Domantas Ciulde, CEO
Global data breaches and violations have skyrocketed over the past few years. With an increase in online fraud via identity theft and account takeovers, businesses require a reliable way to confirm user identity. Doing this quickly, securely and without any hurdles is a vital part of business success. Addressing this need is iDenfy, a full-stack identity verification service provider. The company combines liveness detection, ID verification, and face recognition into a user-friendly verification process that can be completed in the comforts of ones’ home. The company quickly transforms the user’s smartphone into an ID scanning terminal and facial recognition system. iDenfy’s product helps businesses comply with Know Your Customer (KYC) rules and supports electronic identity verification requirements. Using their AI-powered biometric recognition service, companies can verify customer IDs and prevent fraud. “iDenfy offers threat prevention and identity verification solution that can be accessed globally,” mentions Domantas Ciulde, CEO and co-founder of the company.
Typically, customers approach iDenfy for solutions to mitigate the challenges associated with compliance and regulation. The company helps its clients meet regulatory compliance by providing them ID verification and helps them adhere to regulations and directives affecting the business. In addition to KYC, the company assists organizations meet Anti Money Laundering (AML) compliance requirements mandated by various federal agencies. iDenfy checks government and Interpol databases to verify the background of individualsbefore they proceed with financial operations. All collected information is returned to the user via an API key, and compliance officers can make an accurate decision, meet due diligence requirements, and comply with regulatory directives.
iDenfy’s identity verification process takes just four steps to complete. The automatic ID document detection systemrecognizes a document by type and country.
iDenfy offers fraud prevention and identity verification solution that can be accessed globally
In addition, the process enables users to scan the document and take selfies. Currently, they support over 1500 documents from over 200 countries. They verify whether a customer’s identity document is forged or tampered with in any way and defend from fraud. iDenfy leverages a facial recognition system that uses AI to identify and verify a person from a digital image or a video frame. Their verification tests show a 98.4 percent success rate, which is much higher than manual verification processes.
The company understands that AI models cannot provide 100 percent accuracy when it comes to identity verification. For that reason, iDenfy manually reviews all identity verifications to ensure quality. The company employs its customer support team to check for any fraudulent activity. They leverage separate systems and databases to verify images, customer’s IP address, and email address and builds a customer risk score. This allows them to blacklist individuals who have committed fraud in the past and prevent future financial crimes. They also check the customer’s social media profiles and verifies the contact number to detect fraud and ensure security.
Currently, iDenfy caters to more than 250 customers globally with footprints in Europe, Asia, and the U.S. Many of their clients report that they have reduced the fraud rate significantly after availing iDenfy’s services. iDenfy also presents an easy and seamless onboarding process that can be completed in a few seconds and provides an excellent user experience by leveraging their in-house capabilities. The company is also differentiated in the way it offers its services in the market.While other players in the market charges per each verification, regardless of the result, iDenfy stands out from its competitors with a fair pricing model, charging only for successful identity verification. The company also presents budget-friendly pricing plans for businesses of all sizes.
Moving ahead, iDenfy plans to augment its products with new fraud detection and prevention features. Plans to expand their operations in Spain and the U.S. are also underway.