Lithuanian-based remote ID verification and fraud prevention startup, iDenfy, partners with Credex, the automated lending platform for point of sales financing. iDenfy’s full-stack identity verification will ensure a swift and safe lending experience for Credex’s customers.
The pandemic accelerated a sharp rise in cybercrime. According to IT Governance, 39% of companies suffered cyberattacks last year. As a result, compared to the previous year, fewer businesses are using fraud prevention tools or performing any type of customer monitoring.
Without the extra security layer, organizations leave an open door for fraudsters to strike. To avoid damaging consequences, such as compliance fines, reputational loss, or financial crime, organizations implement AI-powered tools. This way, they are able to analyze various data points as well as huge transaction numbers and detect fraud in real-time.
According to Credex, choosing long-term partners is not an easy step, especially since their services have a huge impact on the clients’ experience; therefore, when searching for a new identity verification provider, the company prioritized safe, user-friendly options and selected iDenfy’s automated service.
Credex is a licensed automated lending platform providing secure loans using a fully digital stream. The financial institution provides its customers with convenient, easy-to-apply, personalized loan options and favorable terms. Currently, Credex has over 100,000 clients worldwide, aiming to increase its lending volumes.
As per iDenfy, remote ID verification prevents online scammers from carrying out processes on another person’s behalf or committing fraud through false, synthetic identities. iDenfy fights cybercriminals and protects businesses by offering full-stack identity verification and fraud prevention measures.
Its AI-powered biometric technology matches the user’s selfie with their document in less than a minute, and the 3D liveness check ensures that the customer is real and physically present during the onboarding process.
iDenfy’s certified verification software increased Credex’s clients’ satisfaction due to the swift, simple Know Your Customer (KYC) process. According to the lending platform, iDenfy’s solution encouraged more clients to download the Credex Mobile Application and minimized the rate of abandoned transactions.
“Fraud prevention is essential in this digital age, and for businesses that have high transaction volumes, it can be challenging. We’re proud to collaborate with iDenfy, a responsible business, helping us overcome such cybersecurity threats and providing our clients with a pleasant identity verification experience.” — explained Traian Baicu, the General Director of Credex.
“Identity verification allows businesses to onboard their customers with confidence. Thanks to technology and artificial intelligence, we can detect fraud or money laundering in real-time, avoiding grim consequences. We’re delighted to work with Credex, a business that also prioritizes convenience and security.” — commented Domantas Ciulde, the CEO of iDenfy.