iDenfy partners with Portugal Residency Advisors

The collaboration aims to streamline the client onboarding process while supporting compliance with security regulations. According to the official press release, the rising prevalence of cross-border transactions has intensified challenges related to identity fraud and regulatory adherence. Statista has revealed that, in 2022, financial fraud worldwide resulted in an estimated USD 41 billion in losses. 

The partnership aims to enable Portugal Residency Advisors to implement automated identity verification processes to address these risks, improving efficiency and reducing reliance on manual checks.

Improving compliance and security through technology

Portugal Residency Advisors assists individuals and businesses with residency applications, property acquisition, tax compliance, and relocation services. To address the increasing demand from an international client base, the firm is adopting iDenfy’s identity verification tools, including anti-money laundering (AML) services and near-field communication (NFC) verification. These measures aim to meet rigorous security standards while ensuring a smoother onboarding experience. 

iDenfy’s platform supports the recognition of over 3,000 identity document types across 200 countries and territories. Its biometric systems detect fraudulent activities, such as the use of doctored photos or masks, to prevent identity fraud. The AML screening and monitoring features further enhance security by comparing applicant data against global watchlists, including those maintained by Interpol, Europol, and the FBI. This approach helps identify and block potential fraudulent or illegal applicants seeking residency permits. 

NFC verification, regulated under eIDAS standards, adds another layer of convenience and security. The system reads chip data from identity documents within seconds, offering quick verification for applicants using Android and iOS devices. Public Key Infrastructure (PKI) integration also cross-verifies security certificates, providing an additional safeguard against identity spoofing. 

Officials from Portugal Residency Advisors explained that iDenfy's solutions were chosen for their reliability and simplicity, helping the firm maintain compliance while ensuring an efficient client experience. In turn, iDenfy representatives emphasised that the partnership has the potential to support Portugal Residency Advisors in expanding its operations while protecting against fraudulent activities.

For more information about iDenfy, please check out their detailed profile in our dedicated, industry-specific Company Database.