iDenfy protects SIMPal's eSIM platform with fraud prevention

Monday 8 July 2024 15:36 CET | News

Lithuania-based regtech iDenfy has partnered with telecommunication service provider UAE-based SIMPal to secure its eSIM card platform against fraud.


SIMPal operates in the dynamic traveling telecommunication industry, offering eSIM cards and internet services for people who want to stay connected at any place with local rates. The company is known for its customer-centric approach and commitment to providing augmented services. It is also dedicated to ensuring a high level of security and compliance for its users' operations experience.

iDenfy has partnered with SIMPal to secure its eSIM card platform against fraud.

Rising fraud in the telecommunications industry

The telecommunication sector faces major security challenges due to rising identity fraud and cyber threats, with over 2 million data breaches in Europe in 2024. Fraudsters exploit system vulnerabilities, causing financial losses and compromised customer data. As a response, governments have imposed stringent security and user verification requirements, requiring comprehensive identity verification solutions to protect both businesses and customers.

SIMPal recognised the need to enhance its security framework to combat these issues effectively, while focusing on user experience. According to SIMPal, an automated solution was inevitable for their use case and highly user-centric industry. For this reason, the telecom platform wanted to efficiently verify customer government-issued IDs and selfie biometrics to ensure security for both customers and companies. By combining document checks and liveness detection technology, they can ensure the highest level of accuracy in Know Your Customer (KYC) checks.

Tapping iDenfy’s advanced KYC solution

To augment its onboarding process, SIMPal decided to partner with iDenfy. The newly implemented KYC solution helps the telecom company conduct background checks while onboarding only genuine customers with good intentions. According to iDenfy, this is a vital aspect for telecom players since fraudsters tend to use eSIM services for criminal activities, and without any security checkups at the registration stage, fraud rates can go up, exposing companies to great losses, including reputational damage or non-compliance fines.

It’s worth mentioning that iDenfy's technology, including AI facial recognition, 3D liveness detection, and document authentication, ensures that users with fake ID documents or other attempts, such as using masks during the verification process, can’t gain access to SIMPal's services. iDenfy's ID verification software is fully automated and is designed to recognise, verify, and extract information from over 3,000 identity documents across 200 countries and territories.

iDenfy's 99.99% success rate and 24/7 expert oversight ensure accurate and compliant onboarding for SIMPal's customers. This partnership provides customer satisfaction, strengthens SIMPal's security against fraud, and ensures regulatory compliance. Additionally, the automated verification process reduces onboarding times, allowing quicker access to services.

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Keywords: KYC, fraud prevention, identity verification, compliance, digital onboarding
Categories: Fraud & Financial Crime
Companies: iDenfy, SIMPal
Countries: World
This article is part of category

Fraud & Financial Crime




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