SCOPE FinTech Solutions and iDenfy augment fintech security

As per the agreement, iDenfy helps SCOPE to streamline the identity verification process across multiple countries through straightforward, standardised ID inspection checks. This automated verification process will facilitate SCOPE's rapid expansion while maintaining a focus on essential aspects: user experience and compliance.

Addressing challenges in identity verification and KYC compliance

Specialising in assisting clients with due diligence and risk assessment processes, SCOPE recognises the critical importance of the EU’s Anti-Money Laundering Directives (AMLDs) and ever-evolving compliance challenges.

SCOPE stated that although the company had strong measures in place for its anti-money laundering (AML) programme — such as screening authoritative international databases and sanctions lists, along with employing various effective risk assessment tools — the lack of an automated identity verification solution presented difficulties in accurately verifying new users and adhering to Know Your Customer (KYC) regulations.

SCOPE required a fully automated process to verify the identities of both current and potential customers using their services, ensuring regulatory compliance while optimising the conversion rate. In a quest to both comply with regulatory requirements and automate customer onboarding, SCOPE looked for a reliable KYC solution that could seamlessly integrate into its existing software and offer the same for its fastly growing fintech clients list.

iDenfy’s 3D liveness enhances fraud prevention

Addressing its needs, SCOPE employed iDenfy's identity verification solution, featuring 3D liveness detection powered by AI. This upgraded tool enables SCOPE to leverage cutting-edge face recognition algorithms, effectively preventing attempts by fraudulent identities to gain access to the company's platform. Furthermore, SCOPE now uses iDenfy's KYC software to streamline the verification process. This software automatically extracts data from users' ID documents and cross-references it with their account information, ensuring the authenticity of individuals accessing SCOPE's services.

The collaboration with iDenfy enables SCOPE to offer a complete onboarding solution by seamlessly incorporating the verification process into their Data Outreach module, automating the entire process for a more efficient end-user experience. This aligns with the company’s general mission to deliver secure, user-friendly, and innovative AML solutions to their clients.