Identity theft in the financial sector has pushed companies to strengthen their security systems. In many cases, the efforts go to implementing full-stack identity verification services to verify newly registered clients and protect existing ones. Verifying genuine customers through ID verification also means that the company complies with regulations such as KYC and AML.
According to a recent report by Zippia, 41% of financial institutions are inadequate to meet AML compliance, which makes them exposed to more risks. As a solution, fraud prevention specialists recommend continually looking out for suspicious activities via automated fraud prevention measures. However, if the identity verification takes too many steps, customers tend to abandon the platform despite the company’s efforts to prevent fraud.
Now, iDenfy is responsible for RBFC Global’s customers and their safety. The newly implemented authentication process will assure compliance with the latest regulations, which played a role in the forming of the partnership. According to RBFC Global, they saved costs, as iDenfy’s ID verification handles the work, and the company doesn't need to worry about hiring their own employees to check the ID documents manually.
For more information about iDenfy, please check out the company profile in The Paypers Company Database.
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