iDenfy, the fraud prevention startup from Lithuania, is partnering with CyberstarPay, the instant global payment solution provider. iDenfy’s digital identity verification solution will scan CyberstarPay customers’ documents to ensure security following regulations.
Digital payments are the new norm for today’s users due to their convenience and speed. Nowadays, many use online transactions to shop around the globe effortlessly. Despite that, the digital evolution and cashless transactions brought new challenges. According to Fintech Global, online card fraud has increased by 23% last year. Since more people use digital payments, e-commerce and online payment fraud remain the most common fraudulent activities in 2022. Cybercriminals are getting more sophisticated by perfecting their scamming techniques; therefore, experts advise businesses to stay vigilant and use safe fraud prevention tools, such as identity verification.
CyberstarPay is up to speed on illegal online transactions and the dangers behind them, ensuring that its goal is to protect the customers from loss of money or sensitive data. The company delivers online payment solutions as an alternative to traditional banking. Fully licensed and regulated by the Czech National Bank, the e-payments business also provides virtual card, private and corporate bank account services. The company’s priority is safe, swift, ethical online transactions. The payments hub doesn’t support payments related to weapons trade, gambling, adult entertainment, or financial intermediaries; therefore, when searching for new ways to maximize security, CyberstarPay looked for business partners that would be on the same path value-wise.
Its new partners, iDenfy, share the same goal in terms of prioritizing security. The company strives to protect companies’ brands by securing the customers’ assets via its fraud prevention services. CyberstayPay chose to implement its identity verification solution, which ensures compliance and a safe customer experience. The verification software analyzes more than 1500 variations of government-issued identity documents worldwide using artificial intelligence, making the automated process more effective. The business backs up its engine with real human supervision for complete assurance, reaching 98.4% accuracy. The high success rates, efficiency, and user-friendly onboarding process motivated CyberstayPay to seal this deal.
“We’re glad to form this partnership with iDenfy. It’s not arguable that preventing fraud is vital, especially in the large-scale landscape of online transactions. Our partners are experts in digital identity, and we trust them in making our platform a safer space for every user. More importantly, we’ll achieve our goal to onboard our clients safely and more efficiently now.” – said Gabriela Trojnová, managing director of CyberstarPay.
“Even today, high-end businesses struggle with harsh non-compliance fines. At iDenfy, our goal is to expand our digital footprint and raise awareness regarding the importance of fraud prevention. We’re constantly updating our AI-powered identity verification solution to ensure the growing need for trust online. We’re excited that CyberstarPay contributes to this mission by believing in our services.” – expressed Domantas Ciulde, the CEO of iDenfy.