iDenfy is a platform of identity verification services and fraud prevention tools, which ensures AML, KYC, and KYB compliance for its customers. The company’s partnership with Today’s Crypto aims to tackle new risks associated with the widespread popularity of streaming content, including in the blockchain segment.
The company has identified a need for more robust authentication methods to prevent unauthorised shared account activity, account takeovers, or other types of fraud that could potentially cause revenue loss for the streaming business.
Today’s Crypto was in the market for a fully automated verification provider that could help it expand and upgrade its security system. They chose to go with iDenfy’s full stack identity verification solution, as it was able to provide an intelligent approach to digital identity proofing, and because it offered the option to customise the verification flow.
According to the official press release, in contrast to traditional ID verification methods that are still being employed by digital platforms, iDenfy’s AI-powered fraud detection solutions can protect streaming networks more efficiently. For instance, the company’s biometric ID verification system can now make sure that only legitimate users access the Today’s Crypto streaming network.
During the sign-up process, Today’s Crypto content creators will be asked to verify their identities by uploading a photo of their ID document and capturing a selfie for onboarding purposes. Afterwards, iDenfy’s algorithm comes into place and scans the user's face in order to extract the data from the document.
The system will help Today’s Crypto in its efforts to mitigate fraud by offering a straightforward onboarding experience, which ultimately results in better regulatory risk protection. In the official press release, iDenfy representatives talked about digital identity verification and how it can minimise KYC costs while efficiently restricting bad actors from creating unnecessary fraud and compliance risks to both the platform and its users.
In February 2023, iDenfy also partnered with Switzerland-based startup Residenture in order to improve the latter’s onboarding process.
Residenture is known for its real-estate auction platform, and it decided to partner with iDenfy in order to improve the platform’s security in the context of high-profile transactions and the fraud risks that they pose. By partnering with iDenfy, Residenture was able to implement proper due diligence measures, including Know Your Customer (KYC) tools that can support a robust risk assessment program.
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