Proxyrack automates its KYC compliance by integrating iDenfy’s software

iDenfy, a Lithuania-based identity verification, fraud prevention and compliance solutions platform, announced joining forces with Proxyrack, a growing proxy service provider, focused on helping users boost online data-collection capabilities.

Hong Kong – September 25, 2024 /MarketersMEDIA/ —

Kaunas, Lithuania (July 00, 2024) — iDenfy, a Lithuania-based identity verification, fraud prevention and compliance solutions platform, announced joining forces with Proxyrack, a growing proxy service provider, focused on helping users boost online data-collection capabilities. The newly implemented Know Your Customer (KYC) software will help Proxyrack save resources and onboard more global proxy service users in less time while ensuring a fully automated ID verification process. 

Proxies protect online activities by masking IP addresses, maintaining user anonymity and safeguarding sensitive data. They act as intermediaries between users and the internet, ensuring requests are routed through different servers to prevent direct exposure of the user’s identity and location. Without proxies, fraudsters can easily track and steal data by exploiting direct connections, leaving individuals and businesses vulnerable to cyber-attacks, data breaches, and identity theft. Proxies also enable secure web scraping, ad verification, and bypassing geo-restrictions, making them indispensable for robust cybersecurity measures. 

However, as of 2023, IBM Security’s “The Cost of a Data Breach” report revealed that the global average cost of a data breach has risen to $4.45 million, highlighting the increasing financial impact of data breaches. The presented data also revealed that companies have a 27.7% chance of experiencing a data breach within the next two years. iDenfy notes that this situation is due to many security errors, including unsecured user practices online, such as bad cyber hygiene. However, according to iDenfy, every business should take precautions to help users ensure their data is protected, and the first line of defense remains user identity verification during the registration process. This way, the iDenfy team explains, bad actors are filtered out and prevented from accessing sensitive information, which is often used for financial crime.

Many proxy services offer encryption, protecting sensitive information from being intercepted by unauthorized parties. However, according to iDenfy, fraudsters turn around the key benefits of proxies into another tool to commit fraudulent activity, similar to criminals who like to use digital assets due to their offered partial anonymity. Understanding these risks, Proxyrack wanted to enhance its network security and switch to a fully automated Know Your Customer (KYC) flow. 

Currently, Proxyrack operates in the tech industry, providing a vast network of residential and data center proxies to businesses and individuals. Proxyrack differentiates itself through its commitment to fostering innovative solutions designed to simplify activities that require diverse IP addresses, offering scalable performance with a focus on accuracy.

By partnering with iDenfy, Proxyrack aims to enhance its user categorization and identity verification processes. iDenfy’s KYC solution will now help the proxy service provider automatically recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories, including passports, ID cards, licenses, and permits. As a result, this partnership will ensure accurate global identification and authenticity checks for all users looking for a wide range of proxies online. 

The advanced biometric and face recognition algorithms used by iDenfy verify that faces are real and prevent the use of photos, 3D masks, and other fakes. Additionally, three-dimensional face maps provide robust methods for user authentication and login. Integrating iDenfy’s solution has resolved significant issues for Proxyrack, particularly with user miscategorization, which their previous provider could not address. 

With iDenfy’s advanced identity verification technology, Proxyrack can now focus on other critical tasks, enhancing the overall user experience with faster, more reliable verifications and minimizing system errors or fraud attempts. This partnership marks a significant step forward in ensuring the security and efficiency of delivering proxy services, ultimately benefiting their diverse and dynamic user base.

Proxyrack’s top priority as a company is to ensure that their customers are of the highest caliber, providing data-collecting solutions at scale for users who trust them with their public web scraping needs. It’s worth mentioning that iDenfy’s solution has worked seamlessly, ensuring secure and highly accurate verifications. Proxyrack is also pleased with iDenfy’s competitive pricing model, which charges only for successful verifications rather than all attempts. This approach helps Proxyrack save money, manage verification costs effectively, and avoid variable risks.

Proxyrack is dedicated to fostering innovation and creativity within the tech industry. Its commitment to autonomy and dynamic team building reflects its values of empowering employees to take ownership of their roles, voice their ideas, and prioritize any detail in terms of the client’s needs. 

“Partnering with Proxyrack allows us to showcase our advanced identity verification technology on a broader scale. Our goal is to enhance the security and reliability of their services, and we are eager to see how our solutions will drive their success and elevate the user experience in the future,” — said Domantas Ciulde, the CEO of iDenfy.

About iDenfy   

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020.  Recently, iDenfy was featured in G2’s Winter 2024 report as the leading identity verification software. 

For more information and business inquiries, please visit www.idenfy.com.

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

Release ID: 89140972

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