This partnership aims to bolster security measures, safeguarding bestshopping.com from potential fraudulent activities and ensuring a safer online shopping experience for its users.
The global landscape has witnessed a surge in online payment fraud over recent years. In 2022, the estimated global losses to ecommerce fraud reached a staggering USD 41 billion. By 2023, Statista reported that this figure escalated to an alarming USD 48 billion USD. iDenfy predicts that such growth will be fuelled by the increasing use of alternative payment methods, such as digital wallets and the Buy-Now-Pay-Later model, which have introduced new avenues for fraud risks in the ecommerce industry.
Bestshopping.com, with platforms targeting Italy and Germany, has become a trusted provider of reliable cashback experiences for over 600,000 users. Despite its successful growth, the rise in ecommerce fraud prompted the company to seek professional verification services. According to officials from the ecommerce platform, before the partnership, the goal was to find a new solution to identify and mitigate potential fraud risks proactively. The decision to partner with iDenfy was driven by the necessity to enhance security measures and protect users from evolving internet attacks by unknown entities. iDenfy's reputation for robust identity verification solutions, particularly in the Know Your Customer (KYC) process, made it the ideal choice for Bestshopping.
Ecommerce professionals now utilise iDenfy's KYC verification to strengthen the platform’s anti-fraud measures and improve the efficiency of user verification processes. This partnership empowers bestshopping.com to identify potentially illegitimate customers, reducing the risk of financial fraud and creating a secure online environment for its users. Additionally, the robust ID verification solution accepts more global documents, helping the platform scale and onboard more users in less time. According to bestshopping.com, with iDenfy’s biometric verification solution, users benefit from a simple, user-friendly KYC process, crucial for minimising cart abandonment rates.
At the same time, iDenfy acknowledges the critical importance of applying advanced biometric identification technology and consistently enhancing and expanding its RegTech solutions. As part of the collaboration with bestshopping.com, iDenfy is committed to further monitoring and analysing emerging trends and threats in the evolving regulatory landscape.
iDenfy representatives expressed that their collaboration with Pointer Srl is in line with iDenfy's mission to empower ecommerce businesses with innovative identity verification solutions. They anticipate that together, they will enhance efficiency to create a simpler and better online shopping experience for users.
bestshopping.com conveyed excitement about the value brought by iDenfy to their ecommerce platform. They mentioned that iDenfy's identity verification strengthens their security strategy, enabling them to offer more robust and efficient services to their clients.
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