iDenfy collaborates with SetFreaks to bolster verification security

This partnership aims to improve regulated compliance, automate user identity verification on the SetFreaks platform, and enhance the overall internal fraud prevention measures with an additional layer of security.

SetFreaks provides DJs with the exclusive chance to feature tracks in their sets before the official release for at least eight weeks. This allows DJs to showcase new, unreleased music, optimising their visibility and upholding the value and integrity of producers and labels. 

However, online piracy remains a significant problem in the music industry, particularly among 18-24-year-olds. This issue impacts artists, leading to job losses (230,000 to 560,000 jobs) and an annual estimated revenue loss of  $29.2 billion in the United States. Furthermore, recent reports show a 33% rise in global film piracy during the COVID-19 lockdown, with the potential for further growth based on cultural trends.

Enhancing verification security for producers and labels

SetFreaks recognized the challenges in the music industry and took a proactive approach by partnering with iDenfy and its identity verification solution. This technology uses biometric and facial recognition algorithms to authenticate, validate, and extract data from over 3,000 identity documents. iDenfy is expected to work closely with SetFreaks to implement secure login processes overseen by expert reviewers. This process is set to help minimize the chances of errors, fraudulent behavior, or system failures.

SetFreaks wanted to help producers and labels while still providing DJs with the opportunity to showcase exclusive tracks in their sets before they are widely released. By offering limited edition pre-releases, DJs can distinguish themselves and elevate their performances with their music.

At the same time, SetFreaks needed a streamlined onboarding process and reduced manual verifications, as manual data collection from databases is time-consuming and prone to errors. With this in mind, iDenfy's identity verification service is set to improve verification speed and accuracy, preventing the loss of customers due to inefficiencies.