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iDenfy partners with CardDepot.com

Friday 22 September 2023 10:06 CET | News

iDenfy, a global RegTech startup, has partnered with CardDepot.com to enhance fraud prevention with an AI-powered KYC solution.  

iDenfy’s identity verification solution aims to improve the checkout process by prohibiting individuals with malicious intent from engaging in fraudulent activities on the gift card platform. CardDepot.com wants to add another layer of security, aiming to minimise gift card fraud and prevent several consequences, including financial losses, inventory depletion, and harm to the brand’s reputation.

iDenfy, a global RegTech startup, has partnered with CardDepot.com to enhance fraud prevention with an AI-powered KYC solution.

According to Riskified’s recent data, in the US, the gift card industry reached a total value of USD 313.4 billion in 2022, projected to grow to USD 1.4 trillion by 2026. iDenfy highlighted that, despite the many advantages, gift cards also bring along potential dangers, as they are susceptible to manipulation. Even if these scenarios can occur in-store, where scammers steal gift card numbers, there has been a shift toward the digital realm. 

iDenfy’s solution 

iDenfy’s AI-powered identity verification software recognises the document type and country, extracting the customer’s personal information near-instantly. According to the startup, this feature is helpful during the onboarding process of customers who have not made any purchases on the platform, as this is considered to have the highest risk of fraud. The company’s biometric and face recognition technologies block the use of fake pictures, 3D masks, and other fraudulent representations during the verification process.

The startup achieves its comprehensive fraud prevention through a KYC approach in the market. With the addition of the AI software, iDenfy’s in-house team of KYC specialists reviews verification results in real-time, aiming to ensure accuracy. Its solution is fully compliant with GDPR and CCPA while being accredited by the ISO-27001 information security management system certification. 

The partnership’s objective 

With this collaboration, CardDepot.com wants to prevent fraud risks by implementing effective precautions with the startup’s Know Your Customer (KYC) solution. As of the announcement, all customers purchasing gift cards on the platform will be verified with four steps, including initial document check, human supervision, document validation, and face validation.

By implementing iDenfy’s automated identity verification software, CardDepot.com aims to reduce the risk of fraudulent activities, such as stolen credit cards or fake identities being used to purchase gift cards on the platform. Moreover, the company expects to reduce chargeback rates and financial losses, resulting in protecting its revenue and reputation. The efficient identity verification provided by iDenfy may also improve customer onboarding, offering a seamless experience for legitimate customers, and reducing friction during the registration and purchasing processes.

iDenfy’s latest developments

Recently, iDenfy entered multiple partnerships, including one with Kestrl, a UK-based fintech specialising in Islamic finance. Through this collaboration, Kestrl implemented iDenfy’s fully automated identity verification and anti-money laundering (AML) checks to ensure the security of its customers’ financial transactions and compliance with Islamic principles.

Moreover, at the end of August 2023, the company partnered with The Everset, aiming to enable frictionless onboarding for the latter’s customers. iDenfy’s responsibility is to verify and onboard new customers while keeping KYC data safe.  

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Keywords: partnership, fraud management, fraud detection, fraud prevention, KYC, gift card fraud, identity fraud
Categories: Fraud & Financial Crime
Companies: iDenfy
Countries: World
This article is part of category

Fraud & Financial Crime

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iDenfy

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