iDenfy’s Know Your Customer (KYC) software will ensure the authenticity of all Watchdreamer’s customers while helping the platform build a simple onboarding process for a secure yet quick purchasing experience.
The luxury watch market poses threats due to the prevalence of internet fraud and scams. Criminals use innovative methods, often involving the dark web, to launder money from illegal activities and authorised watch retailers risk unknowingly engaging with fraudulent individuals. The anonymity of online transactions obscures the sources of funds, and advanced money-laundering techniques, such as using shell corporations, complicate identifying legitimate buyers. Therefore, robust security measures are crucial to protect retailers and other stakeholders from fraud.
Recognising these issues, Watchdreamer wanted to add an extra layer of security to its luxury watch marketplace and automate the user registration process by implementing a streamlined ID verification solution. Currently, the online ecommerce platform is known for its assortment of high-end watches. As one of the biggest online luxury watch ecommerce marketplaces in Switzerland, Watchdreamer is a known brand not only nationally, but also in international markets.
To strengthen its platform’s security, Watchdreamer looked for a way to establish a comprehensive Know Your Customer (KYC) system. This measure was taken in order to verify the identity of every user who has registered on the platform and comply with legal requirements to reduce the risks related to illegal activity and increase transparency.
To overcome these obstacles, Watchdreamer formed a strategic partnership with iDenfy and chose their advanced identity verification solution, which is recognised for its stability, effectiveness, and intuitive UI. The collaboration marked the beginning of an era of improved security protocols, expedited customer onboarding procedures, and constant adherence to legal requirements.
By utilising complex biometric and facial recognition algorithms, iDenfy's technology guarantees that only legitimate faces are carefully analysed, thereby avoiding attempts to utilise 3D masks or fake photos. Moreover, with an amazing 99.99% identity verification success record, the automatic recognition, verification, and extraction capabilities include more than 3000 identity papers in more than 200 countries. Notable is iDenfy's distinctive cost covering for rejected ID verifications, which makes sure Watchdreamer only pays for successful ID verifications and removes the financial burden of doubtful registrations.
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