iDenfy’s biometric verification solution is set to protect the German marketplace from fraudsters while seamlessly onboarding legitimate users, with iDenfy set to be responsible for handling Quoka’s verification request while helping the marketplace scale and ensure compliance.
Aiming to have a solid security system for its marketplace and to enhance its internal processes with automation Quoka looked for an AI-powered identity verification solution, which the company believes plays a pivotal role in combating fraud by increasing trust in digital transactions and data security. Consequently, the company required a solution to handle large ID verification volumes and enable swift and accurate user identity verification through varied data points, including biometrics and document recognition.
iDenfy’s ID verification is to help defend Quoka’s growing marketplace community by accepting only legitimate buyers and sellers. The company’s software detects malicious intents to pass the verification process in real-time, denying access to criminals using deepfakes, masks, or any other attempts to manipulate the KYC process. The newly integrated solution supports more than 3,000 document types and compares users’ facial biometrics with their documents to ensure a high-security level. As an added protection layer, iDenfy’s KYC specialist team reviews each verification result manually while helping scale Quoka’s verification volumes.
Whereas certain business owners might contend that tackling marketplace fraud can be costly due to the need to invest in fraud prevention measures and hiring compliance specialists, iDenfy claims that the expenses incurred by not acting can far surpass those costs. A Gitnux report highlights that the projected ecommerce fraud losses are expected to reach USD 48 billion by the end of 2023, marking a 16% year-over-year increase. Additionally, marketplaces neglecting fraud prevention can find themselves grappling with the consequences of data breaches or confronting substantial fines for non-compliance, ultimately resulting in more significant long-term financial burdens.
Per the press release, online marketplaces unintentionally create an environment where fraudsters can camouflage their activities and prevent detection easily. This is because the sheer volume of transactions offers a cover for them to conduct illicit activity without being detected. In such cases, manual monitoring and identity verification processes can be a hassle for internal teams and operations, and iDenfy customised its Know Your Customer (KYC) compliance tool to fit ecommerce business workflows by combining automation and accuracy. Agreeing with this approach, Quoka selected iDeny as its identity verification software provider.
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