According to the press release, the Joompay app allows people to send and receive money from anyone in an easy and fun way. Thanks to the partnership, Veriff will add an extra layer of safety and security. In addition, Veriff verifies the identity of Joompay users to help the company meet the KYC and AML requirements, while also preventing identity fraud.
Furthermore, Joompay app users can make transactions, regardless of whether the transfer recipient is Joompay users or not – you only need to know their email or phone number. Joompay connects to any existing debit, credit card, or bank account. Besides, recently, Joompay announced its attainment of Visa Principal Member Status, driving the rollout of its new cards across Europe.
Overall, with accelerated digitalization, online identity fraud has become a more serious concern for many people and businesses. Meeting KYC and AML requirements do not prevent identity fraud or protect companies from fraudsters. According to Veriff’s recent Fraud Report, the most prevalent type of fraud in fintech is identity fraud where fraudsters try and take the identity of another person. The highest fraud rates in the fintech sector are seen in Europe with Romania taking the lead, followed by the UK and Spain.
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