The Lithuania-headquartered remote ID verification and fraud prevention firm, iDenfy, teams up with Credex, the automated lending platform for point of sales financing.
As noted in the update, iDenfy’s full-stack ID verification should enable a fast and secure lending experience for Credex’s clients.
The COVID-19 outbreak accelerated a rise in cybercrime.
According to IT Governance, around 39% of firms experienced cyberattacks this past year. As a result, compared to the previous year, fewer companies are using fraud prevention solutions or performing client monitoring.
Without the additional security layer, organizations tend to leave an open door for bad actors to strike. In order to avoid damaging consequences, like compliance fines, reputational loss, or financial crime, organizations implement AI-enhanced tools.
This way, they can analyze various data points along with large transaction numbers and detect fraud in real-time.
According to Credex, selecting long-term partners is not a simple step, particularly since their services have a major impact on the customers’ experience; therefore, when looking for a new identity verification provider, the firm claims to have prioritized safe, user-friendly options and chose iDenfy’s automated service.
Credex is reportedly a licensed automated lending platform offering secure loans via a fully digital stream.
The financial institution offers its clients with convenient, easy-to-apply, personalized loan options and reasonable terms. At present, Credex has more than 100,000 customers globally, aiming to boost its lending volumes.
According to iDenfy, remote ID verification prevents malicious scammers from carrying out processes on another individual’s behalf or committing fraudulent activities via false, synthetic identities.
iDenfy combats cybercriminals and protects firms by providing full-stack identity verification and fraud prevention measures.
Its AI-enhanced biometric tech matches the user’s selfie with their document in under a minute, and the 3D liveness check ensures that the client is actually real and physically present at the time of the onboarding process.
iDenfy’s verification software increased Credex’s customer’ satisfaction because of the swift, straightforward KYC process.
According to the lending platform, iDenfy’s solution encouraged more customers to download the Credex Mobile App and lowered the overall rate of abandoned transactions.
Traian Baicu, the General Director of Credex, stated:
“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.”
Domantas Ciulde, the CEO of iDenfy, remarked:
“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.”