verification system uses image recognition tools but is ultimately human-powered. This may be more expensive than automated document scanning, but we believe it is worth it to spend more to bring superior results to our users.  When we verify each document by hand, we actually catch photoshopped and other fake documents that automated scanners miss.  We believe that the old saying is true, you get what you pay for.  At BTCjam we are willing to pay more to bring you a better product.
We also ask our borrowers to submit recent bank statements and we manually verify these statements. This attention to detail is an example of BTCjam’s dedication to fully verifying borrowers before we allow them to create loans on our platform.  We also use the borrower’s bank account information to confirm their income, adding more reason to trust the borrower.

All documents submitted to BTCjam are subject to a strenuous screening process, with each document being individually verified by hand.

ID Photos must be High Resolution (no photocopies or screencaps)

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We also require you to post a photo of yourself and your ID
  
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and that photo must be high resolution as well.



We also verify the borrower’s address using utility bills, bank statements, tax returns, pay stubs, cell phone bills and employment letters.  Documents must include the borrower’s name, address and a visible date of issue within the last six months.
For income verification we use tax returns, pay stubs, letters of employment that state the borrower’s salary, and bank statements that show the amount deposited for a certain time period.  Income documents must also include a name and a date.
All documents submitted to BTCjam must be high resolution JPEG or PNG format.  The documents must be clear, with no blurring.  Generally you should use a flatbed scanner and scan your documents in “Excellent – 300 DPI” mode.
At BTCjam, we do everything we can to fully verify our borrowers so investors feel confident funding real loans from real people.  As a result of our intense scrutiny during the ID verification process we have a 98.7% repayment rate for A Rated Loans and not a single default for A Rated Borrowers for the past 5 months.  If you can think of any way that we can improve, please let us know at support@btcjam.com.

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCjam!  If you want high returns, invest on BTCjam!

2 thoughts on “BTCjam: We Reject 66% of all Identification Documents

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