iDenfy, a fraud prevention start-up that provides full-stack identity verification services, joined forces with RBFC Global, a unique digital payment solution provider from New Zealand. iDenfy’s ID verification prevents fraudulent transactions and helps detect suspicious users on RBFC Global’s network.
Fraud prevention specialists see a rise in identity theft reports due to data breaches, emphasizing the lack of efficient fraud prevention measures. According to the report
by Comparitech, over 12 thousand data breaches occurred between the period 2005 and 2020 in the US. This year, the most common type of fraud in the FinTech industry has been recurring identity fraud.
As a response to the rising numbers of criminal activity and the growth of the financial industry, Anti-Money Laundering (AML) and Know Your Customer (KYC) processes were introduced. Compliance laws ensure that businesses’ clients are not engaging in criminal activities by using their services. Identity verification became a vital procedure, challenging businesses to provide secure and swift online banking solutions.
understands the risks behind cybercrime and is committed to ensuring safe online transactions as well as currency exchange services to their customers worldwide. With the goal to simplify the flow of digital financial transactions, the company offers instant transfers in over 10 currencies. According to the licensed online payment institution, their services differ from traditional banking methods - it’s impossible to face their clients in real life. For this reason, RBFC Global wanted to support their platform with digital customer verification and chose iDenfy as the new partner.
iDenfy helps companies to adapt to the challenges of the digital sphere by providing identity verification
, fraud prevention and compliance services. iDenfy specializes in cybersecurity and is best known for their AI-powered ID verification solution, which covers various document types from more than 210 countries and territories. The 4-step verification process powered with real-time human supervision doesn’t allow suspicious users or forged documents to slip through.
Delays in KYC processes have a direct impact on account opening and customer satisfaction, affecting decisions to work with specific companies. According to RBFC Global, iDenfy’s ‘pay-per-successful-verification-only’ business model and the beneficial technical aspects of speedy customer onboarding provided them with more confidence and fulfilled RBFC Global needs. Due to this partnership, the enterprise exchanged a long, complicated document uploading process to iDenfy’s cost-effective, user-friendly identity verification.
“We’re grateful to join forces with iDenfy. Our partner provides us with the needed guarantees that the ID documents are carefully reviewed, and we’ve reached our goal to simplify the registration process for our customers. We can now be more relaxed, as iDenfy handles the administrative work.” - stated Daniel Ramirez – Chief Compliance Officer at RBFC Global Limited.
“Identity verification is vital. Not only does this measure secure customers’ assets or ensure compliance, but businesses also avoid dealing with reputation loss. We’re proud to partner with RBFC Global, a responsible company that prioritizes its safety.