iDenfy, identity verification, fraud prevention and compliance platform, has joined forces with Paynovate, a Belgian e-money institution licensed by the National Bank of Belgium. The newly implemented identity verification aims to speed up and simplify the registration process for new customers.
Financial transactions come with risks, especially in the rapidly changing technological environment. Without ample security measures, companies leave an open door for fraudsters to strike and gain valuable information. Today, credit card fraud remains at the top of the fraudsters’ list. As per the Nilson Report, this form of identity theft is expected to reach $12.5 billion in card fraud losses in the US by 2025. Even minor changes, such as small, unrecognizable charges in a bank statement, are a red flag and a sign that someone is testing the card prior to a major purchase.
Understanding the dangers behind such risks in the e-payment solution business, Paynovate concentrates on maintaining an effective security system. Paynovate offers their customers secure prepaid cards and easy card integrations for debit, credit, and corporate needs. Their goal: lowering the stress and costs for proper expense management. This responsibility, and the aim to protect customers’ data, motivated Paynovate to contract a reliable identity verification solution and led to their relationship with iDenfy.
The numbers of online crimes skyrocketed during the uneasy times of the pandemic as many businesses quickly adapted to a digital-first model with little previous experience in the sphere. iDenfy helps companies to adapt to this challenging new field, and battle fraudsters online; iDenfy specializes in cybersecurity and provides a secure online identity verification service with the chance to implement additional tools to prevent fraud. By covering various document types from 200 countries, the 2020 FinTech Startup of the Year ensures accuracy and uses artificial intelligence combined with human supervision. This way, the verification process doesn’t allow suspicious users with forged documents to slip through.
These beneficial technical aspects, as well as the ‘pay-per-successful-verification-only’ business model, fulfilled Paynovate’s needs, leading the company to form a partnership with iDenfy’sfull-stack identity verification service providers. According to Paynovate, with the new ID Verification, the company no longer needs to worry about fulfilling Regulatory Compliance requirements on their own. Due to this partnership, Paynovate reached its goal to minimize user onboarding costs and speed up their user registration and verification process.
According to the CEO of iDenfy, Domantas Ciulde, “The digital life of a company can be disrupted very easily. Card fraud and identity theft are common crimes, but due to artificial intelligence and technology in general, such risks can be managed properly. Our partnership with Paynovate overcomes such dangers, and we’re happy to help secure the company’s data with a safe ID verification process.”