The digital identity verification and fraud prevention company from Lithuania, iDenfy, partnered with RBFC Global, the online payment and global currency exchange business. iDenfy’s swift, automated identity verification detects fake identities and stops fraudulent transactions on the payment institute’s network.
The increasing scale of identity theft in the financial sector has pushed companies to strengthen their security systems. In many cases, the efforts go to implementing full-stack identity verification services to verify newly registered clients and protect existing ones. Verifying genuine customers through ID verification also means that the company complies with regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML). According to a recent report by Zippia, 41% of financial institutions are inadequate to meet AML compliance, which makes them exposed to more risks. As a solution, fraud prevention specialists recommend continually looking out for suspicious activities via automated fraud prevention measures. However, businesses also consider the customer experience and the expectation for easy, quick, and secure services. If the identity verification takes too many steps, customers tend to abandon the platform despite the company’s efforts to prevent fraud. RBFC Global’s goal is to provide safe money transfers, prevent fraud and deliver a smooth customer experience. That’s why the licensed payment institute from New Zealand searched for a balanced solution and found iDenfy’s user-friendly authentication service. RBFC Global offers online financial services such as remittance and currency exchange to a wide variety of private and institutional customers. According to the enterprise, since they don’t engage
in face-to-face interactions like in traditional banking, it’s important for them to have a supporting platform that can safely identify the customers remotely.
iDenfy specializes in fraud prevention services, helping businesses detect suspicious transactions faster due to the help of artificial intelligence. The company is best known for its online identity verification solution. Each identity document is reviewed in real-time, completely eradicating the chances of card fraud. iDenfy’s whole process is backed up with human supervision to improve the number of successful verifications.