iDenfy announces a new partnership with Backed

Kaunas, Lithuania – July 21, 2022 /MarketersMEDIA/ —

iDenfy, the Lithuanian-based identity verification, fraud prevention and compliance company, joined forces with Backed, a platform that allows backing startups through investments. iDenfy’s four-step biometric ID verification will ensure a secure and frictionless onboarding experience for Backed users.

The ongoing digitization pushed many boundaries, which made various businesses turn to electronic solutions. That’s part of the reason why e-commerce, online gaming, or the crypto industry is so big right now. With such major change, new cybersecurity challenges arose, putting organizations and their customers’ data at risk. One of the most common frauds today is identity theft.

According to BJS, most identity theft cases come from opening new accounts or misusing personal information. After the data falls into the criminal’s hands, it can be used for transferring funds, taking out loans, buying property, or getting medical treatment without the victim noticing. That’s why many companies nowadays choose to implement extra security measures to minimize fraud risks and safeguard their client’s data. 

The increased cyberattack numbers also impacted Backed’s decision to look for extra security measures, such as a reliable digital ID verification solution. This is when Backed decided to partner with iDenfy and chose to implement its AI-powered identity verification. According to Backed, iDenfy stood out from other market players because the company offered automatic ID verification along with real human supervision. 

Backed is a platform designed to speculate on the future of private companies using its digital asset – CompanyCoins. The platform’s currency’s tied to the reputation and the performance of the potential investment company. For instance, if the startup succeeds and gets more popular, other users may purchase more coins, which would increase the price and the value of the customer’s holdings on Backed. From now on, iDenfy takes responsibility for preventing criminal activity on Backed and ensuring that only secure, legit identities are welcomed to the platform. 

iDenfy is known for its variety of multiple fraud prevention tools, but throughout the years, the Lithuanian startup has gained major recognition for its full-stack identity verification service. The business claims to have created an all-in-one Know Your Customer (KYC) solution that ensures a smooth customer onboarding process and full compliance with global and local regulations. According to iDenfy, the ID verification takes only a few steps to complete, making it a quick and stress-free process even for the most demanding customers.

iDenfy’s remote identity extracts the data from the user’s document in seconds. By using facial recognition and liveness detection, iDenfy’s software automatically recognizes facial biometrics and runs an in-depth analysis to verify the customer’s identity. iDenfy supervises its identity verifications manually as well, as the company has an in-house expert team. The Lithuanian startup has achieved the “ISO/IEC 27001” standard and maintains strict technical and security controls. 

As per Backed, the company informs that it has already noticed some changes regarding the identity verification process, claiming that it’s now smoother and faster. According to Backed, the company’s priority is allowing its users to purchase tokens with as little friction as possible. 

“Our partnership with iDenfy made a huge impact. We can now sleep safe knowing that every user has been fully verified and that without lifting a finger, we are meeting our regulatory obligations, this way, keeping bad actors off our platform.” – explained x. 

Domantas Ciulde, the CEO of iDenfy said: “We’re happy to join forces with Backed, a company that prioritizes security and understands that identity verification is a crucial part of a successful infrastructure. Our hybrid approach for automatic ID verification and manual human supervision will ensure complete safety for Backed”.

Contact Info:
Name: Eva Azaraviciute
Email: Send Email
Organization: iDenfy
Address: Barsausko g. 59
Website: https://www.idenfy.com/

Release ID: 89078813

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