iDenfy’s Comprehensive Identity Verification Secures Digital Loans for Credex

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AI-based identity verification will ensure a secure environment for digital lending services

Global, fully automated identity verification and fraud prevention company, iDenfy, has begun collaboration with Credex, the automated lending platform for point-of-sale financing. iDenfy’s four-step identity verification will help Credex onboard customers safely and securely.

In recent years of the pandemic, with people prioritizing digital over physical, online channels have opened up opportunities for a more enjoyable customer experience. With the adoption of the new environment, the number of cybercriminals has increased.

According to the National Identity Theft Protection Council, due to the digitization of monetary transactions, on average, there is now an identity theft every 14 seconds. Many organizations are choosing AI-powered tools to solve this problem, protect themselves from fraudsters using fake identities or potential data breaches, and overall provide a better crisis management service.

In an effort to secure high-value transactions and provide a smooth experience for the growing circle of customers, Credex, an online lending platform, began looking for new end-to-end identity verification partners and found iDenfy.

Credex offers in-store services as well as online lending options with the ability to easily complete the entire borrowing process remotely. According to the financial institution, providing loans using a digital flow with a human approach is part of the success of Credex’s 100,000 customers.

iDenfy helps businesses deliver seamless customer experiences. By adhering to regulatory standards, iDenfy’s four-step identity verification minimizes the risk of fraud, detecting suspicious identities in over 200 countries and locations in less than a minute.

AI-enabled 3D liveness check from Know Your Customer (KYC) experts ensures the user is physically present during the verification process; this way deactivates the risks of real-time phishing attacks. iDenfy’s successful pay-per-verification business model helps maximize its partner’s budget.

The partnership brought iDenfy’s comprehensive identity verification service to Credex’s lending platform, helping to rapidly scale its services. By improving the KYC journey workflow, according to Credex, iDenfy’s solution has increased customer satisfaction and driven more customers to download its mobile app.

Traian Baicu, Managing Director of Credex, comments: “By combining our strengths with iDenfy, we are able to adapt cost effective and efficient internal processes, which also lead to a smoother customer experience. As we continue to increase our loan volumes, we are pleased to partner with iDenfy; together we will provide secure services that comply with all regulatory requirements.

“We are delighted to partner with Credex, an innovative company that puts safety first. Our goal is to help partners enable a more efficient KYC process as well as ensure complete customer satisfaction and protection. — notes Domantas Ciulde, CEO of iDenfy.

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